Starting a business is really a great idea to build wealth for yourself and possibly for your generation. But the problem is a lot of businesses don’t last long and they won’t be around forever.
Let’s take a look at some facts here:
- 1 out of 5 businesses doesn’t last more than 1 year.
- 50% of all businesses fail after 2 or 3 years.
- Only 10% of businesses make it to 10 years.
- About 40% of businesses go into extinction because there is no market for their product.
Well, despite these facts, there are still businesses that do well and last even more than a decade.
By the end of this blog post, you will know 11 businesses that have been around for hundreds of years and certainly will still be around even when you are gone.
11 Businesses That Will Be Around Forever
The transportation business is a big one. Everyone needs a comfortable means to move around or even move their things from one place to another. The demand for transportation will never stop.
Getting into the transportation business doesn’t necessarily mean you have to start manufacturing and building cars or that you need to start selling cars. There are many different transportation businesses available to entrepreneurs. Some of these businesses include trucking, taxi, limousine, and bus.
Transportation businesses vary in the services they offer, the types of vehicles they operate, and the locations they serve.
Even if you don’t have the capital for trucks and buses, you can buy cars and put them up on Uber or Bolt. If you can’t drive them yourself, you can employ drivers. On average, Uber drivers earn about $8 to $12 per hour, and full-time drivers in busy locations can earn over $50,000 a year.
No matter how you look at it, the transportation business will always be lucrative and it is one of the businesses that will be around forever.
2. Food Business
Food is a very important need in the life of man. And the food business is one of the businesses that will be around forever. Everywhere you go people eat food and they’ve done so for thousands of years and they will continue to do so.
The food business can be categorized into agriculture, food processing, food distribution, packaged products, and restaurants. According to statistics, humans will spend about $8.5 trillion in 2022 on food alone and this number is growing at 5% year over year.
Online food ordering is also going up as well as people can now easily order food on their phones without leaving home. Owning a luxury restaurant is also a way to get into the food business.
3. Waste Management
We’ve come to realize that a lot of people don’t know just how important waste management is and how profitable it can be. In 2021, the global waste management market was valued at $1.61 trillion and it’s predicted to grow by 50% in the next 10 years.
Waste management companies make a lot of money every year. It’s one of the easiest businesses to start and you don’t even need too many customers to make it in the business. You can start small and move up to companies.
4. Events Planning
If you look around you I’m sure you will realize that people have events every week in your city not to talk of your state or country. Most rich people hire event planners for their events and spend millions. You can figure out a business model that taps into this and start planning events for people.
Planning an event can be a lot of work, but it can also be a lot of fun. You can a lot of money as an event planner depending on the profile of your customers.
If you walk out of the house, just pay close attention to how many pharmacies are around you, you’ll be shocked. People are now building pharmaceutical stores and making millions. They even make more money during medical crises.
You shouldn’t be surprised. This is because people need medical products. These days, you don’t even have to go to a far place to get drugs or medication. You can walk into a pharmacy near you and get drugs.
Pharmacies are great businesses and setting up your pharmacy store in a good location is a big factor you need to consider. It is one of the businesses that will definitely be around forever.
The fashion business is a very lucrative industry. It is one of the most popular and fastest-growing industries in the world. Fashion is constantly changing and evolving. There is always something new to buy and wear.
As humans, we need clothes, and the demand for them will always be increasing as the population of the world keeps increasing. The global textile industry has crossed the one trillion dollar threshold this year. According to analysts, profit margins for retail clothes are generally within a range of 4% to 13%.
The fashion business is something you should check out because it is one of the businesses that will be around forever.
Telecommunication in the olden days used to be traditional mail, then later we moved to wired phones, and now we have mobile phones. And there’s a high probability that another invention is coming soon.
There is money in communication and there always will be. That is why some of the richest people in the world right now are in the telecom business. It is one of the fastest growing businesses in the world right now and you should check it out to see if it’s something you can go into.
Hotels can be classified as another level of real estate. A well-placed hotel will forever print money. The more time goes by, the more people will know and visit your hotel, and the more the profits.
A hotel is an asset that will forever keep appreciating. The value of the business is exponential and you’ve got consistent cash flow coming in. The gross profit margin fluctuates from year to year but usually averages out to 30%. The average hotel receives 65% of its revenue from room bookings, 25% from food and beverage sales, and the rest from other shops located on the hotel’s property.
If you don’t have a hotel, you can put your property on sites like Airbnb and rent to people the same way you would if you were a hotel.
In this new age and time, electricity is the new fuel. The demand for it is growing every day. Everything around us runs on electricity, pretty soon your money will be digital and your car will be electric. It’s just a matter of time until almost everything will move to electric.
Find ways to generate electricity and you can sell it to the world. The average operating gross profit in the past five years is 45.4% for the hydropower industry.
10. Financial Services
People need access to money, and others need their money protected. There’s always money to be made in the money business. That’s why lending, insurance, banking, and safekeeping will always be evergreen.
Money-related businesses are always mathematical. You make a certain percentage, factor in a potential loss, and then run the experiment over and over again.
This is how banks are getting rich and no matter how technology evolves, companies that provide financial services will continue to be here as their business will be around forever if managed well.
11. Residential Developments
The shelter is another important need of man. People need homes to live in. Some people also buy, rent, or sell properties. The population of the world is growing rapidly and the demand for residential homes will grow rapidly.
As of 2021, a real estate developer makes between 25% to 35% profit on large real estate developments and around 45% to 65% on smaller ones. Of course, many factors come into play as to how much a real estate owner or developer makes.
Having a good location for your residential properties is important. The closer you are to the city, the higher the demand, and the higher the returns. A good rental property will pay for itself in under 8 to 10 years from the rent alone. You can buy a home once, rent it out and it will forever bring you income as long as you have someone willing to pay the rent.
These are businesses you start now and your children and coming generation can inherit. If you check out the richest people in the world right now, they are all involved in one or more of the businesses mentioned above. This is to show you how important it is to start one of these businesses.
If you are thinking about how to raise capital for any of these businesses, read our blog post on how to start a business from nothing.
Which of these businesses will you be starting soon and why? Tell us in the comments below.