Starting a business of your own is one of the most challenging things to do in life, but the potential rewards are rich and numerous. Indeed, it’s said that most new businesses fail within the first year, and taking a gamble to get past this time stamp is something a lot of young entrepreneurs are taking on.
And because of that, it’s key to know which businesses are going to be more challenging to start than others. If you’re sure you’ve got a good idea in your head, make sure that if it falls into any of the categories below, you’ve got the ability to take on the hardships that’ll come your way.
Restaurants and Bakeries
Hospitality based businesses are always going to be a challenge to get going, thanks to just how seasonal they are by nature. People’s taste will change over time, and for a niche restaurant or bakery, this could seriously damage business success chances.
At the same time, it’s going to cost lots to get your hands on the necessary furniture, as well as fork out for the staffing costs. Not to mention finding the right staff is going to cost as well; the average employee turnover in the restaurant sector is 73%, which is incredibly high, and could incur large ongoing costs for your company.
Niche Retail Stores
Retail stores are always going to be a challenge to set up, simply because of the oversaturated market you’re going to be working in. However, with the onset of the global pandemic, it’s been much, much harder to set up a niche retail store, or a boutique store of your own.
Of course, it’s not impossible to open up a niche store, thanks to the online world and its ability for ecommerce - reach a much wider market with just a few simple presses of the button. Similarly, specialist services exist out there too, if you do fall into a trouble spot. Let's say you’re working in the drug service; knowing you have the option to reach out for cannabiz financial services could make you feel a lot stronger about your chances for success in this industry.
Something in the Information Sector
An information based business, such as your own publishing house in a variety of genres, is incredibly hard to start. After all, it takes a lot of investment, and if someone doesn’t have the necessary capital from the get go, it’s going to be very hard to get anywhere serious on the market.
At the same time, it’s important to consider your competition. Most information companies are corporate, with long and winding histories, and trying to fit into such a landscape is going to be next to impossible, unless you have an excellent angle to market yourself from. Can you be sure of this?
All in all, if you want to start your own business, you need to be sure you’re moving into an industry that has room and opportunity for you.