#1 Events

When it comes to businesses that many want to open, their thoughts run toward the idea of becoming event planners. And while you may have the organizational skills that it takes to be able to be in charge of all types of events, from baby showers and weddings to corporate events and graduation parties, you can never know if this type of business is going to be a one-way ticket to bankruptcy.

This can happen because of two things, both of which are just as important. One of the things you could run into is problems with suppliers. A lot of small event companies end up being successful because they partner with other small and local businesses or because they have connections in the industry (be it venues, caterers, or flower shops, for example). Starting out from scratch can prove very difficult if you do not have any sort of connections since you are not the only company around and competition is steep in this field.

The other issue that could arise is related to COVID-19. While it may seem like it is behind us, the virus is still around, and if there is an outbreak, it could mean the end of your small business. Since you cannot guarantee that nothing will happen and insurance for cancellations is close to impossible to get even now, it is a big gamble to undertake, and you could see all your hard-earned money go down the drain if you start such a business now.

The event industry was hit the hardest when it came to the pandemic, and it is still in a shaky spot, so starting now is way too risky!