TOP 10 profitable industries for doing business in the USA in 2020

TOP 10 profitable industries for doing business in the USA in 2020

The United States is a very attractive jurisdiction for businesses of all shapes and sizes. A highly profitable market, prestige, access to cheap financing attract foreigners to the country who want to earn wealth and improve their financial situation. But before starting an activity in an unfamiliar country, you should first conduct a thorough analysis of your prospects in the local market. And you should start by determining the popularity and prospects of the industry in which you plan to do business. Let's take a look at what areas in the United States were the most profitable and interesting for business in the challenging 2020.

TOP Industries by Profit in the USA in a Year

The list of the most profitable areas for business in the USA in 2020 according to IBISWorld:

# Sector Profit, billion $ 1Life insurance99.02 Software release83.23Health and medical insurance74.64Commercial leasing73.65Project portfolio management67.86Regional banks66.17Legal companies65.08Education (colleges and universities) 55.69 110Housing for rent53,5

The top Fortune500 companies by revenue in 2020 are:

NaimenovanieOtraslVyruchka mln Walmartonlayn torgovlya523 964Amazononlayn torgovlya280 522Exxon Mobilneftepererabotka264 938Applekompyuternye tehnologii260 174CVS Healthzdravoohranenie:. Pharmacies and other uslugi256 776Berkshire Hathawaystrahovanie property and casualty sluchaev254 616United Health Groupzdravoohranenie: insurance and managed care obsluzhivanie242 155McKessonoptovaya trade in zdravoohraneniya214 319AT & Ttelekommunikatsii181 193AmerisourceBergenoptovaya trade in the field of health care179,589

Top US Startups of the Year

It is equally interesting to find out which companies achieved excellent results during the pandemic to determine a promising niche in the market. In September 2020, Linkedin, a social networking site for finding business contacts, published a ranking of the 50 best US startups. In the top ten there are:

# p/pNameSpecializationDescription of activities1Better. omloans, data analysisonline platform that specializes in online mortgages and mortgage refinancing2DoorDash delivery serviceDuring the pandemic in the United States, the demand for delivery increased significantly, which was used by DoorDash. Previously, it made delivery only from restaurants, but now - from pharmacies and other stores, and also doubled the number of employees. Samsara information technology develops applications to reduce fuel consumption, prevent accidents, automate manual processes, improve product quality. Samsara's growing portfolio of solutions includes vehicle telematics, driver safety, mobile workflow and compliance, asset tracking and manufacturing process control - all in an integrated real-time open platform the training needed to analyze data for healthcare providers to develop customized treatment plans or for banks to track fraudulent activity6Outreach Information Technology, a corporate platform to boost sales, accelerates revenue growth by optimizing every interaction throughout the customer's lifecycle. The platform manages all email, voice, and social interactions with customers and uses machine learning to guide reps to take the right action. The company is valued at $ 1.1 billion. Brooklinen is a manufacturer and online retailer of textiles and accessories. Total funding in 2020 - $ 60 million. Attentive digital marketing personalized text messaging platform for innovative brands and organizations. Using real-time behavioral data, Attentive automatically sends engaging text messages to each subscriber at every stage of the customer's lifecycle. In September 2020, the company raised $ 230 million in funding from Loomcommunications, a workplace video messaging service. After raising $ 29 million in funding in May 2020, the company is estimated at $ 350 million. 0VerkadasecurityThe company is engaged in the sale of corporate security systems. Its cost in early 2020 was $ 1.6 billion. The company offers security solutions: video surveillance cameras with intelligent web programs.

US Small Business Statistics

It is obvious that starting a business in the United States does not begin with a large company, but with a small company, which will make it possible to reduce the risks of capital loss and better study the market. The following statistics will help to avoid obstacles and better navigate the new market:

  • In the United States, 99.9% (30.7 million) of all companies operate in the small business sector. This segment includes legal entities where the average annual number of employees does not exceed 500 people. As a rule, all startups belong to small businesses.
  • Small companies are the main employer in the US labor market. They create about 1.5 million new jobs annually (64%).
  • Small and medium-sized businesses not only create jobs in the United States, they also play a key role in innovation. They improve access to global markets, knowledge and experience. The contribution of small companies to global economic growth in the United States is very large through the creation of new jobs and the stimulation of innovation.
  • The main reason the US starts small businesses in 2019 according to a 2019 Guidantfinancial survey is to be self-employed. The second most popular is the ability to do what you love.
  • Small businesses have been hit hard by COVID-19. Almost 31% of small companies have ceased operations. However, many were able to adapt to the new reality - they went online, arranged the delivery of goods. More than half of companies have increased their interaction with customers via the Internet.
  • According to a 2019 Convergehub study, more than half of small businesses close in their first year, and 95% of startups fail in their first 5 years.
  • According to CB Insights, the main reason for the termination of small firms is the lack of market demand. The second is the lack of funding. The latter was the reason for the closure of 29% of startups in the United States.
  • The main challenge for an aspiring US entrepreneur is finding a high quality workforce. According to a 2019 CNBC poll, 52% of respondents complained about the lack of qualified professionals.
  • The most popular small business marketing channel in the US is social media. A 2019 study from The Manifest found that 64% of respondents use social media to increase market awareness and customer acquisition. The second most important channel is online marketing, followed by advertising in newspapers, magazines, booklets and television.
  • Businesses most affected by COVID-19 were in San Francisco (49% of small businesses shut down), New Orleans (45% shut down) and Honolulu (41% shut down). Industries most affected: leisure and hospitality.
  • Omaha became the leader in the number of small businesses opened during the pandemic. Here, legal entities were least closed.

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