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Top 5 anchor businesses for entrepreneurs

Are you an aspiring entrepreneur who wants to open a small business?

On my way home from work, I was listening to the Karen Hunter Show on Sirius XM Urban View and learned about some important facts people looking to start a business should know.  Hunter had two guest speakers from the wealth financing firm Momentum who spoke about the top five anchor businesses for entrepreneurs according to a study by the 2015 Consumer Expenditures report from the U.S. Department of Labor – Bureau of Labor Statistics.

The list is based on consumption of the average expenditures and income of all consumer units. This information is valuable because it provides an aspiring small business owner information into where consumers spend their income. Let’s a look at the list below for items and average expenditures:

  1. Housing (Utilities, household furnishing and equipment, shelter, etc.)  – 18,409
  2. Transportation (Vehicle purchases, gasoline and motor oil) – 9,503
  3. Food – 7,023
  4. Financial Services (Personal insurance and pensions, life and other insurance, pensions and soc. security) – 6,349
  5. Health Care (insurance) – 4,342

Reference: https://www.bls.gov/news.release/pdf/cesan.pdf

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