Small and medium business (SMB) software app Invoice2go has aggregated their invoicing data to come up with the best performing SMB industries in Australia.
By averaging the invoice volume, the data has shown that the pool and spa service industry is the second highest achieving SMB industry of 2017.
This category includes cleaning, pool and spa care, repairs, installations and equipment. Contractors in this segment were found to invoice on average $156,210 each year.
The pool and spa category was only outperformed by the glazing industry, invoicing on average $162,107 p.a.
The data also rated building and construction as the second highest growth industry, growing at 59 per cent year-on-year, with landscaping third, growing at 58 per cent.
Tried and true SMBs
Invoice2go CEO Greg Waldorf says 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.
“Aspiring small business owners shouldn’t discount the tried and tested industries that are seeing rapid and continual growth,” says Waldorf.
“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,” he says.
“It’s fantastic to see such a promising outlook for their growth this year and beyond.”
Invoice2go’s Most Lucrative Industries for Australia’s Small Businesses 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.
Highest achieving SMB industries of 2017
Average invoice volume per subscriber, p/a
1. Glass and glazing
Windows/doors, Glass replacement, Glass glazing
Contractors in the glass industry are invoicing their clients on average $162,107 p/a
2. Pool and spa
Cleaning, pool & spa care, repairs, installations, equipment
Contractors in pool and spa are invoicing on average $156,210 p/a
3. Building and construction
Contractors in building and construction are invoicing on average $139,275 p/a
4. Plumbing & HVAC
Contractors in plumbing are invoicing on average $138,786 p/a
Security solutions and locksmiths
Security solution providers are invoicing on average $131,271 p/a
Highest growth industries
YoY 2016 & 2017 based on average invoice volume increase
1. Auto repair: 78% growth
Average invoice volume issued by mechanics and automobile service providers has grown to $129,175 from $72,469
2. Building and construction: 59% growth
Average invoice volume issued by small businesses in the building and construction industry has grown to $139,275 from $87,793
3. Landscaping: 58% growth
The average invoice volume issued for landscaping services has grown to $65,313 from $41,261
4. Food: 53% growth
Average invoice volume issued by providers in the food industry, such as cafes and caterers, has grown to $95,193 from $62,142
5. Glass and glazing: 52% growth
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