Summaries Entrepreneurship and Startups 6 Low-Failure-Rate Businesses for Entrepreneurs: Backed by Data

This is a summary of a YouTube video "Businesses that Never Fail? 6 Businesses with Amazingly Low Failure Rates [Backed by Data]" by Codie Sanchez!

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Six businesses have low failure rates and offer potential for success, making them great options for entrepreneurs.

• 📈
  00:00

  Six businesses have the lowest failure rate, making them the best options for starting a business.
• 🤑
  01:17

  Laundromats are a profitable business with high success rates and potential to be worth millions.
• 💰
  02:52

  Real estate investing offers potential tax benefits, leverage, and passive income, but self-storage facilities are an alternative.
• 🔐
  05:02

  Self Storage has been a successful asset class since 2008, with technology advances making it possible to run remotely.
• 🚚
  06:23

  Transportation and Logistics businesses have a high success rate, making them a low-risk opportunity.
• 🤑
  07:46

  I just sold a website I bought for $100 for $8K, showing the potential of gateway starter businesses with low failure rates and low upfront expenses.
• 🤝
  10:13

  Candace Nelson created Sprinkles Cupcakes vending machines, and Senior Care Centers are a great starter business for those who want to hustle.
• 💸
  12:30

  Government assistance can help entrepreneurs start senior care businesses without large investments.

Key insights

• 📈 Data can help determine which businesses have the highest likelihood of success, allowing entrepreneurs to make informed decisions and increase their chances of success.
• 💰 Laundromats have an amazingly low failure rate of about 94.8% over a five-year period, making them a great option for those looking to start a business.
• 💰 Real estate has an 85.3% success rate due to its simplicity and hard assets, making it a profitable business.
• 🤖 Advances in technology make unmanned self-storage businesses possible and standard, with keyless entry, tracking systems, security systems, automated bill pay, and contracts.
• 🚚 Short distance trucking businesses can range from a full-fledged long-haul trucking company to a simple little side hustle driving for Uber on the weekends, with varying levels of complexity and success rates.
• 🤑 1. Owning a vending machine business can be a low-cost way to get started with entrepreneurship and potentially make profits on day one. 💰
• 🧁 Sprinkles Cupcakes vending machines have been a brilliant idea and have made the founder, Candace Nelson, more than a few grand.
• 💡 The aging population in the US is creating a need for more senior care businesses, which have a low failure rate.

Detailed summary

• 📈
  00:00

  Data shows that six businesses have the lowest failure rate, making them the best options for those looking to start a business with the highest likelihood of success.
• 🤑
  01:17

  Laundromats are a profitable business with high success rates and potential to be worth millions.

  • Laundromats have a high success rate, with 94.8% success over a 5-year period.
  • Laundromats are a low-cost, recession-proof business with passive income potential and the potential to be worth millions.
• 💰
  02:52

  Real estate investing offers potential tax benefits, leverage, and passive income, but self-storage facilities are an alternative.

  • Real estate has a high success rate due to its simple business model and efficient market.
  • Real estate investing offers tax benefits, leverage, and passive income potential, but self-storage facilities are an alternative for those who don't want to deal with tenants.
• 🔐
  05:02

  Self Storage has been a leading asset class since 2008, with a 92% success rate and technology advances making it possible to run remotely with keyless entry, tracking systems, security systems, automated bill pay, and automated contracts.
• 🚚
  06:23

  Transportation and Logistics businesses have a high success rate of 76.4%, making them a relatively low-risk job-turned-business opportunity.
• 🤑
  07:46

  I just sold a website I bought for $100 for $8K, showing the potential of gateway starter businesses with low failure rates and low upfront expenses.

  • I just sold a website I bought for $100 for $8K, demonstrating the low failure rate and low upfront expenses of gateway starter businesses.
  • I partnered with Flippa to buy online businesses instead of building them, as 94% of startups fail.
  • You can buy or sell a business on Flipper, or start a business with as little as $3-5k with a vending machine.
• 🤝
  10:13

  Candace Nelson created Sprinkles Cupcakes vending machines, and Senior Care Centers are a great starter business for those who want to hustle.

  • Candace Nelson created Sprinkles Cupcakes vending machines, and if you don't think their red velvet cupcakes are the best, we can't be friends.
  • Senior Care Centers have a low failure rate, affordable startup cost, and simple operations, making it a great starter business for those who want to hustle.
• 💸
  12:30

  Government assistance can help entrepreneurs start businesses in senior care without needing millions of dollars.

Q&A

• What are the six businesses with the lowest failure rate?

  The six businesses with the lowest failure rate are laundromats, real estate, self-storage facilities, transportation and logistics, and senior care centers.

• What is the success rate of laundromats?

  Laundromats have a success rate of 94.8% over a 5-year period.

• Why are self-storage facilities a good business option?

  Self-storage facilities have a 92% success rate and can be run remotely with advanced technology, making them a low-risk and convenient business option.

• What are the benefits of investing in real estate?

  Real estate investing offers tax benefits, leverage, and passive income potential.

• How can entrepreneurs start a business in senior care?

  Entrepreneurs can start a business in senior care with affordable startup costs and government assistance, making it a great option for those who want to hustle.