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When it comes to personal finance, many people are looking for businesses that will never fail. But the truth is, there's no business that doesn't have a potential to fail. Every business has its own strength and weakness. What will determine your success in any business is how well you manage your business. If you are looking for businesses that will never fail, here is a comprehensive list of businesses that have low failure rate.
1. Food Business
One of the most lucrative businesses on the earth is food business. This is because food is one of the basic needs of every man. No matter the economic situation in the city where you are, people must eat food everyday to stay alive. Without ambiguity, billions of dollars are spent daily around food business and any one with a good eye for business can start business in the food business niche. Some of the types of businesses that you can start in the food business niche are food Processing business, food Storage, food production, restaurant and eatery. You can start it as a small scale business or a mega company. The choice is yours.
2. Laundry Business
Another powerful business that has a low failure rate is laundry business. This business makes alot of money daily. You don't need to wash the clothes by yourself. You can buy washing machines, tools for washing and ironing of clothes. The good thing is you can start this business with few staff. You can locate your laundry business anywhere you see people. But this business thrives most in the city, not the rural areas. If you put your laundry business inside a hotel, school dormitory, hospital, factory, church etc, you won't need to go too far to get customers. Because people are likely to patronize your business from your host environment.
3. Real Estate Business
Another business with a minimal failure rate is Real Estate Business. Real Estate Business is not a business for only the rich people. Whether you are rich, middle class or average, you can start a real estate business and make money for yourself. This business is broad and has opportunity for everyone depending on where you are and your knowledge in this nich. Real Estate Business also includes buying and selling of lands and properties. The good thing about land and properties is that their price doesn't depreciate. Rather it increases day by day. There are lands or properties you can buy for a hundred or thousand dollars today which the prices may become double in the next few months or years. Apart from buying and selling of lands and properties, you can build Hotels, malls, affordable housing for rent or lease. You can build and sell. This is where most of the world richest billionaires are making their money from.
4. Health Care Business.
Another business with a low failure rate is Health care Business. Health is a basic need of all humans. So people spend money everyday to stay healthy. You don't need to be a medical doctor or health personnel before you can set up a business in the health care Niche. If you have the capital and passion for this Kind of business, you can go for it. Examples of businesses in the health care Niche are Pharmacy, dental Clinic or hospital. Remember you need to obtain some necessary permission and license from the government before you can open this kind of business. You will also need some capital to purchase the machines and other tools you will need for the business.
5. Transportation Business
Are you looking for businesses that will never fail? If personal finance is what you care about, transportation business has a low failure rate. Everyday people travel from one place to another. Thousands, millions and billions of dollars are generated daily in the transportation business niche. You can launch your transportation business in these three areas, air, land and sea. You can buy an aircraft and put it out for business. You can start a transportation company like Bolt and Ulber. You can also take advantage of the sea and build a business that can transport people across the seas and rivers. You can buy ships, flying boats, yacht etc for business, not just for pleasure.
6. Agriculture Business
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When I talk about personal finance and he how people make money on this planet, I always like talking about Agriculture. Unfortunately some people think that Agriculture is a business for poor and jobless farmers. That's not true. If you are looking for Businesses that will never fail, here is one which has a minimal potential to fail. Agriculture is a lucrative business. One of the richest people on earth are farmers. Yes you can do either animal husbandry or crop production. In the animal husbandry, you can set up a farm for poultry, fish farm, pig, cattle ranch, snail etc. You can grow crops like cassava, yam, rice, beans, tomatoes, groundouts, onions etc. The demand for these things will always be there because people must eat food everyday to stay alive.
7. Mining Business
Another powerful business with a low failure rate is mining business. You can set up your own mining company for gold, diamond, silver and other precious minerals. You can procure the equipment you need and you are good to start.
8. Fashion and Apparel Business.
When you are looking for businesses that will never fail, don't look too far. Fashion and Apparel business is one business that has a low potential to fail. It has the capacity of making billions of dollars daily. People spend alot of money on their wears. Some companies that are doing well in the Fashion and Apparel business are brands like Gucci, Nike, louis vuitton, etc. The fashion and Apparel business include clothes, shoes and bags. You can start this business if you have passion for it.
9. Cleaning Business
Another business with a minimal potential to fail is Cleaning business. You can start this business right from the comfort of your house. What you need is capable hands, cleaning materials and tools. Your customers could be offices, schools, churches, industries, personal apartments, government quarters etc. You will do better if you have an office and business card that people can use to locate you.
10. Land Care Business
Another business that is sustainable with little or no potential to fail is land care business. People need to keep their surrounding clean. So you need to get the machines and tools to cut flowers, weed grasses professionally and maintain the beauty of a place. Private individuals can hire you for this business. Organizations can also hire you for this business.
11. Self Storage Business
One of the businesses that is not rampant is self storage business. You can start this business to store things for people. A storage facility for tomatoes and other perishables will make alot of money. A storage facility for food will be in high demand in the city. Even governments can patronize companies that have quality personal storage business.
12. Personal Fitness and Gym Business
When you want to build personal finance, you have to have a good nose to smell a good business opportunity from a thousand kilometers. One of the businesses that have a low failure rate is personal fitness and gym business. People spend thousands of dollars daily to keep their fitness. You need a good location, quality fitness and gym machines etc. If you build this business in the city where there are alot of young people, you will make alot of money.
13. Renewable Energy
Another powerful business is Renewable energy business. The need for power supply cannot be overemphasized. There are people that can't live without a power supply. Unfortunately, there are not sufficient power production and distribution companies in our cities. The best alternative people are going for these days is Renewable energy. You can set up a Solar Energy company. Many companies in this niche are already making huge amount of money daily.
14. Entertainment Business
The entertainment industry is a very lucrative business that has little or no failure rate. This business is about producing quality Videos and Music that can entertain, educate and inspire the public. People like to watch videos. YouTube whose main business is serving the world with videos makes billions of dollars from this business niche.
15. I.T Business
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This is another business with a little or no failure rate. It is about producing digital products and solutions. Information Technology is the business of the age. It is interesting to know that the world's richest billionaires are in this business niche. Examples are companies like Amazon, Google, Microsoft, Facebook, Apple, Bluehost, etc. You can launch an I.T company whether you are I.T savvy or not. But you will do better if you have a sufficient experience in software engineering, coding and Infosec. This is why these guys like Elon Musk, Bill Gates, Jeff Bezos and Mark Zuckerberg are always on the Forbes world's richest billionaires.
16. FinTech
Another business with a low potential to fail is the Financial Technology business. This business is about using technology to make financial transactions more efficient. You can set up a Fintech business capable of making banking and financial services cheaper and faster. Some brands already in this niche are PayPal, Mastercard, Paystack, Interswitch etc.
17. Education Business
Are you looking for businesses that will never fail? Education business is one of it. The need for quality education cannot be overemphasized. So the demand for good and quality schools and learning facilities will always increase with time. You can build a school or set up a Virtual education platform online. Businesses built around education have a potential of generation billions of dollars.
Conclusion
Starting a business whether online or offline is not as easy as ABCD, you need to make your due investigations and research before starting out. Sometimes it's better to pay an expert for consultation when you are in doubt about starting out a particular business. A good Counsel from an expert Coach or business mentor can save you from unnecessary stress and regrets in the long run.
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Tell me in the comment section if you know any other business that has a little or no potential to fail. Remain blessed.
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