How To Predict Business Growth

May 28, 2010  |  

( — No matter how experienced an entrepreneur you are or how solid your business idea is, there will always be factors outside your control. If you pick a strong industry with good growth potential, that can eliminate one major source of anxiety that’s outside your sphere of influence. But picking a winning industry is not as simple as it sounds. The most head-smackingly obvious sign of a strong industry is vibrant and consistent growth in total revenue, but that alone is not enough of an indicator. “What you’re really looking for is an industry that’s growing faster than the general economy,” says George Van Horn, a senior analyst at the market research firm IBISWorld, which provided research instrumental to selecting Inc.’s Best Industries 2010. He suggests looking for “an industry that’s taking business away from another industry.”

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