9 Evergreen Businesses
vemuda.com - As an entrepreneur or someone looking to start up a new source of income, it is natural to wonder which businesses will thrive even in challenging economic times. If you are looking to venture into a company that will be profitable for years to come, we have some suggestions for you.
In the business world, we call some companies or products "evergreen" because they stay profitable even when the economy takes a hit. These businesses don't rely on seasonal trends or gimmicks to bring in customers – instead, they offer products or services that people naturally need or want.
So, how do you identify a profitable evergreen business? Well, I've got nine business ideas you should consider.
9. Waste Management
The market for waste management globally is growing rapidly, and its prospects are promising. With the increasing revenue of the waste management industry, there are a lot of business ideas that this field offers.
Whether you're an entrepreneur looking to start a new business or an established business trying to branch out, investing in this industry is worth it.
Some of the options you can consider include the following; Paper or plastic recycling business, Rubber cycling business, Glass recycling business, Scrap metal recycling services, Compositing business, E-waste management business, Mobile toilet rentals, And medical waste management business, among others.
Starting any of the above businesses will require a significant amount of planning and organization due to the numerous complicated tasks involved. Depending on the type of idea you choose, you will also need equipment and heavy machinery for your waste management business.
8. The Transportation Business
Transportation is crucial for the economic development of a country because it enables people and goods to move from one place to another. Due to the ever-increasing demand for transportation services, this industry has become highly lucrative.
Starting a transportation company can be quite profitable if done correctly. Still, it takes hard work and research to make it work. Transportation businesses can include any type of transport.
But, they primarily focus on efficient and cost-effective modes of transportation for commercial use. Some examples of transport businesses are trucking companies, public transportation systems, intercity buses, and courier services.
Some of the lucrative transportation business ideas you can start now include; Towing Services, Taxi Cab Business, Trucking, Car Hire, Bus Transport Services, Shipping Services, Driving School Service, Limousine Services, Boat Charters, Air Cargo Business
Before you venture into any of the businesses I've just mentioned, you should research the industry, the market, and the current events in your region. Your research will help you figure out how to develop a solid business plan and get your business off the ground.
7. Property Management and Real Estate Development
Real estate is a timeless business because people will always need shelter. The global population is constantly growing and will continue to do so in the future.
As a result, the demand for housing keeps rising as well. A typical business owner in this field makes a profit of 25% to 35% on average. If this sounds like a venture you would like to invest in, please do so.
When you invest in real estate, you will yield substantial profits in the long run. It can also act as a reliable source of income as it keeps appreciating.
Though you might face some challenges along the way, you can rest assured that the housing market will always bounce back. If you are not directly involved in real estate, you can buy a house and rent it out or buy shares in big real estate companies, usually called REITs.
On the other hand, if buying real estate and renting it out is too stressful for you, there are many different ways to invest in real estate, including: Buy an undervalued property, fix and flip it.
Be a wholesaler working as the middleman between motivated sellers and a network of buyers. Use house hacking, which means you buy a 1 – 4-unit property, live in one unit, and rent out the others using the rental cash flow to cover your mortgage. Lastly, you can invest in a Real Estate Investment Trust (REIT).
The other option you can take up is the commercial space business. Such spaces are often more expensive than residential complexes, and hence, you can earn more profit out of this.
Like any investment, putting money into real estate or the commercial space business has benefits and drawbacks. But if you understand the basics, it can help you make the right decisions.
6. Loans and Financial Services
People will always need loans and other financial services, whether they want to go to college, buy a house or go on vacation to their dream destination. As such, consider starting up a loan business, a financial institution, or providing other financial services.
Some of the profitable business ideas and financial services you can consider include; Become a financial advisor, Become an IRA consultant, Provide tax preparation services, Or become an Insurance broker, Offer credit repair services.
On the other hand, if you have resources and you are interested in making a large investment, consider the following options: Set up a debt consolidation company, Start up a life insurance company, Start a credit card business, And provide investment banking services, among others.
5. Events Management
Whether it is a baby shower, funeral, wedding, graduation party, or marathon, events have proven to be a very lucrative business that can rake in so much profit. As humans, we love to celebrate every significant life event or milestone with an event or a party. As a result, this trend has enabled the growth and expansion of several businesses in the events sector.
What's more, the events industry has created a market for several individuals from different sectors, such as the food industry, creatives like photographers, videographers, graphic designers, and transportation services, among others.
If you are interested in this industry, here are a few business opportunities to get the wheels turning for you; Start an event management company, Start a party supply store, Start a wedding or events venue rental business, Become a wedding planner.
There are many other ways to invest in the events business. Do your research and identify a business opportunity that would work best for you.
With each passing day, technology is becoming an increasingly important aspect of our lives. The tech sector is flourishing more than ever because its products are in high demand.
Almost all businesses around the world need technology for their operations. This trend has increased the demand for technology services, resulting in the growth of several big companies specializing in technology.
What's more, these companies are making huge profits. Recently, Apple and Amazon surpassed the trillion-dollar value mark. This proves that the tech industry is an ever-expanding business that will withstand any economic crisis or recession.
If you are interested in starting a business in this niche, here are some of the best ideas to consider; SEO consulting business/ Digital marketing agency- you can provide online marketing solutions such as SEO, online advertising, and content marketing, Artificial Intelligence and Machine learning services, Cyber security. Offer web designing services, Software development, Set up a Tech shop that sells and repairs electronic gadgets, Provide Social media consultancy services, Become a Tech blogger and provide computer training services.
Education is one of the major factors determining how far we will go in life. Formal and informal education helps shape our identities and contributions to society. It also helps us develop skills that help us get ahead in our careers and live better lives.
As people's income levels rise and their awareness of education broadens, this sector will never experience an economic downturn. Like in many other fields, the education sector also has numerous profitable business opportunities that you can exploit.
Starting a preschool or kindergarten may be a good idea. These are two categories that people will always spend lavishly on without a second thought. Parents often want to provide their kids the best facilities and amenities. Hence, they spend a lot of money on such services.
If you do not have resources for such an investment, you can start small with these ideas; Tutoring online or in-person, Making school uniforms, Printing textbooks, Working as a career counsellor, Online teaching, Education blogging, and so on.
So, there you have it. Look at these options and see whether or not to include any of them in your company or even start a new one.
2. Food Industry
As long as there are people on Earth, they will always need to eat. So, it's safe to say that the food business is here to stay. This industry is very diverse as it includes various kinds of businesses such as agriculture, restaurants, food distribution, packaged products, food processing, and so on.
Agriculture is one of the most profitable in this industry. If you own some land but have no immediate plans to live on it, you could use it for farming. But, if you do not own land, starting a grocery store could be a smart move.
You could open a small store that sells a specific type of food, such as organic products, animal produce, and dairy, among others. As your business grows, you can open a bigger store that sells a variety of foodstuff and products.
To make your store stand out, you could offer delivery services or discounts to your customers. Alternatively, if you are passionate about cooking, you could start your own catering service.
This venture doesn't require much. You can even run it from home. All you need to be is creative, reliable, and organized. The food business is lucrative; with the right idea and execution, you can make so much profit.
1. The Health Sector
As with food, health care is a great business because people still get sick even when the economy is terrible. The healthcare sector is growing so fast, and it has the potential to become one of the world's most valuable markets. Therefore, it's a great place for aspiring business owners to start out.
If you're interested in this sector, there are many promising healthcare startup business ideas and several opportunities to develop those ideas into successful long-term businesses.
Some of these ideas include; Starting a pharmacy or clinic, Developing a mobile healthcare app, Setting up a home healthcare facility or a drug rehabilitation centre, Medical blogging, Records Administration, Becoming a nutritionist or dietician, And selling scrubs and uniforms. As the medical field continues to grow, now is the perfect time for you to invest in this sector.
With a brilliant concept and an effective business plan, you are sure to succeed. But before you start any of the businesses I just listed, make sure you look into the laws, licenses, expert training standards, or credentials you need and conduct a thorough market analysis.
In conclusion, many of these businesses often thrive throughout economic crises because they offer products and services which increase in demand due to the conditions. So, take a look at these ideas and choose the one you're most interested in and have the most resources for.
Also, let us know or share with us the different business ideas lingering in your mind. Someone out there might benefit from your suggestions.
That brings us to the end of the post. Thank you for reading and staying with us till the end. If you have any comments or suggestions you would like to share, please do so in the comment section below. I am looking forward to hearing from you. Until next time, have a lovely day.