Top Businesses to Survive 5+ Years
You've hear it said, that 90% of business fail in first 4 years. There's been a lot of research, and argument on that specific statement, however no one can dispute that failure rates are extremely high. So what if we looked at over 5 years, as a benchmark. If a business model is more likely to be in business past the 5th year, then it would merit some consideration. At the very least, a short review to consider WHY they make it past 5 years.
Apartment Building Operators
Vegetable Crop Productions
Office & Clinics of Medical Doctors
Child Day Care Services
Keeping the Faith
Number 1, religious Organizations, like it or not, often file for a form of licenses within their jurisdictions. While they may be represented as a Church, Mission or Community Outreach program, these organizations depend on regular revenue (contributions) and are least likely to disappear within the first 5 years. I am the last person to suggest that religion is a business. In fact, mixing religion and business often spells trouble. None the less, statistics indicate religious organizations to have the best life-expectancy. Success is built on Faith. The faithful followers continue to return, keeping operations... operational.
Unless you've been living under a rock, an economic and housing crisis has struck everyone. Debt, Income, Personal Credit and locally imposed property taxes form hurdles which have changed how we live, in a major way. We've always had apartments, however growing numbers of individuals are moving from homes to apartment living each day. Amazingly, we've also noticed tremendous jumps in apartment rental prices. Demand has driven the success of Apartment complexes, and the management thereof. It doesn't look like this trend will reverse any time soon, placing Apartment Building Operators as number 2 of Top Businesses to Survive 5+ Years.
Where's My Veggies?
With population growth, viable agricultural property grows limited. Compounded by the growing demand of the population for food, these businesses can be very lucrative. They do face challenges. To a large degree, the success or failure of a farmer is determined by weather and irrigation. Even with the risk of too wet or too dry conditions, the mentality of seasonal planting and harvesting lend the farmer/businessman to think and work long-term. This patient long-term thinking and working may be the principal reason for being number 3 of Top Businesses to Survive 5+ Years.
Offices and Clinics often provide personal medical services to communities, and in a timelier manner than hospitals. It seems the key contributing factor to Medical Clinics and Medical Offices being number four of Top Businesses to Survive 5+ Years, would be due to efficiency, convenience of their community location, and personal attention. Of course, we can't say it's cheap. Medical costs seem to be expensive, no matter where you go.
Institutional Baby Sitting
Institutional baby sitting... Institutional raising of our children, no matter how you frame it, child day care services are businesses. At number 5 on the Top Businesses to Survive 5+ Years, this sector will continue to grow. Parent's have long struggled to manage a job, while providing child care to their children. It's not easy to work and maintain a lifestyle, and raise children, without dependable and safe child care options. With the difficult economy, parents are struggling to find work, and dependable child day care services for their children. Businesses which meet these needs will continue to grow.