Andrew Carnegie sold Carnegie Steel to J.P. Morgan in 1901 for the equivalent of $13.5 billion in today’s money — according to the Carnegie UK Trust.
But his business blossomed from the connections he first made as an 18-year-old Scottish immigrant working as a superintendent for the Pennsylvania Railroad Company.
Since then, railroads have been intimately connected with industry and commerce in many western nations — so providing the services that helps them run smoothly can be lucrative.
If you want to start an enterprise that’s on track for success, here are three ways your business can connect with railways.
- Food
Train passengers tend to get hungry — so if you can supply soup, snacks and sandwiches to keep them satisfied, you could end up banking a hefty profit.
Depending on the route, rail carrier and ticket category, hot meals are also offered — if your culinary skills are advanced, more delectable dishes might also be appreciated.
And railroad catering also adapts as customers’ dietary desires diversify — if you can supply vegan meals for health-conscious commuters, you’ll be filling a niche that looks set to expand.
So if you’re confident you can provide quality fresh or pre-packaged food at a competitive price, contact rail companies to ensure your range is on offer in their food bars, dining carriages and trolleys.
- Accommodation
In the heyday of British railroads, private rail companies built some of the world’s most luxurious hotels — like Gleneagles, The Balmoral and Andaz London Liverpool Street.
Although you might not have the capital to construct an architectural classic, there’s still a demand for railway hotels for travellers on a range of budgets.
And if you open a commuter’s hotel close to a revamped train station in a town or city benefitting from major regeneration, your timing could be perfect.
Investing in hotel accommodation beyond the largest cities is a gamble — but if you can piggyback on the success of a reinvigorated area that may emerge as an economic powerhouse, your keen judgement may be rewarded handsomely.
- Infrastructure repairs
Engineering ingenuity helped the railroad industry develop at an impressive speed — but a lot of effort goes into maintaining, repairing and upgrading rail infrastructure.
So providing the maintenance support that keeps trains running safely and efficiently has developed into a multi-billion dollar business sector.
Whether your firm can provide catenary wire for overhead lines, perform track debris removal and tree cutting or design high-speed track turnouts, securing a contract from a large private rail organisation or government agency might enable you to thrive for years to come.
Health and safety’s important in every industry, but it’s vital for rail transport — so infrastructure repairs and maintenance might prove the perfect focus for your entrepreneurial vision.
So there are three ways your business can connect with the railway industry for a fast track to success and a first class future.
Do you work in the railroad industry? Share your thoughts in the comments section.
