Being an entrepreneur is often an uphill battle. Confronting unforeseen obstacles and finding solutions is what you sign up for when you decide to open a business.
That said, you don’t want to be Don Quixote, either. Starting a business in an industry that is dying or facing extreme international competition is like fighting those windmills. And there isn’t much money to be made in windmill fighting.
In that vein, market research firm IBISWorld has ranked the industries that are expected to see the highest percentage of U.S. businesses close in the next five years.
In some cases, the closures are a result of changing consumer behavior and evolving technology. In this era of Netflix and Redbox, for example, people aren’t driving to movie rental storefronts like they used to. Some of the industries on the list are losing ground to foreign competition. For instance, China is manufacturing solar panels at a much lower cost that the U.S., putting stateside manufacturers virtually out of business.
Here is a snapshot of the eight industries expected to hemorrhage the largest percentage of businesses between now and 2020, according to IBISWorld. Sectors are ranked from the highest percentage of business closures expected to the lowest.
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