What kind of business should I start? Is there an idea that’s almost guaranteed to be successful? Then again, is there an idea that’s likely to flop faster than a lead balloon?
It’s natural to calculate the risks before setting up any kind of business. And while some entrepreneurs find their adrenaline rush in risky ideas, others prefer to play safe.
3 Risky Business Ideas
Here’s a list of the three riskiest and safest business startup ideas.
1. Carpentry
Carpentry is intricately linked to the housing industry—and housing is on the brink right now. According to Department of Commerce data, new-home sales in the US are at their all-time low in over 45 years. This is a sign that the economic downturn is still wreaking havoc on most contractors across the country.
And the situation may worsen; a study by the Bureau of Labor Statistics shows a drop in the number of carpenters in the US. In 2006, there were about 1 million carpenters. Today, that number has fallen to just over 750,000.
2. Video/DVD/Game rental stores
In 2003, there were over 25,042 video and game rental stores in America. The number has so far dropped to 17,369- according to IBISWorld. The once-thriving industry has been taken over by streaming services like Netflix and Redbox.
This is a great example of a business that failed to adapt to a changing market. It’s also a warning to entrepreneurs who may be considering opening a business in an industry that’s not growing.
3. Photo printing
While the advent of the digital camera was a game-changer for consumers, it turned out to be a disaster for photo processing.
According to PMA, people in the US printed almost 18 billion photos in 2009, a hard fall from 30 billion in 2001, thanks to the dawn of the digital camera.
Final Words
It seems like every other day, another unproven startup idea is getting millions of bucks in funding. Today, we prioritize innovative business ideas over traditional niches. Still, it’s important to remember that it wasn’t that long ago that many startups were just plain bad ideas. Always consider the risks before diving in.
Author Bio
Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.