![6 Businesses with Exceptionally High Success Rates [Supported by Data]](https://i.ytimg.com/vi/zlljnJSTuZA/maxresdefault.jpg "6 Businesses with Exceptionally High Success Rates [Supported by Data]")
Starting a business can be a risky venture, but there are certain types of businesses that have a remarkably low failure rate. These businesses have proven to be resilient, even during times of economic downturn. If you’re considering starting a business and want to minimize your risk, here are six types of businesses with amazingly low failure rates, backed by data.
1. Accounting and Tax Preparation Services
According to the Bureau of Labor Statistics, the failure rate for accounting and tax preparation services is just 4.6%. With the complex and ever-changing tax laws, there is a consistent demand for these services, making it a stable and reliable industry to start a business in. As long as there are individuals and businesses that need to file taxes, the demand for accounting and tax preparation services will remain high.
2. Legal Services
The legal industry boasts an impressively low failure rate of 4.4%. From corporate law to family law, there is a constant need for legal services. As long as there are disputes, contracts, and legal matters to be navigated, there will be a demand for lawyers and legal services. Additionally, the prestige and specialized knowledge required in this field make it a formidable barrier to entry for potential competitors.
3. Real Estate
With a failure rate of just 5.2%, the real estate industry offers solid opportunities for success. Whether it’s residential, commercial, or industrial, the demand for real estate remains steady. The ever-growing need for housing and businesses ensures a consistent demand for real estate services, making it a stable industry to venture into.
4. Management of Companies and Enterprises
This industry includes businesses that specialize in providing management and support services, such as financial planning and management consulting. With a mere 6% failure rate, this industry offers low-risk opportunities for entrepreneurs. As companies seek to improve their operations and strategies, the demand for management and support services remains strong.
5. Healthcare and Social Assistance
The healthcare and social assistance industry has an incredibly low failure rate of just 3.2%. With an aging population and increasing healthcare needs, the demand for healthcare and social assistance services continues to grow. This industry encompasses a wide range of services, including hospitals, nursing homes, outpatient care centers, and more, offering various business opportunities with long-term viability.
6. Education Services
The education services industry, which includes private schools, tutoring services, and educational support services, has a failure rate of only 4.8%. As the importance of education continues to be emphasized, the demand for these services remains consistent. With an increasing focus on specialized education and skill development, entrepreneurs who venture into this industry can find stability and success.
In conclusion, these six types of businesses have demonstrated remarkably low failure rates, making them attractive options for aspiring entrepreneurs. Backed by data and supported by consistent demand, these industries offer stable and reliable opportunities for business success. Whether you’re considering starting a business or looking to invest in a low-risk venture, these industries may be worth exploring.
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Want more than just these 6? Get a list of 130 boring businesses I LOVE to invest in HERE: https://contrarianthinking.biz/130boringbiz-yt-lg
Semi trucks can SINK you with 1 single repair. It ought not be on those list. Insurance is exuberant. Regulations are crazy politicized and change constantly. Diesel is also more expensive due to politics. (Typed as I look at the semi aka "white elephant" in our yard, as the husband took another job to pay for it.
@4:42 what's the name of the song
I watched several YouTube videos on how to trade in the stock market but haven't made any head start because they are either talking some gibberish or sharing their story of how they made it and I do not want to make mistakes by taking risks in my own hands.
I guess I'm surprised by storage – where is the demand?? 😀 I've used a laundromat, paid rent, but never considered paying for the additional space… why not just downsize
The Trucking business is the complete opposite to this, very high running costs very high chance of expensive things going wrong with very low profit!
So the moral of the story is employ the least amount of people possible. The growth plan must have that also at the top of the list.
You 100% do not need business or finance to advance humanity or technology. This is well known and well proven. I dont mean free in a financial way, i mean free to live, do not need finance for that, everything on the planet exists without finance, human the only one trapped by this finance crap
The new currency will be assisting others to raise the conciousness.
We were born for free, and will die for free. Why not live for free, because of finance we are at leaat 100yrs behind in technology. We can have it all and more for free, its crazy we choose the grind intead of just being.
Anyways if one does the looking one will see how possible it is. We must all (100%) quality of life, this finance crap is designed for some to have quality. Yeh you may nut it all out and be wealthy, then what? We see millionaires unhappy but we continue to grind for what they have.
This insanity must end asap, we dont need finance to be healthy happy and wealthy. The new currency must be to assist others to raise conciousness.
Please i say this with respect to all, i say it for all our benefit!! Regards
Subsidies not subsities
I dig your style
real estate has always been my thing, I'm a loan officer – I do like every thing Cody mentioned. Every person is different, every company is different, other people have excellent results and others don't. My mother had a landrymat in the city of San Franciso and did well for 10 years and the place was always clean and immaculant she enjoyed it and made money. She also had a small vintage clothing store, she always made money. I would like to do something with online businesses in real estate financing, purchasing commercial property, fix and flip and groud up (construction) Property management can be tied into this. I had a mortgage company 10 years before the mortgage meltdown, I would prefer an online presence for marketing etc.and investing for myself and clients.
During COVID, the trucking industry went from 300% failure rate, to 600%. Banks will rarely invest in trucking and logistics businesses, because they're failing constantly, and leave enormous, unrecoverable debt when they do.
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all was good until started talking about trucking i stopped this video . as an owner in trucking since 2015 till 2023 . trucking is done for small owners because . insurance $1700 + truck payment $3000 trailer payment $800 . registration plates $1600 permits $70 load board app $50 and much more . fuel $5 per gallon and trucks run 6mile per gallon and at the end everything now controlled by big boys so you get only trash from load board . loads paying less than $1.75 per mile . so your truck runs $1 per mile how you going to make the payments . in 2017 we used to get $4 $5 per mile not anymore its over . anyway dont listen to trucking advice not a good idea at all . i sold everything and im out of it
brilliant!
Cover the ins and outs of dealing with the broker or just going direct with your attorney.
Looks like large scale investments with oversaturated markets. Idk, it's better to inest in stocks of these organisations then?
How can someone determine if a business opportunity is viable and likely to be profitable?
Thank you
What about a dog business
Real Estate with these interest rates… how dumb.
MCPEDL 😮
Codie, LOVE your content, we would love to discuss some M&A opportunities for you seller financed.
Jaryd Paquette
We Are Jolt LTD.
Wow! That's exactly interesting. Thanks for sharing these ideas.
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Useless
solidsmm: Your gateway to social media success. Commence on your journey at this moment!
Wow I like your advice Codie
Great video! It's interesting to see which businesses have low failure rates.
This is one of the channels that gave me the courage to start my YouTube channel 7 months ago about self development. Now I have 729 subs and > 200 hours of watch time. I know it’s not comparable with others but I’m still proud I started because I’ve been learning so many lessons that I could haven’t learned without getting started in the 1st place.
1 big problem, it's US businesses, once a taxpayer of US, what is the ramification of leaving clean as US and other Western economies descend into debts.