In the entrepreneurial world, much attention is given to groundbreaking startups and disruptive innovations. But there is a growing opportunity that many are overlooking: boring businesses. Historically, owning a small business or taking over the family enterprise has been a tried-and-true path to financial security. However, younger generations today are less interested in owning traditional businesses, largely due to the misconception that success means creating something revolutionary.

Millennials and Gen Z, who grew up in the digital age, often feel pressured to start businesses that will shake up entire industries. But in doing so, they overlook the essential, everyday businesses that drive local economies. Every neighborhood needs grocery stores, plumbing services, pharmacies, and pet shops. These businesses may not sound glamorous, but they are essential to the fabric of our daily lives—and they are often very profitable.

What makes these “boring” businesses appealing is their resilience. Unlike risky startups that can be swept away by market volatility, traditional businesses have proven their stability over time. Moreover, they often require less capital to acquire, especially when purchasing from retiring owners, compared to launching a business from scratch.

One of the biggest advantages of acquiring an existing business is the built-in customer base. You can step into a business that is already functioning, eliminating the need to spend time and money finding your market. With Boomers retiring in large numbers, a wealth of small businesses will soon be available to purchase. In Australia, for example, over one million small business owners are expected to retire in the next decade. Similar trends are happening in rural America, where small businesses are closing due to a lack of successors.

In South Africa, though exact statistics are difficult to find, there is a clear need for more small businesses. Currently, there are only about one million formal SMEs serving a population of 63 million people. Small and medium enterprises (SMEs) play a critical role in South Africa’s economy, contributing around 34% of the country’s GDP and providing 60% of its jobs.

The solution to South Africa’s economic challenges might lie in these humble, everyday businesses. Instead of focusing solely on high-tech innovations, we need to encourage entrepreneurs to see the value in acquiring or starting traditional businesses. These businesses might not promise fame or disrupt industries, but they offer financial stability, low barriers to entry, and a higher chance of success.

As author Abed Tau noted in his book Searching Through Dustbins: Boring is good, stay away from exciting if you want to be rich. Low-risk, essential businesses might not make you the next Elon Musk, but they could offer the financial freedom and success that so many seek.

In my next article, I’ll dive deeper into the benefits and potential of purchasing an existing, boring business. Stay tuned!

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Read More:-The Essential Role of Small Businesses in South Africa’s Economy