How, and when, to grow your business depends on a number of factors: the health of your industry, your current market position and your access to funding, to name just a few. As we head into the second quarter of 2019, it’s time to shift gears from setting your annual strategy to executing it. And if you happen to be considering, launching or running a venture in one of these five industries, market trends could open up a new window of opportunity for growing a successful business.
Car wash industry
Confidence in the economy is just one of the factors that has driven Americans to purchase more cars in recent years. But with all those cars—which for many consumers is the second-biggest purchase of their lives, after owning a home—comes a need for maintaining them. Spurred by this opportunity, 24% of respondents in the Professional Carwashing Industry Report say they plan to launch or purchase another car wash in 2019.
Whether purchasing a second location or equipping their current car wash facility with new technology, it takes considerable capital to grow a car wash business. Check out our car wash loans program to explore SBA loans, conventional loans and other commercial finance options that help you grow your car wash business.
Auto repair industry
The recent increase in car purchases across the country doesn’t just open a door for car washes. The auto repair industry is likewise riding a wave of growth. Reports show that cars between 0 and 4 years old are “expected to remain a highly profitable” segment of the auto repair industry in the years to come. The same report predicts steady growth for auto repair shops throughout the next four years.
But any auto repair professional will also tell you that the growth comes with significant changes. Automobiles are adopting new technologies by the minute, and the electric vehicle market is poised to continue its growth as EVs become more mainstream. By exploring an SBA loan for your auto repair business, you can invest in equipment, training and technology today to position you ahead of the curve tomorrow.
Read our comprehensive guide to financing for auto repair businesses.
Americans are spending more on their pets’ health than ever before. Not surprisingly, the advancements in medical care for pets keep on coming. Your everyday customers now very well might expect their cats and dogs to have access to MRIs and ultrasounds at your veterinary’s office. Higher-paying clients may ask about early detection of fractures or injuries with even more precise technology. If you’re seeing your clients flock to more high-tech veterinarian businesses in the area, it’s time to pivot toward the future.
With the help of SBA loans for veterinarian businesses, you can secure financial help to cover renovations, new technology and high-tech equipment. Learn more about how Cornerstone Capital Lending helps veterinary businesses secure funding that supports their growth.
The largest self-storage operators in the country may own hundreds of facilities, but small businesses dominate the self-storage industry. Small businesses account for 74% of the self-storage market, giving operators of all size the opportunity to provide the storage services that consumers are seeking in record numbers.
But that doesn’t mean growing a self-storage business is easy. Without adequate commercial financing, it could be an uphill journey to secure the real estate needed to offer customers enough space in a location that meets their needs. And although it might not strike you as a tech-intensive business, features like security and climate control are becoming increasingly important selling factors as the self-storage marketspace continues to grow.
Day care industry
In 2014, the U.S. Bureau of Labor Statistics predicted that day care businesses would be a leader in employment growth throughout 2020, hot off five years of 1.3% market growth. As your employment numbers grow and your business starts to look different, your current operations will need to support that growth. That’s one reason why we’ve seen an increase in day care owners who come to us seeking SBA loans—and other loan types—to help them grow their day care businesses.
From updated facilities to technology to the shift from renting to owning a location, day care businesses are embracing financing to cement their future success.
Want more information on the different types of SBA loans and other loan programs available to small businesses? Reach out to Cornerstone Capital Lending to explore all the industries we serve across the nation.