The sad thing about many startups is the high rate of failure. This causes many of them to close shop within a few years of starting.
In reality, all companies support minimal operations, but remain relevant or grow to become a major brand with several branches throughout the country. What about those who never live to celebrate their second or fifth anniversary?
There could be a number of reasons behind these startups having high failure rates.
Are there businesses that can never fail, even when a country is going through tough economic times? Let’s take a look at five of them.
dry cleaning services
This is assured business in any conducive operating environment, particularly in urban areas. The target would be the working class who would wash, dry and iron their clothes, as they may have little or no time to do their laundry.
The demand for housing will see units occupied practically most of the time in this sector. Investing in rental properties will ensure you a steady cash flow throughout the year.
It can be one of the ways to earn passive income. If you invest near urban locations, rental income is likely to be higher than inland.
It frustrates motorists who drive slowly through the streets in search of a parking space or who had to park far from the place of convenience and pay street boys to watch the vehicle.
A centrally located private parking lot will generate good returns for the investor. A vehicle can be assigned a certain duration of parking, and from then on, the charges start to increase by the hour.
There is a rise of tech-savvy young people embracing agriculture, which in the past was seen as a demeaning career path.
And they are reaping far more than a 9am-5pm job would offer if they were employed. Agriculture is among the resilient businesses with low failure rates when managed well.
The real estate sector is witnessing how productive land that was once agricultural is turning into concrete jungles. Many farms do not enjoy services such as garbage collection from the local government. Venturing into garbage collection under agreements with farm owners, you’ll make big profits.