Success can be elusive in entrepreneurship, and businesses often need help to overcome numerous challenges that can lead to failure.
However, certain businesses weather economic storms and market fluctuations with remarkable resilience.
Former professional skateboarder turned entrepreneur Mikey Taylor has unveiled a list of five such businesses that he believes have an outstanding track record of never failing.
1. Laundromats - 95% Success Rate
A business with an impressive 95% success rate. Laundromats provide an essential service that remains in demand regardless of economic conditions.
People need clean clothes, and laundromats offer a convenient solution for those without access to washing machines at home.
Additionally, the relatively low overhead costs and the potential for passive income make laundromats attractive.
2. Warehouse Management - 92% Success Rate
Coming in at number two on Taylor's list is warehouse management.
The logistics and e-commerce boom of recent years has significantly increased the demand for warehouse space and management services.
Entrepreneurs who invest in efficient warehouse operations often find themselves in a profitable position.
3. Vending Machines - 90% Success Rate
Vending machines have long been a staple of the business world, and they continue to thrive, earning them the third spot on Taylor's list.
These automated retail units cater to various niches, from snacks and beverages to personal care items and electronics.
Their 90% success rate is attributed to their low operating costs and the ability to generate consistent income.
4. Renting Residential - 85% Success Rate
Taylor's fourth pick is residential property rental, with an 85% success rate. Real estate investment, particularly in rental properties, remains a stable source of income for many entrepreneurs.
While it may require substantial initial capital and ongoing maintenance, renting residential properties can offer long-term financial security.
5. Transport Companies - 76.4% Success Rate
Last but not least, transport companies round out Taylor's list with a 76.4% success rate.
Despite the competitive nature of the industry, transportation remains a vital part of the global economy.
Whether it's local delivery services or long-haul trucking, there is always a need for reliable transportation solutions.