On the face of it, working in the industry that we generally categorize as death may seem, naturally, on the morbid side. However, there is an abundance of skills that are essential, regardless of what part you work in. You spend a lot of time meeting new clients and building working relationships while also being sensitive to their needs, but you also need to make sure that you deliver a comprehensive service from beginning to end, so that you can create that customer journey.
If you are an entrepreneur and you are considering what industry to venture into, there are a number of reasons why this one is an excellent business choice for entrepreneurs:
A Growing Market for New Approaches
The fact is that we are an aging population, and the demand for funeral services is expected to rise, creating more opportunities for change. Coupled with the fact that there is very little in the way of adaptation, there is room for innovation.
With so many different niches in the market, you can see very particular subsections of the industry. Even businesses like Hilton Funeral Supply cater directly to funeral professionals, and with so many opportunities for entrepreneurs to introduce new ideas and disrupt the traditional markets, there is undoubtedly going to be a sea change at some point.
Steady Demand
Death is an inevitability, and it’s something that we seldom talk about, but from a business perspective, this ensures a stable market for services. There is a reliable customer base, but we also should recognize the fact that the market is dominated by private companies and multi-generational family services, meaning there is potential for high profitability. In the UK, the funeral industry is worth approximately £2.7 billion, and in the US, the market value is projected to reach $40.7 billion by 2032.
The Opportunity to Provide Meaningful Work
If there’s one mistake many holistic entrepreneurs make, it’s that gradually they become more hypnotized by the money rather than the work. Funerals are expensive, and this means that you don’t need to continually up your prices, but it’s actually something that you can avoid because you have great opportunities to give meaning not just to the person who passed away but to everybody involved.
Of course, there’s a whole wealth of well-being considerations here, which is why it’s so important to be aware of your own abilities to deal with heightened emotions. But you have the opportunity to support and comfort those navigating the complexities of grief, and this makes your work greatly impactful and fulfilling.
A Recession-Resistant Business
Many organizations struggled in the face of COVID, and it is one of the few recession-proof industries, making it a relatively stable choice during any economic downturn, meaning there is financial security.
The business of death, for all of its trials and tribulations, is a sensible business choice. It is vital that when you are looking for the appropriate industry, you consider the big issues that can impact a business. The business of death is ultimately one that can be profitable, personable, and professional, but also replete with purpose.
