The business market in Greenville, South Carolina, is always changing, so if you're thinking about purchasing or selling a company there, you need to stay current on its economic trends. Here's what you need to know about the top five industries that are on the rise in Greenville.

Technology

Unsurprisingly, technology is one of the fastest-growing industries in Greenville, as it is in the rest of the United States. Most of 2020's top 25 expanding companies in South Carolina were in this industry, including Greenville's Clear Touch, which creates and sells educational technology, and Kopis, which develops new software programs.

Within this industry, there are a variety of trends you need to know as a prospective business buyer or seller. Many tech giants are interested in artificial intelligence and the way that it can help with applications ranging from GPS apps to educational software.

They're also invested in cutting-edge developments that decrease computing time, such as edge and quantum computing. For companies interested in cybersecurity, blockchain has many applications outside of Bitcoin and other cryptocurrencies.

Finally, extended, virtual, and augmented reality programs are also growing in popularity. These systems allow users to experience the sounds and visuals of an artificial reality as if it were their own. Commonly associated with entertainment, ER, VR, and AR are also useful for education.

Before you decide to purchase or sell a tech business, reach out to a business broker Greenville to learn more about the professional environment. Working with business brokers ensures that your contracts are fair and that you create a healthy relationship with other entrepreneurs in your area.

Construction

The construction industry is growing in Greenville, with a variety of companies expanding the 67,000-person town:

• Triangle Construction Company
• Raby Construction
• Cely Construction
• Mavin Construction

Greenville's population is expanding, and the city's Economic Development Department is working hard to ensure that there is enough room for all the new residents. From revitalizing the downtown area to inviting new businesses, the city is dedicated to becoming a modern and thriving town.

Running a construction business is the perfect job for you if you have experience in architecture or civil engineering and are passionate about creating livable environments. Work with a business broker in Greenville to create the best business plan for purchasing a construction company.

If you are running a construction business then you need to make sure you have the right tools for the job. You may be welding a lot of the time or just a small amount from time to time. No matter how much you do you definitely don’t want to scrimp and save on the tools you have. Invest in some good quality welding machinery tools that will help you get the job done quickly and efficiently. 

Make sure you shop around for the best tools available that suit your budget. Read reviews if you are buying online or ask a friend in the trade where they got their welding tools from. If you buy poor quality tools you will just be paying out twice as much when they break or malfunction.

Tourism

Although Greenville is not as famous as other South Carolina destinations, such as Myrtle Beach, its tourism industry is rapidly growing. Known for its waterfalls, bookstores, and food, the city is an up-and-coming getaway destination. As a result, companies related to the tourism industry are thriving:

• Restaurants
• Hotels
• Bars
• Gift shops
• Art collectives

Whether you're interested in purchasing a restaurant, sponsoring artists, or owning a bed-and-breakfast, it's time to learn more about the expanding tourism industry in Greenville.

Finances

The financial industry has expanded since you took your accounting or personal finance course in high school. In response to technology developments, security concerns, and the globalization of the economy, the field of finance is changing almost as quickly as technology. Greenville boasts a variety of burgeoning financial businesses, including Lima One Capital and RealOp Investments.

If you're interested in the financial services industry, keep up with developments such as the growth of self-service capabilities. For example, most banks now have apps where customers can make deposits, transfer funds, view their portfolios, and create new savings accounts. Analytical tools are also growing, allowing users to make better decisions about their finances.

For instance, banks offer breakdowns of their users' current annual and monthly spending, a function that requires top-of-the-line analytical software.

To own a successful finance business, you should have a background in accounting, computer science, or data analytics. These skills help you modernize your practices and prevent your business from becoming obsolete, which is always a concern as more services become automated.

Manufacturing

Finally, like most of South Carolina, Greenville's manufacturing industry is also expanding quickly. Major companies such as BMW, GE Energy, and Michelin call Greenville their home, and smaller manufacturers such as Plus-Plus USA are also based there. Although automotive manufacturing makes up the majority of this sector, biotech and aerospace manufacturing plants are also increasing.

The manufacturing industry is one of the oldest on this list, but it's developing like all the others. One of the top trends in this sector is flexibility at all levels of production. From material suppliers who provide electric pump motors to sales methods to distribution channels, manufacturers need to find ways to improve their agility. Most manufacturers are also assessing their supply chains' efficiency.

How much money do they lose to third-party companies, and how can they decrease the time it takes to get their products to their final customers? Finally, modern health concerns such as COVID-19 have made plant owners evaluate their safety protocols. These include employee health coverage, spacing issues, and air filtration.

If you're interested in jumping into the manufacturing industry, ask a business broker in Greenville to identify a small but growing plant in need of a new owner. By purchasing a manufacturing company that's already established, you can give it a new direction without having to craft a business plan or find investors.

Whenever you're considering a new business venture, it's critical that you start by looking at the current economic scene in your prospective location. For Greenville, SC, that means investigating the technology, construction, tourism, financial, and manufacturing industries to find the idea that works best for you.