Sageworks, which provides financial analysis of privately-held companies, released some encouraging data the other day. They identified 7 business categories that grew over the past 12 months, and service providers were well represented. According to Sageworks, personal care providers (hair salons, barber shops, nail salons, skin care providers, etc.) saw revenue growth of 4.5%, dentists experienced 6.9% revenue growth, and accountants grew by 10.2%. Further, a report released a few weeks ago by Sageworks showed that health practictioners such as massage therapists and chiropractors also grew by 9.3% in the past year.
Despite a recession that has been raging for a year and a half, with overall US GDP down 5-6%, we’re excited to see that many service providers are successfully fighting against the current.