Skip to content Skip to sidebar Skip to footer

5 Businesses That Are No Longer a Good Idea for 2023

someone found a business idea

They guarantee that you will  lose money if you start with them right away.

Many large companies and people started  taking ideas from  established companies and successful online companies and improving their weaknesses.

For example, Uber Eats' Doordash, GymShark's Nike, Adidas,  Puma, and all the streaming companies that have built platforms out of their success.

Netflix. But what was a good option in the past is no longer a good idea for many businesses. Knowing them will help you make better decisions about the business you want to start in 2023.Here are 5 of them there is one.

Any dropshipping store

When dropshipping first took off, it was the ultimate way to make six-figure annual revenue for just about anyone who decided to start a business.

With hundreds of Youtube videos from multiple influencers, this is the best business ever and most have made their fortunes in a short amount of time. There are so many businesses of this kind (over 1
0,000 stores opened) that 90% of them fail.

The odds of success are so low (between 1 and 5 according to CloudWays) that people had to lower the price to make it attractive, but depending on the provider, the returns aren't that great.

Even if you don't have an audience, you must set aside at least $300 for advertising. So if you want to make 5% of your profit, you need to sell at least $10,000 worth of product to make just $500, and you need to keep more than half.

Besides meager profits, there are other problems you may face in this business, such as legal liability issues, no control over his chain of supply, and poor product quality.

Airbnb rental.

Airbnb has been a great concept from the beginning, but it's not about renting out empty space and making extra money for short-term travelers like it used to be. 

people started using this platform to serve like a hotel, but with less quality control and less risk, the profitability of the business decreased.

In my article, "The dark side of his Airbnb that no one talks about, is why it's keeping me from investing," I explained all the reasons why Airbnb is no longer a good business. Here are the main points to know before investing:

  1. Short-term renters can damage or steal your property, but you have no repercussions for them. This is additional money that is not counted when starting this business.
  2. 's tenants also complain about fictitious things about your property, and there's nothing you can do  about it. The biggest problem is that if  Airbnb drops below.
  3. .5, the property will no longer be listed as a good place to stay.
  4. The reservation may not  cover the rent. Most influencers glorify this business, but just listing your property there doesn't guarantee a profit.
  5. Poor quality control is causing most people to return to hotels, which may affect  where this airbnb is placed.

The main problem you may have with the business is that the real estate market is in a bubble right now because of this business the real estate prices are ridiculous. So, if you buy a property, its price may decrease later due to this problem.

Any cryptocurrency related business.

Cryptocurrencies have gone through many  ups and downs since their inception in 2008.
Between 2020 and early 2022, Bitcoin had an ATH, which resulted in many projects and businesses and new ways to make money.

Crypto games started making money while playing, B2B company creation helped people get companies to do business with it, and the NFT market became so popular that people went crazy.

0, $100 and even $500 per token are now worth less than $10 and many exchanges are closing their doors due to  lack of cash flow.

Companies that prevent people from leaving their homes.

In 2020-2021, companies offering services to prevent people from leaving their homes were practically the idea of ​​free and easy money. With the pandemic, people did everything they could to stay at home, and many companies made it possible.

One example was the Peloton Company, a fitness company focused on home exercise equipment, whose sales were at an all-time high at the time.

However, in 2022, almost all companies that provided these services went bankrupt, as people preferred traditional services and facilities to overpriced bicycles.

I think anything that helps people stay away from home is not a good business idea, because many people still work from home, they look for things to help them get out of their routine, like shopping. buy things from an app or go out for exercise instead of staying in one place and using an e-bike.

Graphic and branding design business and freelancers

The graphic and branding design business, especially at the dawn of the digital age, has been very profitable for a long time. Nowadays, however, many AI tools and platforms even allow you to do this for free or for a small fee, without having to hire anyone.

sites like Canva, Smashing logo, Snappa and WordPress have become so popular that people don't want to hire creators like they used to. And many companies have their own designers and advertising companies that do some projects for them.

I think graphic designers are evolving into UI/UX designers because they are more in demand worldwide due to the amount of software available, so people are moving into this career to specialize their skills.

They also combine these skills with other skills in higher demand such as video editing, marketing consulting, social media and advertising.

Although you can still find freelance work for drawing, the skill alone is not as lucrative as it was years ago.

Post a Comment for "5 Businesses That Are No Longer a Good Idea for 2023"