4 Businesses With AMAZINGLY Low Failure Rates (You Can't Lose!)

most businesses fail but the real question is how can you run a business that doesn't fail well I found four businesses with the lowest failure rate ever which I'm going to share with you today now according to the US Bureau of Labor Statistics 20% of us small businesses fail within the first year then that jumps up to like 50% by year five and after 10 years 2third of all businesses have gone under now on the surface that's not great odds but the US Bureau of Labor Statistics definition of failure is completely different than the definition of failure for an individual small business owner so let's take a quick moment to Define failure the official definition of a failed business by the government is one that is filed for bankruptcy or as closed up shop and the vast majority of the businesses that they cover are brick and mortar businesses that have run out of money but this definition of failure is a bit obsolete for today's small business owners the cost to start a business online is liter literally 1/100th the cost of starting a physical business some businesses literally cannot fail because it costs no money to start and you can never really run out of money or go bankrupt some businesses will eventually succeed over time if you just stick with it this is why my list of businesses that are the least likely to fail are going to be completely different than the official list from the US Bureau of Labor for example according to the government the business that is least likely to fail is a laundry mat but let me ask you this I can see how a laundromat might have a low failure rate after all everyone has to do laundry right but who the hell wants to run a laundromat personally I'd rather get a regular job than manage a bunch of laundry machines for a living plus it costs a lot of money to purchase one of these and there's a ton of risk involved would you risk $100,000 for a bunch of laundry machines do you even have 100K lying around or willing to get a loan for it probably not so let's get to to my list of businesses that have the lowest risk and I'm going to present these businesses to you in a very specific order from businesses that cost next to nothing to start and maintain to the ones that require more Capital but are extremely safe nonetheless all right number one probably won't surprise you it's to launch an online store online stores today cost next to nothing to start and run for example when I first started my store over at bumblebe linen.com I literally invested $630 to to get it off its feet that's it I used a free open source shopping cart and a cheap web host called Blu host to host my store for just $7 a month and back in the day I also had to pay $30 a month for credit card processing but all told I could keep my store up and running for just $37 a month and at that run rate there was literally zero chance for it to go under hell if I need to run my business for just one more month I would just go out to eat one less time and that would cover it today you can literally get started selling online for $3 a month Allin in fact my 9 and 11 year old kids launch their own online store over at kench charge.com for just $2.95 if you want to learn how watch this video here and I'll even send you the theme they use for their website for free now you're probably wondering how this is possible well today you don't have to spend any money upfront for inventory if you don't want to drop shipping is where you have an arrangement with your supplier such that you take orders online and when an order comes in the supplier stores and ships the product to the End customer now if you're a creative person you can even launch a print on demand store print on demand is where you sell your own custom designs t-shirts mugs and hoodies and a third-party Print Service handles all the Fulfillment if you decide to sell your own branded private label products which is what I sell over at bumblebe in.com your startup cost for inventory will be on the order of several thousands of dollars but that's pretty much it the cost to maintain the online store itself is next to nothing even today the cost to run and maintain my seven figure e-commerce store is around $1,000 a month assuming no employees and my wife and I run it ourselves that's it and at that run rate we could literally run it forever now is it possible that I could ever run out of money maybe but something catastrophic would have to happen realistically the only reason my business could fail is if I decide to shut it down meanwhile the upside for e-commerce is huge for example my student Sally started her own online store selling crossstitch kits for just a couple thousand doar and today she makes over1 1 million pounds per year over at caterpillar crosstitch.com my student Angela started with even less money than Sally and makes over $1 million per year selling jewelry over at aerj jewelry.com another student of my class JK sells Farmhouse decor and generates seven figures per year as well and he own only risked several thousands of dollars my student Amanda drop ships dollhouse furniture and makes six figures and she risked only a couple1 to start now you're probably thinking what about the students in my class that fail well it's rarely because they run out of money students who aren't successful in my class usually never launch a single product or they don't follow through and failing and never starting are two completely different things again nothing's guaranteed in business but that's one of the reasons I talk about e-commerce so often the cost to get started is low and it's really up to you whether you decide to fail or not plus it's simple to understand you find a bunch of products to sell and you sell them so I've got a free Six-Day e-commerce mini course on the nitty-gritty of starting an online store for you how to run it and how to start no matter what your budget is sign up using the link below now the second type of business that literally has 0% of failure is content back in 2009 I started my blog over at mywi quitter job.com that today makes over 1.6 million per year through affiliate marketing core sales advertising and sponsorships now to fund this blog it literally cost me less than $10 to start I signed up for a cheap web host called HostGator installed WordPress and a free theme and just started writing blog posts my monthly hosting bill at the time back in 2009 was just $4.95 a month at that low price it is literally impossible to fail hell just buy one less coffee per month and you're still in business here's my simple strategy for making money blogging I write blog posts targeting keywords that people are actively searching for on Google to build traffic through search then once they're on my site I get them to subscribe to my email list then I funnel the people on my list towards affiliate offers courses and digital products that I sell there are literally no expenses to run this type of business and the best part is that the more content you create the more traffic that you will get this is why I think of my blog like a stock that can only go up and to the right the more blog posts that I write the more keywords I rank for in Search and the more traffic I receive the only downside to starting a blog is that it takes a long time to get off its feet I didn't start making any money at all until the 2-year Mark I didn't hit the six figure per year mark until year three but after that the growth is exponential and I hit seven figures around year six the bottom line at $4.95 a month this business literally cannot fail unless you decide to shut it down yourself and if you stick with it eventually you will get traffic in sales now the next business type to start that cannot fail is a YouTube channel starting a YouTube channel is a lot like a Blog it costs 0 to start provided that you have a smartphone and the more videos you create the more money you will make currently this YouTube channel makes multiple six figures and profit every single year just on Advertising alone some months I make 30k some months I make 10K but it's almost like free money because all I do is upload videos and Google sends me a check every single month in addition my YouTube channel drives between 50 to 100 New signups to my email list every day which I then funnel to my affiliate offers and my online courses but despite costing no money to start it does take time to make money my YouTube channel didn't make any money at all in it's first year by the second year I was making a couple thousand per month but by year three I hit six figures per year like blogging a YouTube channel is also like a stock that can only go up the more content you have the more it will rank in YouTube search and generate traffic and AD revenue and your YouTube channel can literally never fail unless you decide to shut it down yourself there's no risk whatsoever plus the audience that you build through YouTube can be used to sell physical products digital products practically anything for example my buddy Eric bolz started a sfig e-commerce store called beard brand selling beard care products and he attributes over 50% of his sales to YouTube when someone watches a video of yours you instantly establish trust and through this channel you are watching I am constantly bombarded by inquiries from people who want to work with me now once you've made some money using the three business ideas I just mentioned now you have money to invest in other more traditional business models so my fourth business type that has the lowest failure rate is real estate and rental properties Andrew Carnegie one of the wealthiest entrepreneurs of all time once said that 90% of all millionaires become rich through owning real estate more money has been made in real estate than almost all industrial Investments combined now according to studies real estate is a solid investment with an 85.3% success rate and why is this the case it's because it's a simple business with hard assets plus the tax laws greatly favor those who own rental properties when you rent a property you establish a monthly cash flow and your expenses from month-to month are usually fixed Meanwhile your asset also tends to appreciate in value consistently over time while your loan or mortgage payment remains fixed there's not a lot of change you know up front that you have to pay X for your mortgage and you'll receive y from your renter and the difference is your profit also it's one of the few businesses where you can exercise leverage fairly easily to buy the asset with borrowed bank money then you have tax benefits like 1031 exchanges where you sell to defer capital gains depreciation and amortization which are basically ways for you to take writeoffs on your taxes then there's the passive component where you can just hire a property manager to manage your properties now there's no such thing as free money with no work but real estate is almost always interesting no matter the cycle of the market even if you're only making a small percentage monthly it all adds up over time and the 1031 exchange rule allows you to consistently trade up your properties to larger ones without paying any taxes on the gains when I was growing up my parents made a lot of their money through real estate in fact most of the businesses on the US Department of Labor's low failure rate list have to do with real estate for example other businesses on this list are self- storage facilities car washes and laundromats now overall the key takeaway here is that the age-old slogan of nine out of 10 businesses fail is completely obsolete most businesses today aren't brick and mortar anymore and if you go the online route your expenses will be so low that you can't really fail unless you choose to stop now that you know the businesses that have the lowest failure rate watch this video here to see all of my various businesses and income streams that generate me over $2 million per year working only 20 hours per week

Channel: MyWifeQuitHerJob Ecommerce Channel

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Keywords: businesses that never fail, business ideas, small business ideas, make money online, business ideas that never fail, best business ideas, business ideas with high success rate, businesses that don’t fail, business ideas that always work, side hustle ideas, profitable business ideas, side hustle, online business, how to make money, make money online 2024, make money online today, business ideas 2024, business ideas for women at home, businesses ideas that never fail

Id: ciCaWah4Aqo

Length: 11min 48sec (708 seconds)

Published: Tue Mar 12 2024