The sad thing with many startups is the high level of failure. This sees many of them close shop within a few years of starting.
Actually, every business endures lows of operations but still remains relevant or grows to be a major brand with various branches countrywide. What about those that never live to celebrate their second or fifth anniversary?
There could be a host of reasons behind these startups with high failure rates.
There are businesses that can never fail even when a country is under tough economic times? Let’s have a look at five of them.
Dry cleaning services
This is an assured business in any conducive operating environment, particularly in urban areas. The target would be the working class that would have their clothes washed, dried and ironed as they may have little or no time for laundry.
The demand for housing will see units occupied practically most of the time in this sector. Investing in rental property will assure you of a steady cash flow throughout the year.
It can be one of the ways of earning yourself a passive income. If you invest close to urban places, rental income is likely to be higher than in hinterlands.
Private parking lot
It frustrates motorists driving slowly in the streets looking for a parking space or had to park far from place of convenience and pay street boys to keep an eye on the vehicle.
A centrally-located private parking lot will earn the investor good returns. A vehicle can be allocated certain parking duration and thereafter charges begin going up per hour.
There is an increase of tech-savvy young people embracing farming that was in the past seen as a demeaning career path.
And they are reaping big than what a 9am to 5pm job would offer if they were employed. Agriculture is amongst the resilient businesses with low failure rates when well managed.
Real estate sector is witnessing the once agricultural productive land turning into concrete jungles. Many estates do not enjoy services like local government garbage collection. Venturing into garbage collection under agreements with estate owners will see you reap handsome returns.