Starting a business is one of the most important decisions you can make. But most people fail in business because they don’t think through the business ideas they’ve chosen. They just jump into them head first. They often do this because they got some experience from their 9-5 job, or they might have read an impactful post about someone who started a business and made it big, and they thought they could succeed, too. It’s a good idea to implement a business idea you’re more likely to succeed in because some business ideas are hard to break into. Let’s look at some of the most difficult business ideas to succeed in:
1. It’s difficult to start a business in the restaurant industry
When we talk about businesses that have a high-failure rate, restaurant makes it into the list. With a restaurant, it’s pretty hard to build trust. It actually takes years to build trust, and it’s hard to drive the process, even with a solid marketing strategy. If you research owners of some of the most successful restaurants, you’ll find out that they worked in the hospitality industry for many years, which means they know the ins and outs of the restaurant business. They also have no defined working hours. In other words, they close business of the day after the last client leaves the restaurant. And the most important thing that makes them succeed, besides offering quality food and service, is that they have a knack for attracting and retaining customers.
2. It’s easy to launch wholesale business ideas, but difficult to break into
If there is a business idea that you need to think long and hard about before you start, it is a wholesale business. The wholesale business involves selling products to retailers at a much lower price, so it’s easy to realize explosive sales in the shortest time. But the problem starts when it’s time to calculate the profit margin. The profit margins are not decent in this line of business. And if you’re not careful, you might not stay long enough in the business.
3. Building a blog is one of the best business ideas with low investment but hard to hack
The expansion of the internet and its technologies has enabled everyone to start a blog cost-effectively or even for free. But, the big problem is making money through it. As of this writing, there are over 200 million blogs online, which are competing for the same customers. Therefore, starting a blog today and making money off it requires a lot of hard work, dedication, and most of all, patience.
There are many ways to make money with a blog; affiliate marketing, selling ads, selling your own products and more. But to start earning something from these ways, you need a lot of traffic coming to your blog every day. To attract that kind of traffic on your bog, you must optimize it for search engines in order to be found online by users. You also must initiate rigorous marketing campaigns, such as social media marketing, email marketing, and other paid marketing strategies. After doing all this, you need to give your blog time to build traffic, because SEO takes time to kick in. The bottom-line is that it’s really hard to make a decent income with a blog.
4. Trading cryptocurrencies is one of the hardest business ideas to succeed in
Investing in cryptocurrencies is the trending topic right now. In fact, many people are investing in Bitcoin today than ever. However, the cryptocurrency industry is a volatile one. The prices keep fluctuating, and you could make a big loss in a matter of hours. You could also make a big profit in hours. So it’s a very tricky business idea to venture into.
It’s a fact that every business idea carries some risk. However, other business ideas are way riskier. When looking to implement any business idea, make sure to know the risks involved upfront. Then compare the risk and the reward potential. If the reward potential outweighs the risks, then it’s a viable business idea.