you've come to the correct place if you're seeking rock solid firms with a high success record
let me begin by stating that there's no such thing as a business that will never fail any
business that has the potential to produce a lot of money comes with some risk in reality the risk
return trade-off is a well-known notion that implies that the potential return rises with a
proportional increase in risk that's why equities have a significantly better long-term yield
than your normal bank savings account when it comes to high yielding assets like businesses
returns may typically exceed 30 percent however all of this is fraught with risk according to the
bureau of labor statistics around 20 percent of new enterprises fail during the first two years
45 within the first five years and 65 within the first 10 years of operation
but this doesn't mean you should give up and not start a business you see some businesses
have a considerably greater success rate than others and it's these kinds of businesses with
low failure rates that i will be talking about in today's video so give this video a thumbs
up for that youtube algorithm and subscribe if you're new here okay so without any further ado
let's get into it in this practical wisdom video i'll be taking you through six different sorts of
businesses with low failure rates i'll also share statistics demonstrating these low failure rates
as well as some helpful tools getting started with these enterprises first of all why should
we even know of these failure rates well the majority of new business owners and entrepreneurs
invest a significant amount of time energy and money in starting up their companies if you're
thinking about starting a business it's probably smart to choose one that has a good chance of
succeeding right perhaps you have a brilliant business mind and can defy the odds but i always
believe that having the odds in your favor is a good thing so the first business on the list is
vending machine business a vending machine business is somewhat tied to success
the vending industry has a success rate of 90 most businesses fail at an average of 85 of the time
consider how a vending machine firm differs from a typical small business many businesses
fail because of overhead not having enough money for advertising rent and other charges
plus finding and keeping good staff may often be a challenge too on the other hand your vending
machines operate for you 24 hours a day seven days a week a vending machine allowing you to
earn money even while you sleep and that's a fantastic method to make money a lot has changed
over the years jobs are no longer guaranteed nor secure if you take a look at your local newspaper
if you still read that you'll see that a lot of people are being affected by corporate downsizing
today job security is non-existent especially when 90 of us work for others owning your own business
is the only method to achieve your goals unlike any other industry the vending machine industry is
unique it enables the company owner to establish a vending machine route with little or no expertise
while also allowing them to operate from home in an all-cash business and yes you heard that
right vending machines operate entirely on cash a vending machine business also has advantages that
are uncommon in other sorts of enterprises such as cash flow is immediate from the first day on
you'll be making money business is conducted entirely in cash no bad checks credit risks
or accounts receivable a year-round business no seasonal fluctuations of income variable hours
with lots of time off very little overhead no rent utilities etc work out of your own home instead of
an expensive office no employees to pay you can start this business part-time and still keep your
regular job paycheck and benefits laundromats are another excellent business with a very low failure
rate a recent gallup study indicated that 66 of potential entrepreneurs are held back by fear of
business failure according to laundry lux however one research indicated that laundromats had a very
high success rate with around 95 percent of laundromat succeeding after five years
again nothing in business is guaranteed but that appears to be enticingly close
this is a fantastic recession-proof business that can generate money regardless of the state
of the economy after all people's garments will constantly need to be cleaned and dried
the beauty of a laundromat is that it can be run almost completely passively all of the heavy
work of washing and drying clothing is done by the machines and your customers do the work of loading
and unloading the clothes of course you'll still have to clean the laundromat make repairs to the
machines as needed and collect the money from the machines which is the fun part but you may employ
others to do these things for you now let's look at the second business real estate andrew carnegie
is famously quoted as saying ninety percent of all millionaires become so through owning real estate
did you know that more money has been made in real estate than in all industrial investments combined
therefore it should come as no surprise that real estate investing has an enviable success record of
85.3 percent why is real estate such a lucrative venture well you'll have monthly cash flow
your renters will pay down your mortgage for you and your properties will go up in value over time
you have a formidable wealth generator when you combine these advantages with the fact that you
can acquire rental homes with a loan and leverage your earnings even more in addition if you employ
a property manager your rental property business can be set up to create passive income but you
don't need to hire a business to manage your properties you still can handle all of your
properties yourself spending approximately five to ten hours each month on each one
in my perspective that's really passive now let's look at the third business the healthcare business
from pharmacies clinics dentistry and among other services healthcare is a fast-paced sector with
several future prospects however there is little concerns about cost complexity and uncertainty
may make this sector unsettling but with the right approach this is among the businesses
that will never fail whether you're an investor businessman entrepreneur or inventor you should
try your luckier since healthcare prospects are set to rise enormously in the future
according to statistics gathered by policy advice studies show that in most wealthy nations
health care consumes more than 10 percent of gdp the same study said by the end of 2019 this
percentage for the united states will be close to 18 percent so you can only imagine how high
it must be now this is unsurprising given that the healthcare industry is the largest employer in the
united states in fact the united states spends far more on healthcare than the rest of the globe
the global health industry was worth 8.45 trillion dollars in 2018. global health care spending could
reach over 10 trillion dollars in 2022 as we can see from current data healthcare is one of the
world's largest and fastest growing sectors and as doctors and nurses are burdened with the pressure
of attending to a large number of patients during this coven 19 pandemic people have resorted for
services from small-scale medical centers or clinics rather than queue in general hospitals
mostly for fears of being infected with the virus i hope you are all writing this down somewhere
now let's look at the fourth business the transportation business
if you start with a good business strategy you may make a lot of money in the transportation industry
there are several prospects in this area but you must first analyze the existing demand
depending on their geographical region transportation also includes vital features
such as ambulances medical emergency outstation shifting and so on furthermore traffic congestion
in numerous major cities has paved the way for public and private transportation to co-exist
on the roadways as a result a large number of individuals rely substantially on transportation
in light of the foregoing the transportation industry has experienced a dramatic surge
in demand the number of taxis ubers and lifts on the road is increasing
it has proven to be a lucrative business and many people consider it as a viable startup concept
it is now simpler than ever to establish a transportation business thanks to the rise
of e-commerce the gig economy and online platforms so what exactly is a transportation business you
may wonder well basically a transportation business is one that transport things or
people for a charge from one location to another a transportation business may take numerous forms
from a full-fledged long-haul trucking operation to a simple weekend side hustle driving for uber
and everything in between and these sorts of enterprises have a 76.4 success rate your
outcomes may vary and specific transportation businesses may be more dangerous than others but
on average you may expect a high success rate the agriculture business this is the fifth business on
our list because agriculture is one of the most important contributions to the global economy
since it feeds billions of people every day agriculture contributed for four percent of
global gdp in 2018 according to world bank figures although it may account for more than 25 of gdp
in some underdeveloped nations agribusiness or agricultural business refers to the manufacture
and sale of agricultural products such as farm equipment and supplies machineries and other
farm-related services in addition to real farm activities agriculture businesses are known for
their resiliency and low failure rates these can include a wide range of businesses including farms
and a variety of associated businesses agriculture firms have a phenomenal success rate of 88
if you have a green thumb and an interest in farming or other agriculture related industries
this might be the right opportunity for you the last but not least business on our list is
the dump truck business i bet you weren't expecting this but hear a sound the mining
business according to small biz trends has the highest survival rate of all industries with a
51.3 score starting a mining business is difficult and requires a large sum of money however there is
a brilliant little backdoor approach to profit on the mining industry's stability of course if you
live near a mine there will always be a demand for dump trucks to transport coal or other commodities
recovered from the mine the best part is that starting a mining business does not require
millions of dollars an old dump truck can be purchased for as low as fifteen thousand dollars
the dump truck business is expanding rapidly which means there are more driving opportunities
available indeed the dump truck service industry in the united states is projected to reach 20.64
billion dollars by 2025 and that's just for large-scale mining and construction operations
there has never been a better moment to start a dump truck company than now it's a different story
when it comes to running a dump truck business companies offering their own dump truck services
or outsourcing fleet labor creates a need that provides significant opportunities for individuals
just entering into the space whether it's corporate or private delivery dump trucks
are very adaptable allowing you to operate in a variety of industries other than mining
even if you don't live near a mine construction firms landscapers real estate flippers and even
residential property owners who need to dispose of significant volumes of trash may want your
services and with that said i'll leave you with this a business that solves problems will never
go out of market if you're an entrepreneur or planning to start a business soon look
for a problem that others are having and try to address it make your company transparent recruit
the proper people and maintain a high level of ethics and if you do that success is inevitable
so thank you so much for watching and let me know your thoughts and if you enjoyed
this video you should check this one out 2022 business models you can start with no money