Business that can never fail (really!) – Top 10

Change is inevitable in businesses. Ups and downs, peaks and troughs are a part of a business’ journey. Old ways replace the new, and some businesses do not see the change of a decade. But, there are some businesses that have existed for as long as we can remember, and our bet is that they shall continue to exist, irrespective of the changes they are made to adapt to.

Most of these businesses date back to the ancient times, and have experienced a number of transitions with respect to the eras, technology and people.

With that, here is a list of 10 business ventures that shall always continue to exist:

Food

A classic and timeless business. Though it is one of the most competitive markets, the consumers never cease to exist. And neither do the possibilities for innovation. In its entirety, the domain ranges from agriculture to processing and also dining. Though different facets may be subject to different regulations, neither have faced any serious barriers to entry. In fact, this is one such business which is free from most recessions and is encouraged by most governments around the world. Expenditures on food are dependent on the disposable income, but still account for a major chunk of an individual’s spending.

Real Estate

In the ancient times, kings and queens would lease land to their ministers and aristocrats and expect them to develop it. And in a way, that’s where the real estate business began. Keeping the technological component aside, not much has changed in the basics of this business. It is still one of the most lucrative – whether seen from the developer’s point of view or the government involved.

Development is split into two major components – residential and commercial. The former is the development with the intent to sell to individuals for private use and living. The latter is for businesses to conduct their operations. Commercial properties are generally more expensive than residential, purely because of their ability to generate revenue on those premises.

Real Estate development is a powerful business sector, with enough influence on the economy to cause shifts between boom and fall.

This is also an excellent investment option (both, residential and commercial). Needless to say, with the modifications in technology, this business is sure to exist for as long as humans do.

Pharmacy

Try imagining this: the year is 5000 BC (you pick the kingdom you’d like to imagine yourself in). You keep potions made from herbs and various other earthly elements, which in-turn help your fellow society members feel better from diseases like common cold. You would have been considered a magician! Or maybe accused of witchcraft, so let’s be glad that this is 2022, and nobody believes in such things anymore (for the large part).

Pharmacies have long been a profitable business around the world, with eligibility and license not being a very tough aspect to crack. And for those who understand how bulk orders and price negotiations work, it’s a wonderful business to run.

From over-the-counter medicines to daily essentials, today, we find a range of products at our local pharmacies.

Yet again, another great investment, with an average of $200k-300k investment cost, with $50k-60k to hire a licensed pharmacist, and average returns of $150k per year.

Next time you take a stroll through your neighbourhood, try counting the number of pharmacies you see. Now you’ll understand why.

Transportation

A very critical business in the logistics sector is transportation. Whether it is the movement of goods or people, transportation has become a part of the modern lifestyle. Your favourite product delivered to your doorstep, you fly across the globe to meet your best friend or taking a cab to go to work – all of this is possible because transportation exists as a business.

The interdependencies of various other businesses with this one, have allowed for innovations which helped various economies add jobs, expertise, and value to themselves. As an example, let us consider food deliveries. When food tech grew, it opened doors for transport companies to partner with outlets to deliver the food to their customer’s door. The expansion of one will assist the other.

The way we transport shall continue to change, but rest assured, this business is here to stay.

Fashion

One of the 3 basic necessities is clothing. And that is a very small fraction of what fashion is as a business. Ranging from clothes to accessories, there’s something in it for everyone, from head to toe. One of our innate desires as humans is to present ourselves in a manner that impresses our peers. And for this reason alone, fashion as an industry is one of the fastest growing in the world.

With the emergence of e-commerce, the fashion business has taken large strides in making the customer experience as relaxed as possible. And with the ongoing innovations in AI/AV, large players like H&M are moving into the virtual experience, making this a highly profitable business, even in the metaverse.

Learn more about the Metaverse, by reading our article here.

Want to conduct business in the Metaverse? Learn more by clicking here.

Events

Another business that stems from the social needs of humans. Humans are social animals and whether it is joy or grief, we tend to share it with those close to us.

Let us put it this way. As long as we have occasions to celebrate, this business will never run into the ground. Birthdays, weddings, baby showers, parties, corporate events, funerals – never going to stop. And with the revival of the industry in the post-pandemic recovery period, there are various changes waiting to bring new technology to make the process of event planning and organising, a matter of clicks.

Financial Services

Ever since the introduction of money, money lending has been a simple, yet attractive business to conduct. Though the overall game of financial services has expanded since then, there isn’t a grain of doubt that it will continue to evolve into the future.

This is a business that attracts risk-takers and those who understand the assessing risks and strategizing for change, are generally seen at the helm of this industry. Financial services are linked to every other business, one way or another, and this is what makes it a business that will always continue to exist.

Energy

An absolute must for every individual, city, or country, energy business is a pillar for many economies in the world. The way the supply and demand of energy dictates the rise and fall of other commodity prices, only goes to show its dominance as an essential.

Each time the price of energy fluctuates, there is a build-up of inflation in some part of the world. And for this very reason, many countries have been exploring alternative energy sources to the regular fossil-fuel based options. Though successful, these only cater to a small fraction of the needs, and still, every nation around the world is dependent on the fossil-fuel based energy sources.

To add to this, energy trading is also a business that shall never run out, because not only do these businesses act as brokers to smaller deals, but also as a point of contact for those interested in investing in energy as a commodity.

Telecommunications

Among the most powerful industries, businesses operating in the telecommunication space have grown leaps and bounds over the last two decades. With the rise of the internet and globalisation, the importance of connectivity became unparalleled. And now, with the world consuming data for breakfast, lunch, and dinner, it only consolidates our point further. Add the fact that the innovations in AI/AR/VR are moving the data requirements higher than ever before, and with a lot of the daily life having moved online, the shine over telecom is one that cannot be missed. Though this may be an industry with high barriers to entry and somewhat overrun with oligopolies, it is safe to say that a business that manages to enter and operate within this industry, isn’t going anywhere for a long time.

Hotels

Having discussed food earlier, now we close this list with the other segment of the hospitality industry – hotels. Hotels, resorts, inns, and various kinds of accommodations have made their mark in the growth of economies around the world. The inter-dependency on the tourism industry may cause some minor setbacks, but at its peak, this business draws more than most can fathom. This business not only is a great investment in terms of growth, but also the value it adds to the locality it operates in. Both these factors make it a business that shall prevail, just like it has since the onset of civilisation.

There surely are other businesses too, which will always continue to exist, but these are the top 10 on our list. These businesses have proven to be worth investing and exploring, with a strong capability to adapt to changes. Their impact on the globalisation is undeniable, and to pull any of them out of any economy, at any given time, is sure to pull back the throttle on that nation.

It is not just their dominance which makes them great businesses, but also the manner in which they have affected our lives.

Irrespective of which one you plan on getting into, conduct your research, speak with people in that industry (and market) and conduct a feasibility study to determine if it is your best shot. Keep an alternate plan in hand, and do not hesitate to fall back on it, if need be.

Please note: the above list is not a ranking, and all businesses mentioned above, are equally worth looking into.