Business

4 Businesses You Should Invest in That Can Stand The Test Of Time.

When researching for a business to start, one aspect people unintentionally sideline is the business that can stand the test of time. Not thinking in this direction may have an effect later on.

There are many businesses to do either online or offline. However, doing any business requires that the person have knowledge about the business, and also, weigh the merit and demerit before venturing into such business.

With the growing spate of technology, businesses are evolving, and to remain relevant in any industry, it is important to follow trends.

Every business is meant to solve a particular need, therefore, when planning on a business to do, you should put into consideration factors such as costs, demand, availability of products/materials, government policy, and environmental factors.

According to Maslow’s hierarchy of needs theory, the basic need of man includes food, shelter, water, and clothing. Carving a business idea in any of these lines of business can be a starting point for a would-be entrepreneur.

The aim of running a business is to make money and create room for expansion. Some macro- businesses once started as small- scale businesses, but with time, it boomed because the business owner has a ‘vision and plan’ which worked out perfectly.

Starting a business and ensuring that the business is not short-lived is the desire of every entrepreneur, but the unexpected can abrupt this from happening. Therefore, it is expedient that when planning for a business to start, proper research must be carried to ensure that the business can stand the test of time.

For posterity’s sake, establishing a business and see that it continues is the topic of discussion in this article. Many startups in their first-second year of the establishment once recorded enormous growth, but along the line experienced some hitches which they could not survive, and that led to the collapse of the business.

A business can crumble because of inadequate preparedness, bad government policy, and financial constraints. While some businesses have been able to stand the test of time.

Are you thinking of starting a business that cannot be affected by unfavourable conditions?

Some will be listed here. Businesses that can stand the test of time. These are offline-based businesses but can also have an online presence.

Read also: Thinking of starting a business after the end of coronavirus pandemic?

Businesses that can stand the test of time.

 

  1. Food business

Food is one of the basic needs of man. Businesses that can stand the test of time. We eat to live. Therefore, it is a necessity. If you are planning to establish a business, you should channel your idea into becoming a food producer.

The amazing thing about this kind of business is that whether there is war, an outbreak, etc, people must eat.

How can the food business stand the test of time? Food is essential for human beings to live. Investing in agriculture or starting an agro-company is a business idea. To do this, it is important to own a farm.

Agriculture is ‘big business’, and if done properly, this business can continue. With the advent of technology, farming has become lucrative that there are simple farming tools that will help improve productivity and reduce labour.

Apart from owning a farm, you can still act as a middle-person in the agro-business, or better still, you may decide to buy farm produce directly from farmers and resell to the consumers.

2. Pharmacy business.

‘Health they say is wealth’. It is only a healthy person that will be available to do business. This brings us to the importance of establishing a pharmaceutical company.

People can fall sick at any time especially when there is an outbreak, famine in the land, and will need drugs to treat that illness to get well.

Pharmacy is a great business that can stand the test of time. Businesses that can stand the test of time. The interesting thing about running this kind of business is that you do not need to be a pharmacy graduate to establish a pharmacy business, but, you must ensure that that you hire a graduate pharmacist, and register the pharmaceutical company under the appropriate authority.

Pharmacy is an essential service business and it is expected to remain open even when there is a crisis in the land.

How can pharmacy stand the test of time? The two possible ways to treat illness are through modern medicine( pharmacy) traditional ( herbs) but the most recognized method by clinical experts is modern which means, the demand is high and cannot easily be fazed off.

3. Telecommunication business

The era of writing letters is over. Now, with the telephone, the internet, communication can be carried out effectively. Telecommunication business is very lucrative and can stand the test of time as the possibility of going back to the stone age of letter writing is phased-out.

Big players in the telecommunication business are making it big time and the business is still gaining momentum. Businesses that can stand the test of time. The telecommunication industry is made up of 3 sub-sectors/industries which include selling telecom equipment, telecom services, and wireless communication. Investing in any of these can continue most especially, the telecom services that include selling of data and call tariffs.

4. Auto repair business

Talking about businesses that stand the tests of time, the auto repair business is one of them. No matter how new a car is, with time, it can experience wear and tear and will need some servicing.

Recently, one of the ways to spot problems is to use computerized software to run a diagnostics on the car to detect fault before fixing the issue. Businesses that can stand the test of times. This sounds interesting, thereby making the business one that stands the test of times.

The auto repair business is not the popular road-side auto mechanic. This is an advanced way of troubleshooting faults in a car and to get this done, it will need the service of an expert.

Therefore, investing or starting this kind of business, will not only give you money but will continue to thrive.

Conclusion

All businesses are lucrative but some stand a better chance of surviving than others. Businesses that can stand the test of time. With these businesses listed, it will give you money and also stand the test of time.

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