LONDON — Investors should set their sights on businesses that are already established to help minimize risk when starting a new venture, according to smallbusiness.co.uk.
“There are new businesses popping up all the time, but whether they make it or not is another story,” stated the article. “With the harsh realities and statistics to back it up, a depressing 50 percent of startups don’t make it past their first year in business.”
Among the website’s top five types of businesses to buy right now, continued the article, is a hand carwash.
Over the past 10 years, hand washes have grown considerably, reported the article, and these wash types are popping up in several different locations, including old public car parks, around local supermarkets and at petrol stations.
“There’s hardly any space that can’t be easily adapted to allow the setup of a hand carwash, however you must abide by the government regulations,” informed the article. “Aside from the rental costs, the main appeal of this business is the low setup cost.”
Location is a crucial factor for any carwash business, noted the article, and the best sites are near residential and shopping areas.
“If the customer can leave [his or her] car with you and go shopping, it disguises [the] waiting time and adds that all important sense of satisfaction,” explained the article.
Other business types featured on the website’s top five list, added the article, include: an online business, coffee shop, senior care and restaurant.
You can find the article here.
