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What are the riskiest business ventures?

On Behalf of | Jun 26, 2020 | Business Law |

They say that you should do what you love. But, if you’re thinking about starting a business, is that always wise advice? It may be, but there are downsides. One is stability. You have to consider how risky the type of business you want to start really is, and you need to decide if it’s the right move based on your odds of success. The answers to these questions are different for everyone, but the key is just to make sure that you ask them in advance.

So, with that in mind, what are some of the riskiest business ventures in the United States? They include:

  • Transportation
  • Apparel outlets
  • Bars
  • Restaurants
  • Tour operators
  • Travel agencies
  • Communications companies
  • Personal services
  • Food stores
  • Trucking companies
  • Auto repair companies

In some cases, the issue is competition. Bars and restaurants that are successful tend to do very well, and selling food and drinks feels safe because these are things people will always want and need. However, you’re competing with an incredible amount of established business, from other single-owner establishments to franchises and major chains. It’s hard to get people to pick your specific business.

In other cases, the issue is just that technology has been changing. People can buy apparel online. They can book their own travel plans on their phones. Communication is constantly shifting with smartphones and social media. If you get into an area where you can quickly fall behind, it may be difficult to sustain long-term success.

The type of business you should start is just one thing to consider carefully. You also need to know what legal steps to take when you do decide to begin.