20 Of The Dumbest Business Ideas To Kick Off In 2024

The COVID-19 pandemic has brought about unprecedented changes in the U.S. economy, leading to a surge in emerging trends and causing high uncertainty in the global business landscape. Despite the chaos, some industries have flourished in the new normal and presented numerous entrepreneurial opportunities. However, specific sectors have suffered due to the economic conditions of the past few years and have been listed among the top 25 industries in decline across the country.

CEOWORLD magazine conducted a study to identify the industries with the worst business ideas in the U.S. The study used data from the U.S. Census Bureau’s County Business Patterns program and ranked industries based on the percentage change in the number of establishments between 2017 and 2021. Only industries with an average establishment size of less than 20 employees were considered for the study.

Small businesses have been struggling in recent years due to the rise of digital media. As more and more people consume content online, industries such as print media, video rental, and newsstands have taken a hit. These businesses are also not making it onto the list of the youngest companies in the Fortune 500. Moreover, e-commerce has also affected small businesses that rely on physical stores. Online giants like Amazon have dominated the market, forcing independent clothing stores, shoe stores, and appliance shops to close their doors. For instance, the number of children’s and babies’ clothing stores has dropped by a staggering 41.3% in just four years. It’s a tough reality for these small businesses, and unfortunately, it’s not looking like things will turn around anytime soon.

1. Video Tape and Disc Rental
   > Establishment decline, 2017 to 2021: -30.5%
   > Total establishments, 2021: 1,169
   > Total employees, 2021: 4,900
   > Avg. annual pay, 2021: $30,970
2. Telecommunications Resellers
   > Establishment decline, 2017 to 2021: -46.2%
   > Total establishments, 2021: 3,026
   > Total employees, 2021: 29,430
   > Avg. annual pay, 2021: $67,787
3. Business to Business Electronic Markets
   > Establishment decline, 2017 to 2021: -43.0%
   > Total establishments, 2021: 378
   > Total employees, 2021: 4,352
   > Avg. annual pay, 2021: $60,316
4. Children’s and Infants’ Clothing Stores
   > Establishment decline, 2017 to 2021: -41.3%
   > Total establishments, 2021: 4,065
   > Total employees, 2021: 33,621
   > Avg. annual pay, 2021: $16,967
5. Travel Agencies
   > Establishment decline, 2017 to 2021: -41.1%
   > Total establishments, 2021: 9,263
   > Total employees, 2021: 74,669
   > Avg. annual pay, 2021: $88,128
6. Women’s, Girls’, and Infants’ Cut and Sew Apparel Manufacturing
   > Establishment decline, 2017 to 2021: -33.0%
   > Total establishments, 2021: 754
   > Total employees, 2021: 8,173
   > Avg. annual pay, 2021: $56,131
7. Home Health Equipment Rental
   > Establishment decline, 2017 to 2021: -32.3%
   > Total establishments, 2021: 1,859
   > Total employees, 2021: 23,620
   > Avg. annual pay, 2021: $55,702
8. Electronics Stores
   > Establishment decline, 2017 to 2021: -27.4%
   > Total establishments, 2021: 16,797
   > Total employees, 2021: 172,298
   > Avg. annual pay, 2021: $39,260
9. Footwear and Leather Goods Repair
   > Establishment decline, 2017 to 2021: -26.7%
   > Total establishments, 2021: 708
   > Total employees, 2021: 1,548
   > Avg. annual pay, 2021: $32,091
10. Consumer Electronics and Appliances Rental
    > Establishment decline, 2017 to 2021: -26.0%
    > Total establishments, 2021: 5,214
    > Total employees, 2021: 23,996
    > Avg. annual pay, 2021: $48,329
11. One-Hour Photofinishing
    > Establishment decline, 2017 to 2021: -24.0%
    > Total establishments, 2021: 92
    > Total employees, 2021: 239
    > Avg. annual pay, 2021: $28,615
12. Shoe Stores
    > Establishment decline, 2017 to 2021: -23.7%
    > Total establishments, 2021: 18,861
    > Total employees, 2021: 202,047
    > Avg. annual pay, 2021: $20,406
13. Formal Wear and Costume Rental
    > Establishment decline, 2017 to 2021: -23.2%
    > Total establishments, 2021: 726
    > Total employees, 2021: 2,825
    > Avg. annual pay, 2021: $42,744
14. Support Activities for Printing
    > Establishment decline, 2017 to 2021: -23.0%
    > Total establishments, 2021: 1,059
    > Total employees, 2021: 17,620
    > Avg. annual pay, 2021: $53,079
15. New Housing For-Sale Builders
    > Establishment decline, 2017 to 2021: -22.4%
    > Total establishments, 2021: 12,535
    > Total employees, 2021: 122,057
    > Avg. annual pay, 2021: $107,873
16. Scenic and Sightseeing Transportation, Other
    > Establishment decline, 2017 to 2021: -22.2%
    > Total establishments, 2021: 267
    > Total employees, 2021: 2,115
17. Direct Mail Advertising
    > Establishment decline, 2017 to 2021: -21.7%
    > Total establishments, 2021: 1,963
    > Total employees, 2021: 35,421
    > Avg. annual pay, 2021: $64,388
18. Stationery and Office Supplies Merchant Wholesalers
    > Establishment decline, 2017 to 2021: -20.1%
    > Total establishments, 2021: 3,546
    > Total employees, 2021: 60,442
    > Avg. annual pay, 2021: $52,160
19. Office Supplies and Stationery Stores
    > Establishment decline, 2017 to 2021: -21.2%
    > Total establishments, 2021: 4,475
    > Total employees, 2021: 48,612
    > Avg. annual pay, 2021: $24,925
20. News Dealers and Newsstands
    > Establishment decline, 2017 to 2021: -21.8%
    > Total establishments, 2021: 771
    > Total employees, 2021: 2,413
    > Avg. annual pay, 2021: $25,219

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This report/news/ranking/statistics has been prepared only for general guidance on matters of interest and does not constitute professional advice. You should not act upon the information contained in this publication without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this publication, and, to the extent permitted by law, CEOWORLD magazine does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it.

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