BUSINESSES YOU CAN START IN A RECESSION
Business Opportunities
Are recession-resistant businesses a myth? Is it true that they exist? What kinds of businesses can you start during a downturn? According to experts, these five start-up ideas are ideal for times of economic downturn due to consumer demand. It can be intimidating to become an entrepreneur, and starting a new business during a recession can feel even extremely risky. However, there are a few industries that have a history of performing well during economic downturns.
These five industries are those that other business owners believe are recession-proof, so entrepreneurs should take them into account when choosing new ventures.
1. Accounting
If you have accounting experience, starting a bookkeeping business during a recession is a great idea. Alex Smith, the CEO and recruiting manager of a customized e-commerce company, claims that companies that are serious about surviving depend on professionals to manage their finances rather than attempting to do so internally. He claims that businesses want less anxiety and stress during tax season and to ensure that every penny is accounted for. You could offer that service to them and develop a loyal clientele that would help you weather any economic downturn.
2. Cleaning services
In addition, Smith referred to industrial cleaning services as recession-proof, particularly in light of the pandemic recession when cleaning assumed a new urgency. Larger businesses that are unaffected by the recession may be more willing to pay for cleaning services because of the increased importance of maintaining a clean, healthy workplace, according to Smith. Smaller businesses that make an effort to provide a healthy work environment for their customers and employees may also be considered clients.
Additionally, residential cleaning companies are largely recession-proof. According to Mike Walsh, the CEO of CloudMyBiz, a company that provides cloud-based business solutions, cleaning is a crucial service. No matter the state of the economy, senior citizens need care, he said. Establish a company that offers these services because there will always be a need for caring for or cleaning for those who are unable to do it themselves.”
3. Reselling
People will still have to pay for necessities and reasonably priced luxuries like clothing and household goods even though inflation means higher prices. The co-founder and co-CEO of an eco-friendly women’s wellness company, Alexandra Fennell, suggests consignment shops, both physical and virtual.
Even in times of economic hardship, Fennel asserts, customers will be drawn in by the unique items’ competitive prices. Additionally, consignment store owners can immediately implement customer feedback and search for products that appeal to their audience, ensuring sales.
4 Recession Definition Freelancing
Being an independent contractor or freelancing is a good choice for work that is recession-proof. According to Steve Wilson, a financial expert and the creator of the financial review website Bankdash, “Businesses can save a lot of money by hiring independent contractors for specific tasks and activities. This allows them to pay for those duties separately as and when they are needed rather than having to hire permanent staff.”
Since businesses might not require or be able to afford full-time assistants but still have tasks that need to be completed, Wilson claims that virtual assistants are in high demand. A freelance virtual assistant can serve as a part-time assistant for many different clients. Businesses also require freelance writers, particularly for marketing copy.
Being a writer, according to Wilson, “evokes images of someone composing editorials for the New York Times or a book’s contents page,” “but it has more to do with producing material for all the business websites that require consistent new content to stay relevant and raise their search engine ranking.”
5. Property Management
Owner of Signature Properties Doug Greene asserts that even in hard times, people still require three necessities: housing, food, and medical care. Those looking to start a business should concentrate on these fundamental services in order to select a recession-proof enterprise.
This could be starting a property management company in the real estate industry, according to Greene. You can benefit from rising valuations and rents without taking on the risk of actual property ownership.
For Greene, “If you decided to manage short-term rentals, the only thing you would need to do is manage the house; you would then be able to take home 20-25% of the owner’s income,” Greene says. That is a low-cost business model that could grow quickly. It is best to launch this type of business during a recession because you can choose the types of properties you want to manage, set your own price, and incur no capital expenditures.”
For Business Ideas search the internet and do research
Starting a recession-proof business could be the answer to tightening margins and declining sales as consumers cut back on their spending, even though a recession is a frightening prospect.