BigDeal The 7 Worst Businesses to Buy Or Start
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Apr 28, 2025 In this engaging discussion, the pitfalls of high-risk businesses are front and center. Restaurants and hotels are revealed as financial landmines, while retail storefronts face daunting challenges. The complexities of consulting firms and the burden of personal branding are dissected, highlighting hidden costs. The risks of venturing into Amazon FBA and drop shipping are exposed, urging caution. Finally, listeners learn how to identify a business that aligns with their unique passions and strengths, emphasizing that the right fit is key to success.
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Mary's Costly Restaurant Failure
- Mary bought a losing restaurant franchise and partnered 50-50 without prior business experience.
- The venture failed with losses, partnership issues, and a lawsuit, highlighting restaurant risks.
Key Rules for Buying Businesses
- Avoid businesses with high failure rates like restaurants to protect your money.
- Buy only profitable businesses, avoid 50-50 partnerships initially, and choose ventures close to home.
Restaurants Are High-Risk Businesses
- Restaurants fail at 60% in the first year and 80% by year four, making them extremely risky.
- The restaurant business struggles due to fickle customers, staff challenges, and no bank support.