Especially for businesses that aren’t quite stable, they cannot withstand recession under any circumstance. However, while this sounds like something not admirable, it is actually an opportunity for some businesses to thrive. This document will outline your business goals, strategies, and financial information. Starting a recession-proof business is not as difficult as you might think. Finally, e-commerce stores are usually very flexible in terms of their hours of operation.
With rules and regulations getting more complicated and confusing, consulting experts seems to be the go-to move. Services offered include tax preparation, bookkeeping, and invoice outsourcing. Our partners cannot pay us to guarantee favorable reviews of their products or services. Diversification — whether that be through pursuing more target markets, offering more products or services, or adding more distribution channels — can help you alleviate that risk.
There are even many famous or historically successful businesses that were started during recessions. Disney was founded at the beginning of the Great Depression in the late 1920s, while the Hewlett and Packard electronics company started work in the next recession https://www.bookstime.com/articles/best-recession-proof-business-ideas-to-start that followed in the late 1930s. Recessions are uncomfortable for most, and it can be difficult to plan for hard times when things are going well. In addition to financial uncertainty, the added stress of a recession can mount to create heightened tensions.
Businesses regularly need cleaners to sanitize and disinfect lobbies, bathrooms, employee workspaces, and other public areas. However, it’s possible to start small and offer personal cleaning services to your neighbors or small businesses first. Typically, high-net-worth individuals (HNWIs), or people with $1 million in assets or more, have more disposable income. This simply shows how significant the healthcare sector is during all economic times as compared to other sectors.
While you can always start from scratch, you should also look at franchises in the abovementioned industries. Let’s be practical; people will always look for someone to share their life with regardless of financial circumstances. When I was living in Barcelona there was a site called TheHealthiestBCN and it was like $10 bucks, really healthy, and they bring it to your door! I think you’d be surprised how much people would be excited to pay you for things you already enjoy doing for free. Send them free examples up front or offer to make an alternative thumbnail for the next video they make. If they get more views and/or earn more revenue from the video, ask them for a cut of it.
In addition, many of software services are fully integrated into business processes, so companies can’t afford to ditch them during a recession. Business consulting includes a broad range of professional services other companies need help with, such as strategy, market research, or public relations. Consultants or consulting firms are meant to help their clients by solving specific problems or issues, often saving them money.
One of the recession-proof business ideas includes selling baby products. No experience is required to start something of this kind, only an entrepreneurial spirit. If you decide to go into the baby-product business, you could earn substantial profits. Due to the elasticity of demand, recession-proof industries are usually in essential services, like health care, senior services, grocery stores, and maintenance, such as plumbing and electrical. In our technology-driven world, streaming services, video games, computer equipment, cybersecurity, and IT support are among the best businesses in a down economy.
They might order things for themselves or give them to family and friends as gifts. Courier services also don’t stop when there’s bad weather, so you can keep your business going. Even during an economic downturn, people may still need the help of lawyers or total law firms. Once you do, you can help people plan their financial futures to get through a recession. Did you know that only about a quarter of companies survive for at least 15 years? If you want to be part of that statistic, you should look into some businesses.
Keep reading to learn what businesses to start and why recession resistance is so important. Melissa King is a freelance writer who helps B2B SaaS companies spread the word about their products through engaging content. Outside of the content marketing world, she sometimes writes about video games. Elliott Davidson also owns a cycling eCommerce business called Unsponsored that survived the pandemic downturn because of its small scale and low average order value (AOV). Since customers didn’t have to spend too much on Unsponsored’s products, they had fewer objections to purchasing.
Historically, gold prices have remained stable — or even experienced an upswing — during recessionary periods. According to data from Schroders, a global investment manager, both gold and gold equities have performed well through five of the past seven recessions going back to the early 1970s.
Virtual assistants are a great way to make money while you stay home and take care of your kids or elderly parents. You can work as a virtual assistant for companies or individuals, and you usually only need a laptop and internet access to start working. When you’re getting started, it’s helpful if you can take a broad approach and offer a wide variety of services for seniors. Almost everyone has a senior in their life, so finding your first client through your existing network should be a realistic goal.