As we approach the year 2023, Missouri’s economy is showing promising signs of growth. With a thriving business environment and a supportive government, entrepreneurs are eager to invest in the Show-Me State.
If you’re looking to launch your own enterprise in Missouri, there are several industries that have proven to be highly profitable. According to our research, the healthcare industry is one of the most lucrative sectors in Missouri. With an aging population and rising healthcare costs, there is a growing demand for innovative solutions that can improve patient outcomes while reducing expenses.
Meanwhile, the technology industry offers boundless opportunities for those with skills and expertise in areas like software development, cybersecurity, and artificial intelligence. And if you have a passion for food or drink, the food and beverage industry may be your ideal niche. Missouri has a rich agricultural heritage that provides abundant raw materials for local producers.
In this article, we’ll explore these industries and more as we lay out ten of the most profitable businesses to embark on in Missouri in 2023.
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Living in Missouri offers a plethora of opportunities for business enthusiasts. From the bustling urban cities to the serene rural settings, entrepreneurs in Missouri have endless avenues to explore. When seeking the best businesses to start in missouri, it is essential to analyze the current market trends and evaluate the ever-expanding sectors driving the state’s economy in 2023 and beyond.
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Contents
Healthcare Industry
If you’re looking for a lucrative venture in Missouri, the healthcare industry is where it’s at. There are plenty of opportunities for entrepreneurs to make their mark in this field.
With telemedicine innovations on the rise and an aging population in need of nursing home services, entrepreneurs who specialize in these areas can tap into a growing market that offers immense potential for growth. Telemedicine has revolutionized the way patients receive medical care, particularly in rural areas where access to doctors can be limited. With advances in technology, telemedicine has become more sophisticated and accessible than ever before.
In addition to telemedicine, nursing home services are also a promising segment within the healthcare industry. As baby boomers age and require more specialized care, there will be increasing demand for nursing homes and other long-term care facilities. Entrepreneurs who have experience in this field or are willing to invest time and resources into acquiring it can capitalize on this trend by starting their own nursing home or partnering with existing providers.
Moving from healthcare to the technology industry takes just as much focus as innovation.
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Technology Industry
The technology industry in Missouri is experiencing significant growth. Tech startups and digital innovation are fueling this growth, with companies like Square and Cerner leading the way. According to the Missouri Department of Economic Development, the tech industry has grown by 20% since 2010 and currently employs over 86,000 people in the state.
One of the reasons for this growth is Missouri’s favorable business climate. The state offers tax incentives, grants, and other resources to help tech startups succeed. Additionally, universities like Washington University in St. Louis and the University of Missouri have strong engineering programs that produce talented graduates who are eager to stay and work in-state.
This boom shows no signs of slowing down as more companies continue to establish themselves in Missouri. As we move forward into 2023, it’ll be interesting to see how this growth impacts not only the technology industry but also other sectors that rely on digital innovation such as healthcare and education.
Speaking of which…
The food and beverage industry is also making strides in Missouri, with new restaurants opening up across the state.
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Food and Beverage Industry
You’ll be happy to know that Missouri’s food and beverage industry is thriving, with new restaurants popping up all over the state. In fact, according to a recent report by the Missouri Restaurant Association, the industry has seen steady growth in recent years, with an estimated 12% increase in sales from 2018 to 2020.
This growth can be attributed to several factors including changing consumer preferences and restaurant trends. Local sourcing of ingredients is becoming increasingly popular among consumers who value sustainability and supporting local businesses. As a result, many restaurants are now partnering with local farmers and suppliers to source their ingredients.
Additionally, there has been a surge in demand for craft beer and locally brewed beverages. This has led to a rise in the number of local breweries across the state which have become popular destinations for locals and tourists alike.
Another trend that is gaining traction in Missouri’s food scene is experiential dining. Restaurants are no longer just places where people go to eat; they are also places where people go for unique experiences. From themed pop-up restaurants to interactive dining experiences, restaurateurs are finding innovative ways to create memorable experiences for their patrons.
With such exciting developments in Missouri’s food and beverage industry, it’s clear that this sector offers immense opportunities for entrepreneurs looking to start or expand their businesses. However, before making any decisions, it’s important to do your research on market trends and consumer preferences.
In our next section about the real estate industry, we’ll explore how these trends impact commercial properties available for lease or purchase.
Real Estate Industry
As we continue to explore the most profitable industries in Missouri for 2023, let’s shift our focus to the real estate industry.
This sector is composed of various subsectors, including property management, real estate investment trusts (REITs), and residential and commercial construction.
With a growing demand for housing and office spaces in the state, it’s no surprise that this industry is expected to thrive in the coming years.
Property Management
Hey, looking for a profitable venture in Missouri? Managing properties could be your golden ticket! Here are three reasons why property management is a lucrative business in the state:
- Tenant screening: With many people moving to Missouri for work or to start a new life, there’s always a high demand for rental properties. As a property manager, you’ll have the opportunity to screen tenants and ensure they meet your standards before renting out the property.
- Maintenance services: Maintenance is an essential part of keeping rental properties in good condition. By offering maintenance services, you can earn additional income while ensuring that your clients’ properties are well-maintained.
- Low startup costs: Unlike other businesses, starting a property management company doesn’t require significant capital investment. All you need is an office space, computer equipment, and some initial marketing efforts.
By venturing into property management in Missouri, you’re sure to enjoy excellent returns on investment while providing valuable services to homeowners and renters alike. As we move forward into the next subtopic about real estate investment trusts (REITs), it’s worth noting that REITs offer another option for those seeking profitable investments in Missouri’s real estate industry.
Real Estate Investment Trusts
If you’re looking to diversify your investment portfolio and potentially earn passive income, consider investing in real estate through a Real Estate Investment Trust (REIT) in Missouri. REITs are companies that own or finance income-producing real estate properties, such as apartments, hotels, shopping centers, and office buildings. These trusts allow investors to pool their money together to invest in a diverse portfolio of real estate assets without having to manage them directly.
One advantage of investing in REITs is the favorable tax treatment they receive. Under federal law, REITs must pay at least 90% of their taxable income to shareholders as dividends, which means they aren’t subject to corporate income taxes. Additionally, Missouri doesn’t impose state-level taxes on REIT dividends received by residents or non-residents.
When considering investments in REITs, it’s important to evaluate performance metrics such as funds from operations (FFO), dividend yield, occupancy rates, and asset value appreciation. By doing so, investors can determine whether a particular REIT is worth investing in over the long term.
When it comes to profitable businesses in Missouri for 2023, residential and commercial construction is another industry worth examining closely.
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Residential and Commercial Construction
Investors may consider adding residential and commercial construction to their portfolio in Missouri, as it is a thriving industry with potential for growth. According to the Missouri Economic Research and Information Center, construction employment in the state is projected to increase by 11% from 2021 to 2031. This growth can be attributed to various factors such as population growth and an increase in demand for new buildings.
Furthermore, incorporating green building techniques into construction projects may attract environmentally conscious clients while also reducing long-term operating costs. However, one challenge that investors may face is the shortage of skilled workers in the construction industry. To combat this issue, companies have been investing in training programs and utilizing technology such as drones and robotics to improve efficiency on job sites. Despite this obstacle, residential and commercial construction remains a lucrative investment opportunity in Missouri’s growing economy.
As we move onto discussing the tourism and hospitality industry, it’s important to note how these industries intersect with each other. With new constructions comes opportunities for hotels, restaurants, and attractions catering to visitors – making it an exciting time for innovative entrepreneurs looking for multiple business ventures.
Tourism and Hospitality Industry
The tourism and hospitality industry in Missouri is a key player in the state’s economy. As we move into 2023, this industry is expected to become even more profitable.
One of the biggest trends in tourism right now is experiential travel, where travelers are looking for unique experiences that they can’t find elsewhere. This trend has led to an increase in demand for boutique hotels, bed and breakfasts, and other small accommodations that offer a more personalized experience.
To keep up with these demands, there’s been a lot of hospitality innovation taking place within the industry. For example, some hotels are using virtual reality technology to give guests a preview of what their stay will be like before they arrive. Other hotels are offering personalization options such as customized room amenities or concierge services tailored to each guest’s interests.
Overall, the tourism and hospitality industry is proving to be one of the most profitable businesses to embark on in Missouri right now. With its diverse natural beauty, rich history, delicious cuisine, and friendly locals, it’s no wonder why so many people choose to visit this state year after year.
By staying on top of current trends and incorporating innovative ideas into their offerings, businesses within this industry will continue to thrive well into 2023 and beyond.
Conclusion
In conclusion, Missouri offers exciting opportunities for entrepreneurs who want to start profitable businesses in the coming years. Based on our research and analysis of various industries, we’ve identified five sectors that hold enormous potential for growth and success.
The healthcare industry is a promising field that’ll continue to experience significant growth due to the aging population and increased demand for healthcare services. The technology industry is also expanding rapidly in Missouri, with companies like Cerner Corporation leading the way in innovation.
The food and beverage industry is another lucrative option, with many successful restaurants and breweries already established throughout the state. Moreover, real estate remains a profitable industry in Missouri as property values continue to rise steadily.
Finally, tourism and hospitality offer numerous investment opportunities as travelers flock to popular destinations like Branson and Lake of the Ozarks. With these options available, aspiring business owners should consider investing in one or more of these industries to achieve long-term success.
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