In recent years, the interest surrounding investing and accumulating an investment portfolio has skyrocketed. Many individuals no longer feel satisfied with just one source of income – the rise of the entrepreneur is in full swing.
When it comes to selecting what business(es) to invest in, it’s easy to feel spoilt for choice. Selecting the investment that’s right for you takes substantial research into both the prospective business itself and notable industry trends/challenges.
In this blog from PSD Codax, we talk through a selection of business opportunities regarded as the most profitable investments for 2022, noting the attractiveness of adding a car wash business to your investment portfolio.
For more articles relating to the mechanics of operating and investing in a car wash business, take a look at our blog. Articles include, A Beginner’s Guide to Mobile Payment Apps and Cashless Car Washes – Getting Started with this New Trend.
Car Wash Services
As the popularity of leasing high tech cars continues to rise, the typical vehicle owner is becoming increasingly high maintenance. With many car owners paying substantial sums for their vehicles on a monthly basis, it goes without saying that services involved in their upkeep would gain proportionate popularity. On the other side of the scale, there are trends indicating that drivers who own their vehicles are keeping them for longer – relying on services such as car washes to prolong their value and make the most of their purchase.
When assessing a potential investment, reviewing demand is near the top of any entrepreneur’s priority list. Car washes are always in demand. With the average UK household owning at least one car, demand for the convenience of car washes remains consistent regardless of location. When combining the noted trend in customer behaviour with this simple demand, this investment prospect can provide entrepreneurs with predictable, reoccurring revenue. For more specialist articles regarding opening and running a car wash, take a look at our blog.
For investors who live in or own property in a popular tourist destination, renting to holidaymakers can earn serious profit. As sites such as Airbnb and Booking.com continue to grow, this investment is accessible to almost anyone with the relevant funds/assets.
In the wake of the pandemic, more people than ever before are opting for UK staycations, so this investment isn’t reserved for entrepreneurs that own properties overseas. Holiday rentals offer visitors greater flexibility than alternative accommodation options and are projected to maintain their popularity in the coming years. In addition, holiday rentals can easily be upgraded to offer additional appeal for guests. These upgrades might include being pet friendly, offering catering services or even partnering with local businesses for local excursions. Optional upgrades are an ideal opportunity to earn additional revenue on top of a base line charge.
Unlike car washes, it should be noted that holiday rentals may not offer an income that is consistent throughout the year. Naturally, holidaymakers are more inclined to book stays around national holidays or summer months, especially those with young people in tow. This is definitely something to consider before making the investment – investors that do opt for this avenue may wish to pair this with a second investment that offers reliable income through quieter months.
Creating Online Courses
Another investment opportunity picking up serious traction is online courses. Entrepreneurs delving into this business offer resources on wide ranging topics that can be downloaded for a cost. Subjects covered might include academic topics, business topics, even language learning or self-development. Whether you choose to utilise your own specialist knowledge to curate content, or employ the help of experts in selected industries – there appears to be a rising interest in paying for resources of this type.
The popularity of such courses is likely attributable the changes in learning and working styles brought about by the pandemic. In addition to offering greater convenience, online courses limit the disincentive that full time study poses for prospective customers. Online classes make learning accessible to anyone at any time, so studying needn’t mean sacrificing other life commitments.
As the battle to gain a customer’s attention continues to be fierce, marketing and related services are extremely in demand. Marketing businesses allow a business to outsource a variety of their promotional requirements. Services offered might include graphic design, social media management or copywriting, to name a few. Regardless of sector, it is important that all businesses make ample use of the marketing devices available to them in order to build their brand and attract more customers. That being said, large amounts of the working population lack the skills to manage these needs internally – favouring the use of external marketing support.
In a society that’s more health conscious than ever before, exercise classes and gyms are in high demand. With fitness fans starting to ditch online workouts and head back to gyms post pandemic, there is no better time to invest in a gym or fitness studio. In addition to there being an increasing demand for fitness facilities, the variety of options available for fitness classes is growing rapidly – new and exciting ways to exercise are appearing all the time.
Investing in a gym offers a secure income that caters to the typical contemporary lifestyle. So regardless of ebbs and flows in seasonal business (peaks in the new year and summertime) regular custom is guaranteed. It is also notable that gyms and fitness clubs boast ample opportunities for internal diversification – this might mean adding restaurants, swimming pools and specialist sports facilities – all perfect opportunities to maximise revenue.
More from PSD Codax
Considering a car wash as your next investment? For more business insights and tips on maximising the profitability of your car wash business, visit our blog, our selection of posts cover a wide range of topics relevant to car wash owners. For more information about the range of carwash forecourt technology available with PSD Codax or to speak to our expert team, get in touch or visit our website.