Businesses that Always Fail? 7 Businesses with Shockingly High Failure Rates [Backed by Data]
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- Опубликовано: 8 май 2024
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just subscribed there! Super excited.
Finally! Been waiting for you to dive into podcasts. Just subscribed on Spotify.
I would love to see your thoughts on the Fitness Equipment Maintenance and Repair industry
How about sober living house's .
Can you explain wtf your opening line means?
"66% of entrepreneurs will never start a business..." then they, by the literal definition of the word, aren't entrepreneurs?
that's basically saying the same thing as "If my grandmother had wheels she would have been a bike."
High Failure rates/ Low Success rate
1)Gyms
2)ATMs
3)Dry Cleaners
4)Hotels
5)Amazon FBA (fulfilled by Amazon)
6)Retail Stores
Graph @ 9:28
7)Restaurants
High Success rates/Low Failure rates
8)Trucking
9)Senior Care Centers
10)Real Estate (Rental Properties)
11)Laundromat
Watch the video and make your own timestamps if you want them.
Cheers Geoff
Nice
Trucking is tough. Myself and two guys I used to work with all started our own trucking businesses at the same time. Years later, I'm the only survivor.
Where are Bars/Pubs? I heard they are only 5% successful after 5 years
Farming is another business with a high failure rate!
I owned a restaurant and a retail business for 7 plus years. Sold them during 2021 boom. I like to daydream about starting another business someday… but truthfully if you’re not there everyday as the owner. Chances are you’ll lose money or breakeven. It’s truly up to you to increase your margins in every possible way. No employee will care about your bottom line.
Amazon FBA - all of these things you mentioned literally happened to me. I made morale patches. I got lucky and made $100k+ profit (after expenses and amazon fees) in 6 months off of 1 patch design alone. Lots of luck. Quickly became a race to the bottom as clones and "black hat" tactics from (assumably) Chinese sellers started. They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks.
It was a fun and crazy and heartbreaking experience. Learned a lot. Don't recommend full time.
Great video as always!
"They did crazy stuff like buy up all of your inventory then cancel the sale. This locks your inventory for a couple of weeks." That's crazy. And Amazon, I imagine does not do jack about it. What a nasty environment to do business in.
@@KOSMOinfinite they definitely did not. It's difficult to "prove" and plus they (the hostile sellers) would just make more accounts and keep doing it. Only thing you can really do is place a limit on how many of a quantity can be ordered at a single transaction. It helped a bit but it's wild seeing the attacks go down in real time
Fantastic video! Totally broke my heart with these “build it and they will come” types of business- reality hurts
Thank you for sharing that, hearing the reality rather than the daydream is brilliant.
I'm so sorry to hear this. Business is hard enough without this in it.
Have been in the senior care industry for as a founder and operator of a top 100 senior care provider I must offer that this is a grueling highly labor intensive business that is currently in distress due to huge labor cost increases, shortage of labor, increasing regulations, reduced capacity to charge customers for these increasing costs, and unreasonable expectations of families which results in distress to the staff and high turnover. Common turnover rates range from 80 to 150%. Yes, there is inevitable increasing demand, but not a commensurate increase in capacity to for customers pay, and decreasing availability of labor which increases cost. The great people who serve our elderly 24 hours of every day are under appreciated in by a selfish culture, that also contributes to the difficulty of this industry.
not to mention potential of lawsuits from a bad event or bad employee abusing a patient or patients
She has no idea what she is talking about, sorry. She is doing these videos to get views and to sell her $10k courses with worthless info. ROI stands for return on investment not return on income. What kind of MBA does she have? It's finance 101 in undergrad. Also SBA does not provide any funds to small businesses it provides guarantees to the bank which may or may not provide a loan to a small business. I bet she's got some snake oil for sale as well.
I was a CNA; never again. You are doomed to overwork and neglect.
Personal care assistants for seniors are an underappreciated blessing to our society. It a huge challenge to find and keep good ones.
@@ronblack7870 - I used to sell liability insurance for this purpose .. now very hard to get
This content style is AMAZING.
She’s nailing the mission of educational money making content being as (if not more) enjoyable as entertainment money taking content
Amazon FBA used to be a good gig. No longer. Everything you said is absolutely true. I used to do a half mil a year with FBA for many years. I bailed out and am very happy I did. I now tell everyone that is thinking about it to think again. It is not a good business anymore. Actually it isn't a business, it is a job. Anyone who can fire you at any time like Amazon does is not a business partner, they are your boss.
Same thing happened to me. Amazon doesn’t care. You are one of 500,000 sellers they don’t care
Amazon is trash I wish more people would see that.
@@martinestrada6969 I wish more people were like me who NEVER ever used Amazon (since I am used to delayed gratification). OR I wish more people would stop using Amazon and support local businesses instead.
to be honest, everything in life is like that.
We ran a distribution, retail & also online shop now.
But no one know when our manufacturer will suddenly stop selling products to us.
Amazon fees for sellers are atrocious.
Dealing weed. High success.
Not any more
😂
It constantly amazes me how many people want to start restaurants. the dream business, they always want to start a restaurant and yet its just about one of the single most difficult businesses there is, get ready to never do anything but live and breath in that restaurant and the failure rate is massive.
Might be because a lot of home cooks think they are great chefs, but are delusional. And even when they are, their creations isn't necessarily what most people want. And in a small place, there isn't much market, and in a big place, there is constant and brutal competition. Every bank should require their prospective restaurant owners to watch 10 seasons of kitchen nightmares and pass a test showing they understood how not to go about it before opening the purse.
@@bjornlangoren3002 Yes, over and over they tell me about how they've got the magic recipe. Wait until they find out what Grandmas secret recipe for glazed chicken and his wife makes lemon tarts that will blow your mind and the husband is a kind of legend at summer BBQ and believe this, you just try his hot wings, everyone tells him all summer "dude.. you GOT to sell these wowww".
But,
right as you point out. This does not actually transfer well into an actual profitable restaurant.
I'm also pretty sure I have seen that very thing on 'Kitchen Nightmares' where someone refused to change grandmas special recipe to whatever was the actual in-demand popular chicken dish. "but we can't, she passed away and we need to honor her".
The great home chefs may actually be the last people who should turn it into a restaurant.
Any business needs the creative guy and the business guy. Keep the creative guy away from the customers & the money !
I deal with self published creative types (books & documentaries) and 90% are really clueless. I'm like "I want to send you money, what is the price & payment options ?" and it takes multiple emails over several days before this information is finally revealed
Authors don't know how to sell books.
Film makers don't know how to sell DVD's.
Chefs don't know how to run a restaurant.
@@captain-poppleton This is a valuable observation. You don't want managers and admins creating menus or writing scripts either. People coming up with a dream business may not always think about those things.
In my experience, People who made their money in let's say construction or selling shoes, they decide to buy a but the food business is a totally different beast
Start a food truck before you own a restaurant
I'm no expert, but that seems like great advice. I've seen several trucks become brick and mortar in my town.
Yeah or open a farmers market stall.
More have a following but that's a great way to
This is a great idea and something I’ve espoused for years despite not being an expert.
It just seems to have a lower barrier of entry in MOST markets and would be a great litmus test for future restaurant success.
And almost most importantly, YOU CAN FIGURE OUT WHERE YOUR BRICK & MORTAR SHOULD BE!
Having that ability to be perpetually mobile allows you to do the necessary research to find a concise location where to open.
A food truck has the additional benefit that you can drive it away when there's a load of "mostly peaceful protests" happening in your city.
Had a hotel. Extremely successful, low expenses but by God so much headache. I had manager managing the hotel but I was scared all the time. He may call me in the middle of the night. Some customer some authority.... So much can go wrong. Sold it just for the stress it gave me.
Thank you so much for your fantastic content! Your style really resonates with me, and I appreciate the effort you put into each piece. While I bring 40 years of hands-on business experience to the table, your content production skills are truly remarkable. Keep up the amazing work! Oh, and congratulations on your new podcast, BigDeal. It sounds like an exciting venture exploring the deeper why behind business success. I'll definitely check it out!
Great content - This super informal style of content really suits you well, Codie
I work as a cook in a restaurant and i can say making money in restaurant business in tough. Although spoilage can be controlled to the minimum (repurpose the chicken bones from your roast chicken to cook into broth and brown sauce; fry chicken skins that are otherwise thrown away from chicken tenders. ), so depending on how you repurpose the ingredients that are otherwise thrown away and make it into a sellable product. Another point the host forgot to mention is breakage. The more people that work in an establishment, the higher chance of breakage. But overall, it's a tough business to stay afloat because of expensive rental and manpower costs.
The way to make money in F&B is to do grab and go stores where there is no dine in customers. There's a cap to how many dine in customers you can serve a day(customers only come during lunch and dinner time; at most you could only do 2 turnovers)but there's no cap to how many takeaway orders you can do a day. So for grab and go stores, you just need to make sure you cook good food and serve it fast and efficient. Plus, grab and go stores rental is a lot lower(rental is also determined by square feet), requires a lot lesser manpower(3 full time staff per shift, so 6 full time staff for a 16 hour operation) and upfront cost will be a lot lower because there is no tableware and cutlery that you need to buy.
spot on... thank you... all true...
Restaurant business is very easy to make money when a person knows how. The issue is the vast majority of people do not know how.
A good way to earn money in food is catering. Almost no fixed expenses, no expensive location, no waste on food, etc.. You know upfront for how manny people you have to cook. Suppose you have a party for 150 people on a saterday evening. You discussed the menu and the price with the customer, even for a modest menu, you get easily 30 to 40 euro/dollar per head. you start with 3 or 4 people on saterday morning, work the day and serve in the evening. you have 5 to 6k in revenue, about 1K5 in food cost and about the same in labour cost, take an other 500 in expenses (fridges, van, equipment, gas ..) and you net 1K5 to 2K for one day work. THis can work if you build a good reputation.
The Chipotle business model
@@dehermannen2419 bro, catering requires much higher upfront costs. You need to buy trucks and lorries to deliver your cooked food to clients house. Catering business depends on a lot of marketing too. You need to pump initial capital into marketing to get your brand out. Plus, you will need to hire more staff to cook several different dishes for multiple different clients at different timings. Grab and go stores that sells finger food and proper meals are still the way to go. Much smaller storefront (spend lesser money on rental) and minimal manpower required. Lesser upfront costs too(purchase fridge and freezers, deepfryers, grillers, sink, cooking stove etc. Plus grab and go stores there is no cap to how many customers you could serve a day. The only thing that is stopping you is your staff ability to handle the amount of customers a day and maintaining the quality of food.
This is the best video! Thank you for all of the contact! Super helpful! I've been looking around my community and neighborhood I would love to own a small business❤
Codie don’t ever stop creating this contents. I watch or read atleast one of your contents a day
Just found you today, but as a biz owner one of the best videos I've ever seen. The style, the content & facts are all on point. Great job.
Codie, I’ve never seen your channel until today. I like you. Keep up the good work! 😊
I never use an ATM.Instead I go to a grocery store that offers cash back. I by a bag of chips and get cash back. No charge.
Subscribed immediately, I remember watching a video of you long time ago and silly me didn't subscribe, and lost the content for a lot of time, luckily it got recommended again. Your content is gold
I love your content thanks for clearifying things
Good job❤
Love the honesty! That is the main reason why she got my follow a long time ago! Keep up that honesty and great content!!
You left out liquor stores. I'm 67 and have never seen one go out of business, and I've lived in 7 states.
Totally depends on State. Start one in Ohio and get back to us.
I’ve seen quite a few go out of business in the Dallas/Ft Worth area. That’s usually due to competition/market saturation, or because of changing demographics, but it does happen, there are at least 2 former liquor store locations within a mile of me.
Depends where you are. Some places strictly regulate from the licensing to the location requiring community approval. Those places can be a gold mine. Other places where it's no different than a sandwich shop in getting one established, not so much.
Really enjoyed this video (first time watching one of yours). I appreciate your straight-forward approach and professionalism without any “ums” “ahhs”. Nice work!
I admire Codi's honesty. She's like the trustworthy older sibling or cousin who gives excellent advice and teaches with a method similar to that of PBS.
Thanks Codie very informative video as usual...
Started my first business at 31. Second at 46. Both successful. Sold both and retired at 57.
This lady has it all right. Wise advice: very realistic.
Most people that start a business don’t do the analysis up front. They are doomed before the doors open.
That said, if it’s a smart plan, and you work very hard, you can do well.
Good job, Codie Sanchez. 👍
Been working all my life both employment & entrepreneurship.
I feel motivated to finally start over, maybe rebrand or start a whole new business or strategy now that i have hit 30.
And what your businesses Mr. Successful?
What businesses did you do?
Most start with something they would love to do..instead of focusing on the money
GO FOR IT. !!!
I’m glad you appeared on my suggested videos. Loved this video. You earned a new subscriber here!
I am looking to start my own online business. This is a great video. Now I know what to avoid when starting a business.
Thanks for sharing this information. It really opened my eyes to the harsh realities of entrepreneurship. We should be extra cautious when choosing our business.
Love the analysis! Thank you!
WOW! This was an amazing video, thank you for doing this!
Thanks for opening up a dialogue to have a conversation about these things. That's the most important part!
Congratulations Codie and team for reaching 1m!
I remember watching when you had less than half, GO GIRL. CAN'T WAIT to see you at GWVL
❤❤❤you thank you!!
Thank you, Codie. I would love to hear your thoughts on gas stations and convenience stores and daycares. Thank you!
When the Fed Ex delivery dude drops the package, lol. Great information, subbed!
Thank you, often wondered about many of these businesses. Thanks for including some success stories.
YAASSS !! I love thisss !! Im actually moving to Austin Texas, Im starting an app and there is so much community in Austin. I love regular people who are CREATING and not just being consumers !!
That's awesome to hear! Welcome to Austin Texas. 🎊
Watch out for the heroin addicts, needles and violent homeless encampments…
There's a very successful Korean grocery store on my block. Unbelievable. Been there over 30 years. The doors on this place are like a turnstile, and they sell very little Korean food because this area is Spanish, and Portuguese ! But at least now I can appreciate spoilage.
Thank you for the video! Great information.
I'm interested to know where we can have these statistics and similar ones. It would be very helpful.
Thank you!
totally agree with you on restaurants - having worked for several large and small restaurant groups ( as finance head) - the most successful was a korean fried chicken fast food chain - we deliberately had small retail footprints to keep rent down and kept to a fairly simple offering .. that was straightforward to make. full service restaurants have a high failure rate for sure.
There is 24 hour gym in the local mall. NEXT DOOR there is an empty shopfront. I went into the gym and asked how many people they have go to the gym, they said 200/day and I saw one dusty whey powder kinda hidden in the corner somewhere, so I’m going to sell vitamins, supplements and all the stuff gym people are all about, because gym people are cultist and that equals money, wish me good luck
I knew someone that opened a smoothie place next door to a gym. They are doing pretty good. Healthy smooties or some all natural junk fruits with lots of sugar. Gotta hook them somehow...
thanks, amazing content
Thank you, Codie Sanchez. I am definitely interested in this and subscribing/ 🙂
what a nice video. giving a different perspective on stuff, especially on Amazon FBA.
13:36 Of all the trucks you could have pointed at as an example of last mile delivery, you picked the one that does NOT do last mile delivery. It is a mobile shredding service for businesses that need sensitive documents destroyed.
Having been in trucking all my life, I think she is completely wrong in that section of the video. Yes, I made money, retired at 54, but I'm in a minority
(9:50) So this is why my power button is loose. Too dang funny!!!!!
Thank you for this info. Also I'm in the Austin area, and it's great to see non-chain/franchised businesses. We need more mom and pop shops/services. Thank you.
I have my own truck brokerage business-making a pretty decent living. Just wondering … How could someone so young be so smart and articulate! Really enjoyed listening to you. Thanks for posting. You’ve got my brain percolating. Just subscribed.
97% of gamblers literally quit before hitting it big
Lol
Good joke. If they quit, how would they "literally" know what was about to happen or when.
SMART BECAUSE 3% ONLY HITS
Best degen advice 😂
97% of gamblers quit before hitting it big because they go broke and have nothing left to gamble
I CANNOT believe it's taken me this long to find this channel. Thanks @Codie for the quality content
Codi... you are amazing.. where will you be next. Addicted to you. Thank you!
Brilliant job! Fantastic video!
Rentals in Ontario Canada is a loosing business unless you can afford multiple properties and screen renters. If a renter doesn't want to pay rent it's 9 months to two years before you can get them kicked out.
you keep coming out with fire videos dude. thank you!
Dude?
Awesome job on this video! Thanks for the data proof. 🙏 ❤️
How about a costume store. My Dad was convinced they only exist to launder money.
Mattress stores too! Never see anyone in 'em yet they continue renting out these huge retail spaces.
@@apathy25tx Plus, the mattresses are always on sale. No one are busting the doors down.
Did the laundry mat business. So much time and effort and eventually realized the business owned me. Can be done if you set this as your primary source of income but as a side hustle, too time consuming.
I think a lot of businesses are like that. For people that have a regular job, real estate and stocks are probably the way to go. Buying stock is just buying into a business anyway. If a business is your full time job like a tech start up then it’s fine if it consumes all your time if your plan is to exit and sell to microsoft or google for millions and retire. Anything that takes up too much of your time is going to make it difficult to scale when all your time is sucked up by performing menial tasks. As a business owner, your job is to scale a business, not become an employee. If a business isn’t easily scaleable, then I wouldn’t touch it. That’s why I don’t like restaurants and most retail…too capital intensive to scale and also thin profit margins usually. You also have to have a lot of employees. Meanwhile, there are plenty of tech and financial companies that you can buy stock in that have fat profit margins and big returns on capital. Technology and software companies are easy to scale. Real estate used to be easy to scale. Growing a real estate portfolio is heavily dependent on the ability to do a cash out refinance and the mortgage rates now are terrible.
Can’t think about the massive production behind this video, so I need to write it down: thank you for the content! I’ve been enlightened by your content since 2023 and it just keeps getting better. Codie is just *chefs kiss*
I was watching this thinking, "Holy crap, this girl talks fast." then I realized I was in 2x. YT doesn't usually carry my settings from one video to another, but I'm here for it.
Go to your local community college and enroll in a classes teaching plumbing, electrical, appliance repair. Yes, it take a two year commitment to learn a trade. Add some business and accounting classes as well. When you've completed your education go to work for a small company where the owner is in their early 60's. Chances are you can buy their going business as it's difficult to sell these businesses because you need to learn a skilled trade. Within 10 years you can have 6 to 10 technicians / trucks out earning serious income. The plumbing business and electrical contractors that I know make serious money. That's my two cents.
It takes 4 years minimum to qualify as a tradesman. After that a person may put in a few more years of specialised certification.
@Art-is-craft For most trades, it takes eight years to be considered a journeyman. And twelve years to become a master. Technical college (associate degree) usually is credited as double, so two years of schooling and four year of hands-on field experience to become a journeyman. I'm a master of two trades with a mechanical engineering degree and a masters degree in business. It took 44 years to reach this level of education.
This is much better advice for starting a business than many of her suggestions.
@@lockman004
A degree is not a trade nor is it a profession. It is an academic endeavour. The work experience is the profession.
@@Art-is-craft I'm guessing that you've never been to a trade school? The unions and industry use classroom education to accelerate the students development. They often involve either internships or in the case of unions the students attend class one day a week. If you want to move up quickly or to eventually own a business you need to learn thing like estimating, system design, building codes, industry standards, and specification writing. If your goal is to learn how to pull wire or twist pipe, yes, then you'd be correct you can learn that on the job. Chances of advancement or knowing enough to own and successfully operate a technology based company are nil. Take the time when young and learn to learn, join trade associations and earn industry standard credentials it will multiply your income and you won't spend your career on your hands and knees wearing out your body. That's what I did and I made a great income and preserved my heath.
HUGS AND BLESSINGS TOTHIS WOMAN!!! I get so inspired by her videos!!!
You are absolutely terrific. You have what it takes to succeed in business. Passion. If a person isn't the type of person to get passionate about many things they do, owning business is a bad idea. Winners work 12-14 hours a day to get it going.
I just discovered your channel and I can’t stop watching your videos. I love your content
Yes, she is actually one of my favorite content creators.
A lot of the businesses you recommend have margins so small that the landlord can quickly make not viable . Escalating rents on commercial properties have forced major chains in my area to completely close
Hope the landlords are enjoying having thousands of vacant square footage!
Thank you ❤ for pointing out the burdens.
11:27 I love your use of Vaudeville, it's a forgotten genre that adds to your videos.
I've been an Amazon Seller since 2015. I was actually making a six figure income from 2019-2022. Now it has tumbled and it's going to be very tough to bring it back up. The amount of competition specifically the Chinese sellers, Wall Street money, worldwide competition are taking over the market. Don't let any of those tiktok gurus fool you. The profit margins for this type of business is in the single digits at best.
Wish me luck then…With my Beach Hotel in the Philippines….we open next year!
Super amazing presentation my favourite gorgeous Codie Sanchez, all the best🎉❤.
You got a thumbs up for the information, but also for the presentation. In this age where a lot of the content is churned out mechanically, and now by AI, it is good to see information coming directly from someone passionate, has a point of view, and is obviously directly involved in the content.
Amazing 🎉
Laundromats are not cheap to start. It actually costs around 500k-1.2 million to open one up from scratch when you factor in construction, permits, architect, lawyers, machines etc.
I've owned one.
Really? What about a small one with 8 washers and 4 dryers.
She's filming in a million dollar location.
A small one like you described won't make any money. She also said the average laundromat costs 200k-300k to start. The average laundromat has around 32 washers and 32 dryers. Many are twice that size.
Good luck with that.
Love this video. Rich information here. Though, I think it's important to note that the Amazon FBA remark is only relevant if you're using the Private Label model. There are a number of structures that can used to sell on Amazon and, when combined with sound analytics, are quite profitable.
Excellent and highly informative study of how to lose (and even how to make a little) money. I have forwarded the link of the video to many of my friends. Saludos, bacias, Abraços de Rio de Janeiro, Greg
Real estate masquerading as a business. Loved that
Yep, and then she later goes on to say that one of the businesses she recommends is... real estate (rentals) which has most of the same characteristics. Including only making money through depreciation.
@@collin9085 Those are the corporations who masquerade as real estate. We have what is called “letterbox offices” for those corporations. They have a letterbox address in The Netherlands and pay almost no tax. Only a tiny percentage. Below one percent usually.
@@franswevers5039 That's not what she means at all when she's talking about here in America. I've owned rental properties. Many people I know own rental properties. The cash flow is low or even negative for many years. Depreciation (and appreciation) are really what rentals are about. Rentals are really only good to do as a side Hussle. It is hard to make it your primary job or career unlike owning a retirement home or restaurant or other business ideas she discusses that can create a livable income.
In my opinion, it is better for most people to invest that money in the stock market or to take a second part time job, or work overtime rather than buy a rental property.
I really hope the FTC wins their lawsuit against Amazon because of what they’re doing to small businesses & to consumers. I shop on Amazon all the time because it’s convenient. I’m just too lazy to be an activist. Amazon just doesn’t play fair against small businesses.
I knew a guy in a tiny town in Oklahoma that said the start up cost
on his laundromat was a quarter million.
Dimwits can hit them.
And I once visited a laundromat where the owner walked off
and left his keys in the door.
I love your gusto, Codie
Love your values and the fact that it’s not just all about making money and that you care about Happy Gilmore’s grandma. That’s why I follow you, and the great content😊
FBA isn't a good business. Wasn't bad up until 2021. The competition is insane. We have 150 plus SKUs on there that we manufacture ourselves. One fun fact...one of our products was doing $12k per month last summer. That one product now has 15 knock off competitors. 15! All vying for tiny little market for this niche product. All Chinese competitors. Don't even get me started on the review shenanigans and the increased Amazon fees. Up 50% year over year. Latest fun? You can't have too little inventory or too much otherwise you get another fee. We are actively moving our business off of Amazon.
same thing happened to us in Q4 of 2019. Had a nice niche spot with one other domestic seller. Our top SKU was selling 800 pc/month and then in ONE month we had 20+ overseas competitors selling straight knockoffs at 60-75% cheaper than our domestically produced product.
what niche?
@@MaKo_452 home decor, hobby products, storage and organization. Similar situation across all brands and SKUs.
@@markwrichards Yes I this is a problem as differentiation is hard and copying is easy. If you succeed with hard to copy differentiation and good branding, I think it is still good option to choose. But I am in supplement niche so much harder to enter and more regulated (also a consumable).
66% of entrepreneurs never start a business? That's not an entrepreneur then, that's a talker.
They're using a loose definition of entrepreneur. Some open a franchise. Some buy an existing business.
It’s sheer Gem Codie ♦️
Keep thriving.
Codie, I thoroughly enjoyed your informative and mesmerizing video, which really grabbed my attention as I hung your every word!
P.S. I am on the verge of beginning my "Handyman Business" as a Sole Proprietor, and would appreciate any statistics; pitfalls; and/or good "Ole fashion advice" from you.
Thank you in advance, and I look forward to your response.
Well done, Codie!
66% of entrepreneurs fail because they are too scared to start a business. Well, perhaps they aren't an entrepreneur after all. How is that being an entrepreneur? Just because I own a surfboard and live by the beach doesn't make me a skeg.
fair!
Who is an entrepreneur
@PN-ve9lf Someone who sees a need, starts a business to solve it, takes risks others won't take, in the hopes of making a difference.
No. It's because the financial system is so bad.. it's like a guillotine.. that's why now big corps are the only ones taking over..
0:17 gym
1:44 atm
3:37 dry clean
5:01 hotels
7:02 Amazon fba
9:28 retail
11:11 restaurant
13:10 trucking
15:04 senior care
16:45 real estate
18:13 laundromat
Half of these are in her video about businesses with low failure rates 😅 which one is it
@@benjuniper6963 Honestly, it depends who starts them, if there was a plan, what neighborhood/ city/ state it was started in and if it had the proper backing behind it. By the way, she forgot BAR.
Great overview of businesses that fail and why. I had to LOL when about 10min into the video it looked like the guy pushing the cart in the background had a big screen TV fall off the cart, loaded it back onto the cart and continued on. I wonder if anything in that box got broke from that fall.
Very informative video. Thank you.❤
One of the things I've noticed lately about laundromats around our area is there placing cones inside the machines to take up space.
What kind of cones?
What gets me annoyed about the new renters statistic is that it's not by choice. Houses are either getting scooped up by investors or they are building these huge rental complexes everywhere.
Investors buy distressed properties for under market. They are not responsible for prices going up.
Investors buy distressed properties for under market. They are not responsible for prices going up.
This video hit home. Parents owned a motel. On contaminated land (from former service station, not a drycleaner). Thanks gawd they never tried to open an on-site gym....
I'm in year 3 of my restaurant. In the process of moving, location and customer retention is everything. A great product, amazing staff and excellent customer service. It's a very hard business but and extremely rewar business.
ATM in strip clubs make tones of money.
Equipment rentals is one of the best, low investment, high profit potential businesses that are unlikely to fail.
🤝
@robertcross7571 You're only thinking of a narrow market. There are so many other types of equipment.
Codie running businesses and still making RUclips videos on the side. What a legend 👏😎🔥
Thank you for this excellent video. 👏🏼
I guess we could all just start RUclips channels and provide basic business data to desperate people looking to start a business.
If you're hot
😂
Codie hating on fba is great, it's still great, requires very little capital to start, and requires no physical presence
Low level entry = immense competition
@@prslespaul also insane demand, access to millions of people, ability to innovative, the benefits outweigh the negatives to this day. Might not be the case forever but Amazon for entrepreneurial minded folks is in a great place at the moment.
Senior Care centers Business isn't All roses. They are having difficulty hiring qualified people to care for the seniors. They are sued by the family members for mistreatment of their family member.
And because of the abuse cases states are constantly increasing the staffing requirements.
The ones that succeed often are the higher price facilities.
How many people are finding in-home care through some services which are also struggling to find workers.
And as you said, when the family is no longer able to pay the fees, you have to cut off the care.
Great video, very informative, thank you.
Hi, I'm a UPS driver. Only Fed EX leases their routes. Not UPS, just wanted to clarify. Love ya..