Who knew remote-controlled flying devices would create such a stir? According to Inc. Magazine it’s an estimated $3.3 billion dollar market that’s expected to grow 5.8 percent annually. Its uses span humanitarian relief to military surveillance to scientific research to freight delivery to recreational fun. It’s created thousands of IT jobs and its only deterrent is the FAA’s regulations on its commercial use, which are still being finalized. These high-flying devices are on their way to becoming a norm.
This has become a huge market with more and more businesses incorporating it into their corporate culture. Gym memberships, onsite yoga, stress management and even quit smoking programs are a few examples of what companies are including in their wellness plans. This attention to workers’ health is having huge payoffs. Companies save billions of dollars in healthcare expenses while seeing significant jumps in productivity and employee retention.
Sustainability and eco-friendly products are the wave of the future. This is particularly true in the housing and construction industries. Consumers are clamoring for environmentally-friendly, energy efficient materials, fixtures, and designs. This awareness also applies to food manufacturing, packaging, and preparation.
Who isn’t worried about identity theft, computer hacking, and online security breaches? With more and more of us using Cloud-based technology, this has become a huge industry. It applies to commercial industries, governments, and individuals. It does require high-end IT talent to keep up with the fraudsters, but the on-going demand balances the investment.
Although legal in only four states and the District of Columbia, recreational marijuana is currently a $5.7 billion-dollar industry. Legislation regulating the industry is still being hammered out in most of these locations, but that isn’t slowing down its growth. Edibles, paraphernalia, and plain old weed are hot commodities. The industry has trade shows, street fairs, and even food trucks. It’s an industry that thrives on quality, ingenuity, and creativity. It’s a far cry from the pot of the 1960’s.
This is industry includes food delivery services ranging from Amazon Fresh to Blue Apron to Munchery. The message? We’re too busy to shop, meal plan, and/or cook. This has spawned a plethora of businesses offering to do it for us. Successful businesses factor in food sustainability, dietary variety, smart phone applications, delivery methods, online payments, and personalized list-making. Of all the growing small business industries, this one demonstrates how receptive consumers are to outsourcing domestic tasks.
This translates into virtual reality and artificial intelligence technologies. To 3-D interactive training scenarios to self-driving cars, these are the wave of the future. They’re so new it’s hard to delineate how far-reaching they’ll be. Experts agree they will redefine our world making everyday tasks easier and requiring less human interaction. The jury’s still out on whether this will be a positive or negative. In the meantime, it’s a new and exciting frontier.
Did your industry make the cut? If you answer yes, great! How can you keep ahead of the curve? What can you incorporate from these other industries to make your business even more effective? Sustainability? Fraud proofing? Employee well-being?
Regardless of whether your industry is or is not on this list, the key here is what this list and these industries indicate about the business environment in 2017. Study it, reflect on it, use it.
A small business owner is an individual who manages his own organization. These entrepreneurs can be found within all industries, including retail, entertainment, financial services and law. A formal educational background is not required to become a successful small business owner. What is needed however is a good idea, a solid business plan and startup capital. Due to the variety of organizations that make up this sector, the average income of small business owners varies widely, depending upon level of experience, location of employment and gender.
Average Income by Experience
According to compensation survey administrator PayScale in 2010, the average income of small business owners varies widely depending upon their level of experience. For example, small business owners with less than one year of experience in running an organization earn an annual salary ranging from $34,392 to $75,076. Those with more than 10 years experience, on the other hand, earn upwards of $105,757 per year.
Average Income by Gender
The average income of small business owners is also affected by gender. Males earn a median annual salary that far surpassed their female counterparts. Payscale’s report indicated that men who own small businesses earn a salary that ranges from $42,575 to $96,111. Women, on the other hand, only earn $31,380 to $71,140 every year.
Average Income by Industry
The industry in which a small business operates also affects the average income of his owner. Some industries pay far more than others. For example, entrepreneurs who owned electrical contracting businesses make salaries that range from $49,910 to $114,000 each year. Child care providers, in contrast, make anywhere between $19,792 and $61,674 annually.
Average Income by Special Skill
Although a small business owner overseas is entire operation, it is not uncommon for him to have a specific skill set. For example, the owner of a financial services recruiting firm may have started his career as a tax accountant. The possession of special skills can affect an entrepreneur’s average income. Those with accounting skills, for instance, earn an average annual salary ranging from $38,884 to $81,313, while individuals with sales management experience earning income ranging from $45,000 to $104,762.
Average Income by Region
The region in which a small business is located also affects the average income of its owners. A report issued by PayScale indicated that entrepreneurs employed on the coasts earn more than their counterparts in the South and Midwest. Entrepreneurs in New York, for example, earned a median yearly salary upwards of $125,185, while those in Georgia top out at $75,500.
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