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Businesses that Never Fail? 7 Businesses with Amazingly Low Failure Rates [Backed by Data] - YouTube
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do you want to start a business but are
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worried about the high failure rates
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associated with new businesses
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it's a valid concern
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according to data from the u.s bureau of
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labor statistics about 20 percent of u.s
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small businesses fail within the first
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year that number jumps to around fifty
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percent by the end of the fifth year and
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after ten years two thirds of businesses
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have gone under those are sobering
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statistics but the good news is that
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there are certain businesses that enjoy
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remarkably high success rates we are
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going to cover seven of the best
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now let me start by saying that there is
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no business that will never fail
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any enterprise where you can make
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serious money is going to have some risk
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associated with it in fact there is a
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well-known principle called the risk
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return trade-off that states that as the
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potential return rises so does the risk
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it's why stocks produce much higher
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yields over the long term than a typical
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bank savings account
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now if you look at really high yielding
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assets like businesses they can often
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generate returns well above 30 percent
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but all of that comes with some serious
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risk of failure as we covered at the top
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of this video but don't lose hope
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as i mentioned earlier we are going to
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cover seven types of businesses with
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very low failure rates i will also
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include data showing these low failure
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rates and point you to some great
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resources to show you how you can get
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started in these enterprises
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now i want to emphasize how important it
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is to examine failure rates if you are
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thinking about starting up a business
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most entrepreneurs devote a lot of time
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energy and money to launching their new
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company if you are thinking about
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starting a business it's crucial that
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you pick one that is likely to succeed
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maybe you have an exceptional business
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mind and can book the trend
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but like katniss everdeen i find that
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having the odds in your favor is always
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a good thing
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on that note let's get into it
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number one
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laundromats laundromats enjoy an
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amazingly low failure rate according to
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laundrolux laundromats enjoy a 95
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success rate over a five-year period
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again nothing is guaranteed in business
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but that seems tantalizingly close
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this is a great recession-proof business
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that can make you money no matter what
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else is happening in the economy after
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all people will always need to get their
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clothes washed and dried the great thing
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about a laundromat is that it can be run
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mostly passively the machines do all of
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the hard work of washing and drying the
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clothes and your customers do the work
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of loading and unloading the clothes
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you will still need to take care of
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cleaning the laundromat making repairs
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to the machines when needed and
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collecting the money from the machines
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but even for these activities you can
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hire people to do them for you if you
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want to learn more about starting a
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passive laundromat business check out
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the link to my detailed article on the
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topic in the description section below
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in fact as i promised at the beginning
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of the video i have included links to my
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guides on how to start almost all of the
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businesses i talk about here so please
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explore those articles if you want to
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learn more number two rental property
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businesses
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this one is near and dear to me i am an
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avid believer in real estate investing
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and online rental properties they have
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been the single biggest contributor to
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my financial success
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but don't just take my word for it
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andrew carnegie is famously quoted as
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saying
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ninety percent of all millionaires
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become so through owning real estate
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more money has been made in real estate
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than in all industrial investments
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combined
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so it should come as no surprise that
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real estate investing enjoys an enviable
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85.3 percent success rate according to
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advisor smith a commercial insurance
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company who examined statistics from the
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us bureau of labor statistics
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why is real estate such a great business
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you can enjoy cash flow each month your
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tenants pay down your mortgage for you
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and your properties tend to appreciate
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over the long term
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if you combine these features with the
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fact that you can buy rental properties
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with a loan and use that leverage to
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increase your returns even more you have
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a powerful wealth generator plus your
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rental property business can be
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structured to generate passive income
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all you need to do is hire a property
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manager but you don't need to i manage
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all nine of my properties myself and
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only spend between five to ten hours per
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month
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that's pretty passive in my opinion
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number three self storage facilities
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if you like the idea of real estate
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investing but don't want to deal with
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tenants trash and toilets self storage
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facilities may be a great option for you
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according to rhino building a leading
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builder of self storage facilities these
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resilient businesses enjoy a remarkable
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92 percent success rate and if you want
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to make yourself storage business as
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passive as possible you can start an
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unmanned self storage business
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advances in technology make this not
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only possible but easy people can now
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use their phones to book the storage
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unit obtain the code to unlock the unit
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and simply move their stuff in
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though on-site manager is needed
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number four
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transportation businesses with the
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emergence of e-commerce the gig economy
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and online platforms it is more
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lucrative than ever to start a
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transportation business
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if you don't know what it is a
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transportation business is simply a
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business that delivers goods or people
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from one place to another for a fee it
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can come in many forms from a
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full-fledged long-haul trucking business
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to a simple little side hustle driving
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for uber on the weekend and everything
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in between
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and these types of businesses enjoy a
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very good success rate of seventy six
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point four percent according to that
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same article by advisor smith
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now your results may vary and certain
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transportation businesses are going to
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be more risky than others but on average
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you are looking at a really solid
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success rate
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number five
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vending machine routes
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one of my favorite businesses is a
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vending machine route with a relatively
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modest investment like three to five
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thousand dollars you can buy a vending
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machine and just get started once you
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have your vending machine all you need
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to do is find a well-trafficked location
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that will generate sales for you it's
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really as simple as that start with a
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single machine figure out how the
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business works and then slowly expand
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before you know it you can have a
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vending machine empire that can generate
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thousands of dollars a month and mostly
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passive income for you so what is the
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success rate for a vending machine
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business a whopping 90
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according to drop spending a
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long-standing provider of nationwide
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vending services when you combine the
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low failure rate affordable startup
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costs and simple operations of this
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business i think you have a winning
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formula number six
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agriculture businesses
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agriculture businesses are highly
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resilient and tend to have low failure
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rates
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these can encompass many different types
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of businesses including farms and a host
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of related businesses
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agriculture businesses enjoy an awesome
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88 success rate according to advisor
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smith so if you have a green thumb and
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an interest in farming or other
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agriculture related businesses this may
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be perfect for you number seven
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dump truck businesses
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according to small biz trends the mining
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industry has the greatest survival rate
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among all sectors
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of course starting a mining company is
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going to be complex and take a lot of
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capital but there is a clever little
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back door way to capitalize on the
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stability of companies in the mining
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industry you can start a dump truck
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business
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if you live near mining operations there
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will likely be demand for dump trucks
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that can haul away coal or other
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materials being extracted from the mine
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the great thing is that you don't have
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to spend millions of dollars to start a
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mining operation
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a used dump truck can be bought for as
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little as fifteen thousand dollars
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not only that dump trucks are versatile
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you are not limited to working with the
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mining industry so even if you don't
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live near a mine there can be plenty of
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demand for your services coming from
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construction companies landscapers real
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estate flippers and even residential
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property owners who need to haul away
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large amounts of junk so there you have
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it seven great businesses that enjoy
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awesome success rates
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if you enjoyed this video please hit the
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like button
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if you want to get more great content
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like this please consider subscribing it
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helps a lot and i would really
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appreciate it
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thanks for watching
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