Every single year, dozens of thousands of businesses file for bankruptcy. In 2019, that number was nearly 23,000. But during financial crises, the number of companies that go bankrupt skyrockets. At the peak of the housing crash in 2009, 60,000 companies filed for bankruptcy, when the economy fell into a Recession, and it hiked Interest Rates. And based on how the economy is performing, we might face another huge crisis in the future.
We are not sure how bad it will be, but everyone agrees that it’s time to pay back our debts after printing trillions of dollars over the years. And that’s just the number of companies that file for bankruptcy.
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Businesses With High Uncertainty In Future
If we are talking about individuals, that number is as high as 1.5 million on average. Most bankruptcies take place in new industries, industries that are still developing, such as Crypto.
#1 Crypto Market
The Crypto market has emerged as a result of the 2008 financial crisis. In fact, up until 2017, Crypto was known only on the dark web since it was the only way to trade anonymously. But since it became mainstream, more and more people have entered the game.
But we are not sure what the future of Crypto will look like. That’s why this industry has a high number of bankruptcies and scams. Remember the Internet back in the 1990s, “everyoneslashed.com” at the end of their name, pretending to do something related to the Internet.
#2 Yahoo! Business
“Yahoo” was as big and as important as Google is today. I still don’t understand how they agreed to pay almost 6 billion dollars for online radio. They could have replicated the business model at a fraction of that cost. A year later, the dot-com bubble burst and Yahoo had to shut down the project.
So, if you want to lower your chances of bankruptcy, maybe you should go for a more traditional business, an industry with very low chances of experiencing such a crisis.
#3 Farming & Manufacturing Businesses
Of course, there are plenty of such Businesses, from farming as old as humanity itself to manufacturing cars. But for most of you reading this article, that is probably irrelevant. Not many strive to become farmers, although the industry is changing fast. With vertical farming and innovations, farming is turning into a high-tech industry that attracts the best minds in the world.
Especially now, since we are in the middle of a good global catastrophe, we are more than ever trying to come up with different and more creative ways to solve this problem. Of course, we will not solve it overnight, but in the long run, it’s the industry that will keep only growing.
5 Best Profitable Business Ideas That Will Going To Be in High Demand
What are the Businesses that will never fail? At the same time, is it much more practical to get in and build a small or a midsize Business?
Let’s take a look at 5 of them.
#1 Content Creation
Since the invention of the radio, we have discovered that human attention is valuable. Radio is free, but it monetizes your attention by displaying ads. By 1930, around 40% of US households had radios installed. Content Creation became valuable since there was a way to monetize it.
Then the TV came out and revolutionized the entire industry. While only around 9% of Americans owned TVs in 1950, by 1960, that figure had jumped above 80%. We all have grown up watching TV. But it wasn’t easy to Create Content for TV and attract an audience since the initial investment was huge.
However, with the Creation of the Internet and later Smartphones, Content Creation was now possible for anyone. You must pull out your iPhone and upload your content to platforms such as YouTube, Instagram, or other social media platforms. You can monetize it however you want.
People make fortunes through Insta-Reels, leave alone TikTok or YouTube. With the invention of 5G and Smartphones getting better and Cheaper, the industry will only flourish.
Imagine you start a clothing business. You will likely be selling the same thing that everyone else does. You will either be creative and come up with your designs and sell to high-end consumers or turn into a reseller and target the mass market. Either way, you are going to have a lot of competition.
So, the only way you can drag more clients to your store is by presenting your product in a better, more appealing way. That’s where Marketing comes into the picture. Paying in sales today doesn’t mean paying in the store, convening people to buy more, but rather setting up social media campaigns to target the right people with the right message to attract them to the store.
Social media has revolutionized the industry. It’s never going to be the same again since we have found out the data’s importance and value. The data that we can collect can tell us who exactly is going to buy what. It looks like the industry is crowded, but the reality is far from that because you don’t need to get into this industry.
Many people have entered the game, but very few know how to drive sales. It’s not just about throwing money into Facebook but turning that money into clicks that turn into sales. While it’s a relatively new industry, it will not be irrelevant anytime soon. As long as there is capitalism, which, to be honest, is the only system that has proved to be working throughout human history, the industry is only going to grow.
The global educational services market is expected to grow from $2.8 trillion in 2021 to $3.1 trillion in 2022 at a compound annual growth rate of 10.7%. The US education market alone is expected to grow to 2.3 trillion by 2028. The Internet has also reshaped the education sector, making it easier to spread knowledge. Experts can share their knowledge through different platforms for a fraction of the price.
If you had to go to college for any education in the past, that’s not the case anymore. Sometimes buying a course for a few hundred dollars is far better than spending thousands of dollars on school and wasting your time, especially regarding practical skills such as Marketing, Real Estate, or Content Creation.
#4 Real Estate
The Real Estate market is as old as civilization since there is always a demand for a roof. It’s not an industry where you can quickly get in and build something unless you come up with something revolutionary like Zillow. What happened in the last 2 years is an exception where prices first rose by 10% in 2020 and then by almost 20% the following year (2021). The last time we had something like this ended with a catastrophe that took down the entire economy.
However, even if you purchased your property at the height of the housing bubble, it would return its value by early 2013 since the market recovered and began to grow. So everyone who purchased a property back in 2006 or 2007 has seen house prices grow enormously. Real Estate isn’t just about flipping houses. Of course, that’s always an option, even if you don’t have the capital to do that.
#5 Consultant In Difficult Niches
Have you ever done your taxes? It’s not easy, you have a million questions, and if it weren’t for Google, you would struggle. But sometimes, even Google can’t help you. Especially if you are a company, that’s where Tax Consultants, for example, come into the picture. You don’t want to avoid paying taxes, but at the same time, you want to pay as little as possible.
Tax Consultants are paid fortunes to help companies reduce their tax bills. Some companies like “Amazon” avoided tax for almost 20 years even though the company was worth hundreds of billions of dollars. The point is that the consulting industry is only growing but being a consultant in a crowded niche is difficult. It might be stable, but it’s competitive.
That’s why it’s better to specialize in a niche in high demand but simultaneously have high barriers to entry. These are just a few Businesses that aren’t just stable but are growing tremendously. Of course, we can make this list much bigger, but we will stop here. I hope this information will help you in some way.