Are These 3 Businesses Ones You Should Avoid?
A lot of videos on the internet tell you business ideas that you should start. In today’s video, Matt reviews a video that shares the three worst business ideas. Will Matt agree? You will just have to watch to find out.
There are tons of people out on social media giving business advice. Some of it is good advice, but most of it isn’t good. In this series watch CapForge’s owner react to different advice videos. He’s an expert in all things business and has 20+ years of experience under his belt. Some of the things he reacts to might even surprise you!
Video Transcript:
Business Advice Video:
Three of the worst businesses you can start today from a millionaire businessman. First, a clothing brand. Second, an independent restaurant. Fewer people are eating out these days,
Third, day trading. Most people that teach this are scammers.
Matt’s Review:
I agree with the day trading for sure. I think there is no good formula for consistent profits in day trading. If there was, or if there are, the people who figured it out are not sharing it. They’re ramping up, scaling up, doing it themselves, and making the money. Everyone who’s offering to teach you how to make money day trading is making money selling the day trading course, not from actual day trading. There just isn’t a good, consistent way to make a lot of money doing day trading. So that one is definitely out. The independent restaurant, it depends, right? Yes, a lot of restaurants don’t make it. They go out of business. They are failures. But there’s a lot of businesses that are restaurants that do very, very well. So the question is, do you have a concept that is unique, that is right for your area, that’s right for the location? Do you have personally the experience to make it work? Have you been doing it previously? Do you understand what it takes to run a restaurant successfully? If you do, and that’s your background, and you can pull it off, then you can make very good money with a restaurant. If you don’t know what you’re doing or you maybe know how to cook but you don’t know how to own a restaurant or run a restaurant, you’ve never managed one, you just have some cool recipes, I would say that is not a good idea. If you want to try it out, try it out at a farmer’s market. Try it out in a food truck if you’ve got the budget to try that. But a full-on you know independent brick-and-mortar restaurant with the lease, the build-out, all the costs associated with starting that up if you don’t know what you’re doing, you’re very likely to end up losing your money. And a clothing brand. Again, there are lots of people who’ve done very well with that, but it does take a lot of time and effort to start. So I would say if that’s the path you want to go down, you want to have a following first. You want to have an audience and a customer base first that you can launch a clothing line into, right? Rihanna probably doesn’t know a lot about clothes. The Kardashians don’t know a lot about clothes, but they have a huge audience who will buy basically whatever they will put their name on and then they can afford designers to help them and production people and whatever to launch. But you as an independent person with not much money and no brand and no loyal audience, it’s going to be much, much harder to launch a successful clothing. So it can work, but you’ve got to start from the right place and have the right resources and the capital or the brand equity to launch that successfully. Otherwise, I’d say there are many other businesses much easier to start, much more likely to be successful than trying to launch a new clothing brand.
