Funeral homes are no longer recession-proof. The new challenge for funeral directors is figuring out howto serve changing customer needs and still make money. Why is death a dying business?
Are funeral homes making money?
Many funeral companies are also making more money during the pandemic. Houston-based national funeral giant Service Corp. International reported recently that it brought in $280 million more revenue in 2020 than in the previous year.Mar 2, 2021
Is funeral home a lucrative business?
Whether you're a funeral home employee or owner, it pays to help people pass on. It might not be for everyone, but working in the funeral service can be a profitable career move. A non-managerial employee can earn around $57,580 per year with an associate's degree, according to the U.S. Bureau of Labor Statistics.
Which sectors are recession proof?
- Health Services. When it comes to recession-proof industries, health care is top-of-mind.
- Social Work. The social work industry is considered recession proof because the demand for social workers doesn't decrease simply because of an economic downturn.
- Financial Services and Accounting.
How does a funeral home make money?
Commissions As Profits Some funeral homes partner with life insurance companies to provide the policies used to fund a pre-need contract. In those cases, it's common for the insurer to pay you a commission once the contract is executed.
What sectors do well during a recession?
That said, if you have cash to invest, you may want to consider buying recession-friendly sectors such as consumer staples, utilities and health care. Stocks that have been paying a dividend for many years are also a good choice, since they tend to be long established companies that can withstand a downturn.
Who makes the most money at a funeral home?
The highest 10 percent of embalmers make more than $69,900 per year, or $33.61 per hour. Embalmers in the lowest 10 percent income bracket earn $23,600, or $11.35 per hour. An embalmer working as a mortician or funeral director earns a median annual salary of $51,850, or $24.93 per hour.
Are funeral owners rich?
Top-earning owners are said to make over $92,000, according to Career Trend. To start your own funeral home, you'll need between $150,000 and $300,000 to open a small-scale and intimate mortuary, according to Small Business Chron.
Problem areas in the industry include high costs, fraudulent prepaid funeral plans, high-pressure casket sales, sales of unnecessary products and possible environmental pollution at cemeteries.