For any small-business owner looking to break into a new sector or for any entrepreneurial spirits in the Atlanta, Georgia region, being aware of what is popular and what industries are thriving is the key to creating a successful organization. With the ever-changing landscape of world considering the innovative technologies in the past decade, it is important to take not of what works and what doesn’t.
To that end, one area to avoid is clothing – especially apparel manufacturing. According to IBISWorld, in the past decade 50% of the apparel manufacturers in the U.S. closed their doors. Women’s apparel manufacturers were rocked in the past year as well, losing 8.6% of its annual revenue.
Kodak recently filed for bankruptcy, a sign that the photography and film industries were in dire straits. Cell phones nowadays carry more convenient camera options that an actual camera – and in both cases, the need for physical film has become obsolete.
Maybe a surprising sign to some, both the shoe and hardware manufacturers are hurting. The former suffered nearly 5% in annual revenue declines, while the latter has seen about half of its production imported to the U.S. Footwear makers have experienced this as well, but on a far greater scale: about 95% of shoes are overseas at a fraction of the cost it would take here.
Creating a prosperous business or running a successful organization takes time and effort. You have to draw up business plans, establish personnel policies and manage all the assets pertinent to your business. A simple way to expedite this process and to assure you are appropriately addressing your business’s needs, seek the advice of a business attorney, who can make sure you are compliant.
Source: Huffington Post, “10 Dying Industries Small Businesses Should Avoid,” Alicia Ciccone, April 23, 2012