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High Growth Industries for Entrepreneurs

Entrepreneurs want to start businesses but deciding the type of business to start can be perplexing for some. Florida is the fastest growing state in the U.S. right now in 2014. Growth means a better chance of success for any new business. Knowing the best industries in Florida will also help to ensure success for a new business start up. Add these two factors to buying an existing business that is already successful and you have hit a home run. Below are the four strongest industries in Florida for 2014.

1. Healthcare

It’s no secret that people are living longer than ever before and in home healthcare businesses are in high demand. The U.S. Bureau of Labor Statistics projects that industries related to health care will generate the most new jobs, more than 5 million over the next few years. Florida has the highest aging population due to its popularity as a retirement destination.

As an entrepreneur, there are many healthcare related business opportunities just waiting for your skills, talents and expertise. Healthcare related businesses can range from repairing gurneys and wheelchairs to medical record transcription to in-home health services to medical supply facilities.

An owner of a healthcare business can provide a wide range of services to public clinics, hospitals, residential care facilities as well as individual and family services.

Some specific businesses to explore in the healthcare sector include dietitian and nutritionist, patient advocate, personal and home health care aide, massage therapist, physical therapist, nursing, senior fitness trainer, skin care specialist, home modification professional, medical equipment maintenance and repair, and medical records administrator.

2. Financial Services

The retirement population of Florida wants to enjoy their golden years and not be burdened with finances. People in their retirement years are increasingly seeking help with money management, whether it’s paying bills or estate planning or choosing the right life insurance policy. There is growing awareness that people may outlive their savings and the need to have a financial plan in place has become a top priority.

In addition, traditional employer-provided pensions are being replaced by individual 401(k) and similar retirement plans. People of all ages are looking for experts in retirement investment options and experts who can help them make sound choices. The Bureau of Labor Statistics predicts industry growth in financial services to jump about 10% over the next 10 years.

Businesses to explore in the financial sector include accountant, personal financial adviser and planner, insurance broker, retirement coach, bookkeeper, financial manager and tax preparer.

3. Leisure and Recreation

The number of retiring workers is literally snowballing and so has the demand for travel and leisure activities. In fact, 23% of travel and leisure businesses in the U.S. have increased their number of employees in the first quarter of 2014, according to the Bureau of Labor Statistics. The Bureau also sees long-term growth in leisure services: about 1.3 million new jobs between 2012 and 2022.

Businesses to explore in the leisure sector include hair and skin care, catering, travel agent, landscaper, pet care, recreation services, tour guide, shuttle service, fitness trainer and nutrition coach.

4. Retail Stores

It stands to reason that the rising population means a greater demand for retail shopping. People need stuff, right? Florida is a popular vacation spot all year round. Buying a retail store in Florida is great opportunity for an entrepreneur.

Businesses to explore in the retail sector include souvenir shop, shipping service, boutique, restaurant, fast food franchise, convenience store, gas station, specialty shops, clothing store, laundromat, dry cleaner and retail franchise.

5. Professional and Business Services

Businesses need professional business services, especially in the area of technology. In this field, you’ll need to cast a wide net. Look into buying small businesses and big corporations. There’s a variety of businesses that keep the wheels of business greased and as more people go the entrepreneur route, there’s a growing need for expert advice and services for start-ups.

Businesses to explore in this sector include grant/proposal writer, green-business consultant, human resource specialist, information security analyst, database administrator, management consultant, market research, event planner, translator/interpreter and internet and communication services.