The Money Podcast Worst Business Ideas | The Worst Business Models of 2024
Rob blind ranks the worst business models for 2024 in this episode. He talks about why these are the worst businesses to own right now but also gives advice and tips on running them profitably if you are still considering it!
KEY TAKEAWAYS
1. Restaurant. There can be a lot of staffing issues, overheads and wastage is also very high.
2. Laundromat. You have to pay rent, rates, equipment, security and more. You also have to be careful about the areas you choose to set up in, how much volume will you get?
3. Estate Agents: There are a lot of firms that have decades of experience, it’s traditional and old school. It’s slow and has high overheads.
4. Gym: Fitness is a massive industry and it still evolving but it is a highly competitive space.
5. Clothing brand: Changing fashion trends can be an opportunity. But buying stock can be expensive and complicated, there are a lot of overheads.
6. Social media editor. It’s lean, you don’t need anything apart from your phone to get started.
7. Social media agency. Everyone is on social media, you have a global audience and potential customers.
BEST MOMENTS
"The better you know social media the easier it is for you to sell that knowledge to other people”
“Sales cures all”
“There’s a lot of gyms, what makes yours different”
“There’s no revenue like recurring revenue”
VALUABLE RESOURCES
bit.ly/Robsupporter
ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
CONTACT METHOD
Rob’s official website: https://robmoore.com/
Facebook: https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn: https://uk.linkedin.com/in/robmoore1979
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