Starting a business? Let data guide your industry choice. Our analysis of the U.S. Census Bureau’s Annual Business Survey reveals compelling insights about where new businesses thrive financially.
Key Takeaways
- Compare revenue potential across 10 top industries for firms under 2 years old using Census ABS data.
- Discover that Mining and Management sectors offer the highest payroll per firm at $944 and $1,077 respectively.
- Learn that new firms average 4.8 employees and $336 in annual payroll, with Mining staffing 10.7 employees per firm.
- Analyze how most industries see significant revenue growth between years 2 and 5 of business operation.
- Implement staffing benchmarks from Agriculture and Construction, which average 2.8 employees for young firms.
Table of Contents
🚀 Revenue Leaders: Top Industries for New Firms
Young businesses (under 2 years) in our top-performing industries average $55 in annual receipts. The standout sectors:
💼 Employment and Payroll Insights
New firms in these industries average 4.8 employees and $336 in annual payroll per firm. This data suggests optimal staffing levels for startups:
📈 Revenue Growth Trajectory
See how revenues typically evolve as businesses mature:
Key Takeaways
- Industry Selection: The data shows Agriculture and Mining leading in early-stage revenue.
- Growth Pattern: Most industries see significant revenue increases between years 2-5.
- Resource Planning: Successful young firms maintain an efficient ratio of revenue to employees.
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Source: U.S. Census Bureau Annual Business Survey (ABS) 2019
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FAQs - Frequently Asked Questions About High-Revenue Industries: A Guide for New Businesses (2019)
Where does this statistics data come from?
The data comes from official or cited sources such as government agencies, surveys, and industry reports; check the article and sources section for specifics.
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Many business statistics use U.S. Census Bureau, BLS, BEA, or other federal data.
Industry and trade groups often publish benchmarks and surveys.
Always verify the date and scope of the data when applying it to your situation.
How can I use these statistics for my business?
Use them to benchmark your performance, plan strategy, understand market and industry trends, and support decisions with evidence.
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Compare your metrics (e.g., revenue, employment, growth) to industry or regional norms.
Use trends to anticipate demand, hiring, or investment needs.
Cite statistics in business plans, pitches, and internal planning.
How often is this data updated?
Update frequency depends on the source; government data is often annual or quarterly. Check the article or source for the latest vintage.
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Census and BLS data often have a lag of several months to a year.
Some dashboards and tools are updated more frequently.
When in doubt, go to the primary source for release schedules.
What should I be careful about when using business statistics?
Be aware of definitions (e.g., what counts as a small business), geography and time period, and whether the data applies to your industry or situation.
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Definitions of firm size, industry, and geography vary by dataset.
Averages and aggregates can hide variation; look at breakdowns when available.
Use statistics as one input alongside your own data and judgment.
Who can help me apply this to my situation?
Consultants, accountants, and industry advisors can help you interpret data and apply it to your business; Business Initiative offers consultations for strategy and planning.
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A consultant can help you find the right benchmarks and set realistic targets.
For tax and structure questions, work with a qualified professional.
Use the data to ask better questions in those conversations.
