Business & Economy

4 of the worst industries in South Florida to start a business in right now

Some of these are the worst industries in South Florida and are struggling to grow through the recession

As the entire world undergoes a period of recession and inflation, many industries are taking a hit. Globally, some industries continue to thrive while others have seen a slow-down either due to the pandemic or the ongoing increase in fuel, and it’s important to identify which are the worst industries in Florida becasue they are also some of the worst hit industries.

If you’re looking to invest in, start businesses in, or looking for jobs in the following industries, here’s what you need to know about them:

Worst industries as well as worst hit industries

Events management and planning

It comes as no surprise that event management and planning is one of the worst-hit industries in the COVID-19 pandemic making it one of the worst industries to get involved with.. People are still unwilling to socialize the same way as before, and businesses can no longer afford to host large events and parties either.

Even though there is an upward tick in events, it’s not the best industry to break into if you’re a beginner or looking for work opportunities because there is very little room to grow at present. It’s important to understand that clients are less likely to trust newcomers with high-stakes events, and breaking events is going to be more challenging.

Restaurants and eateries

You might be surprised to learn that the restaurant industry is one of the most volatile, despite being profitable. COVID, recession, rising real estate, and supply costs affected restaurants in the worst way possible, forcing many businesses to shut their doors.

Many businesses downsized and scaled down, switching to online or pickup and delivery services only. One of the biggest impacts of covid was millions of workers in the restaurant industry losing their jobs as a result of these measures as the industry struggled to get back up. Restaurants and food businesses are high-risk businesses in the first place, with many failing within the first 3-5 years of launching.

A businessman looks stressed as he works at his computer.

Boutique hotels

Much like restaurants and eateries, hospitality is another one of the worst industries to start out in. Hotels tend to have some of the most exclusive infrastructures and experienced teams, but managing boutique hotels get more intensive.

There’s a certain charm and novelty to them, but what makes them difficult to launch and maintain is the high cost of making them work. Not only are they a lot more exclusive, but the staff and personnel required to manage their demand for higher pay are not always worth the investment.

Bitcoin and cryptocurrency

In general, Bitcoin and cryptocurrency are among the most unstable forms of investment. While it can pay out big, it’s very difficult to predict how it’ll go and when it’s a good time to pull out with your earnings. The crypto market varies daily, making it quite the high-risk venture for many people in South Florida and also considered one of the worst industries to get involved in.  

On the other hand, Miami is home to some incredibly exciting industries too. You might be surprised to learn more about which industries you can invest in, work, or launch businesses in and find viable investment options for your business.

You can get more business and economics-related advice and recommendations when subscribing to our news publication. We’re covering all the things you’d want to know about current events, major happenings, and updates from Miami, including news, events, and much more.

Stay up to date with the latest news from Miami

Add Comment

Click here to post a comment