There are many factors that contribute to a small business' success. Being in a booming industry helps.
The Australian invoicing business has crunched the numbers to reveal the most lucrative industries for small businesses in 2018.
Among the top performers are trade-based industries with glass and glazing and building and construction leading the way. This is great news for a country with an ailing manufacturing sector, and a shot in the arm for those that can at last look at Australia's.
Invoice2go also identified the auto repair industry as seeing the biggest growth, billing 78% more in 2017 than it did in 2016. This is followed by small businesses in the building and construction industry, which saw billing amounts increase by 59% (YoY).
"We often see rankings of the fastest growing tech companies in emerging industries, but we don't often measure the industries that have been, and always will be, critical to our economy and society," says Invoice2go CEO Greg Waldorf.
"Aspiring small business owners shouldn't discount the tried and tested industries that are seeing rapid and continual growth.
"The majority of our users are businesses made up of one or two people, so the most lucrative industries data paints a really unique picture of the success Australia's smallest traders are seeing."
The list was compiled by aggregating annual invoicing activity of more than 23,000 AU-based Invoice2go users. The ranking was determined by the average dollar amount invoiced per month by the local businesses in each industry from January to December 2017.
Here are the most lucrative industries for SMEs based on average invoice volume per subscriber, per annum.
Contractors in the glass industry are invoicing their clients on average $162,107 per annum, whilst in construction, the figures is on average $139,275 per annum.
In terms of growth, the average invoice volume issued by small businesses in the building and construction industry has grown to $139,275 from $87,793, whilst in glass the average invoice volume issued for glass and glazing services (windows and doors, glass replacement and glass glazing) has grown to $162,107 from $106,627.
If entrepreneurs can see the financial benefit of being involved in the glass industry, there could yet be a renaissance in domestic processing and manufacture. Indeed, with the number of companies growing across the board in both the fitting and acquisition of glass, then there is every chance that others will consider the glass sector as a profitable one with which to be involved, and some much needed domestic industrial policy may come to bear to support it.