AVOID These Businesses

Anyone disagree?

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All content on the Codie Sanchez YouTube channel reflects my own opinions and should NOT be taken as legal advice, financial advice, or investment advice. Please seek out the guidance of professionally trained and licensed individuals before making any decisions. Some links in the description may be affiliate links.

[Jaron]

Don't chase money, chase problems with solutions.

[Hannahbenowitz]

My main concern now is how can we generate more revenue during quantitative times? I can't afford to see my savings crumble to dust.

[lisalisa]

My husband succeeded in the restaurant industry with several different types of restaurants by having extremely extremely extremely high quality and working his butt off to maintain it. Like he smells it. He rejects imperfect product. Being extremely clean. Having great service. Also he comes from a line of epically good cooks...his original restaurant has been open 24 years. And he has 3 different types or brands of restaurants. He also pays his employees way better than normal employers and does everything to help them.

[RANGER]

Don't start with a restaurant, start with a "food truck" type setup. Lot cheaper to see how the public loves you.

[robindhood]

I knew someone who opened a restaurant in NYC, her problem was she received a favorable review in her first year from the NYT. She told me that she was not ready for the rush of additional traffic, had not secured quality supply chain of products to meet the new demand, quality & service suffered, the crowds went away and soon she was out of business.

[vickisnemeth]

With software companies, you're not seeing the whole picture. If it costs almost nothing to start up, it doesn't matter if it's going to fail. A software founder could start a new company every year until they get a good one, so yeah that would drive the failure rate up, but doesn't make it a bad niche.

[michaeloday]

Plumbing, Framing, Lawn Care, Electricians, Mechanical Work, Home Repair and Concrete Paving ate all highly successful businesses.

[jayndermohan]

Only way you fail is that you don't start. Either you win or you learn.

[normanlindgren]

I became a self-employed, qualified horticulturalist and gardener at 47 because I was unemployable because of my age. No one told me that I was too old to mow their lawn or weed their garden. I made much more $ per hour than a labourer or shop assistant.

[ColinClaypool]

I've had my retail store for 10 years. I had 2 locations for three years prior to 2020. Now I'm launching my own brand to do what the major suppliers in my industry aren't, support the success of the brick & mortar stores.

[mairedaly]

About to start a quirky independent bookshop in a small town. The only reason we're doing it is so our town looks nicer & we wind down into retirement. It wont' make much, but it won't need to as we bought a small building at the bottom of the market & no mortgage or rent, so that's huge

[zch]

Restaurants only work if you love to make food. If you want to make money you will cut corners and people will find other mediocre food to eat. If you love the food you make, they will come back

[jeffkeenan]

Restaurants are trendy. When a new one opens, everyone wants to go, so the owner thinks it is successful. Then a different restaurant opens and people gravitate to that. First restaurant fails. Then a third one opens and customers abandon the 2nd and go to the third. Etc, etc….

[walternapasky]

According to her logic. If you’re not making $1 billion a year in software then your failure. I guess there’s a lot of failures out there who are only making 20 million a year. I feel so sad for them.

[Olurii]

8 company types that would pay well if you could solve their most pressing problems that usually lead them to the point of failure 🤔💡

[karljames]

Can confirm about auto parts. I worked for a company in the UK for 20 years that eventually went under due to cheaper parts being imported from China

[michaelhamerin]

Spot on with restaurants. I can't tell u how many people think it's so easy. U have to LIVE this business for at least 3 to 5 years before you see any profits at all. Then it takes another 3 to five to build a base of returning customers, large enough, to support it. Now, if u survived, u can grow it. Franchises have a little better edge, but that's a different animal with it's own set of challenges.

[john-carlosynostroza]

Dang, I was just about to run out and start my own newspaper

[eddieyu]

One Harvard MBA woman went back to Taipei, and open up a lunch box central kitchen serving 50K meals a month to industrial park white collars.

[rickstoner]

Become a craftsman ... create great service ... hire motivated staff ... pay well and treat them like family ... keep them top educated ... best equipment ... create a positive culture ... give freedom for any personal needs ... don't count hours, reward results ... include the team into major decisions ... then success is unstoppable !