The Most Reliable Businesses to Start in a Recession
Economic downturns are inevitable –there are simply too many factors at play in a large economy, and both up and downswings are going to occur. The trick to this is to make sure that you have a plan for any scenario, and to also have the courage to step outside of your comfort zone if you need to. One such example of this is starting a business during a recession. This can immediately sound counterintuitive –who would ever start something up when the economy is taking a turn for the worse, after all?
The reality is that there’s actually some great opportunities that exist for diligent prospective business owners who are willing to take on some risk.
An economic downturn can mean a lot of financial insecurity for businesses both big andsmall. Business owners are concerned, as they still need to figure out how to pay suppliers and employees while keeping up with various other expenses like utilities and tax payments that are due regularly. They want to work with trusted advisors during these times, and a good accounting firm can be exactly that.
Mid-range luxury items
During recessions people can sometimes feel stifled and deprived when they’re always cutting corners and counting pennies, which they feel obligated to do. There is an opportunity there for an entrepreneur to enter the market as a mid-range luxury goods provider, such as an ice cream shop that sells handmade treats that are a step above the chains. It can fill a need for customers in your area by creating a specialized retail experience that includes that handcrafted and specialized touch people need, but at an affordable price point that won’t appeal to just a small segment of your market.
Home staging services
If you have an eye for design and have always wanted to see howfar you can take it, then a home staging business might be a great area for you to explore. Selling homes becomes all the more difficult in a recession, and an attractive staging of any house can really give it that extra push to appeal to that one special buyer that any seller needs. Empty homes do not sell as readily as ones with the right mixture of “real life” on the inside, and a home stager knows what it takes to give houses that look where it looks both beautiful and ready for a buyer to picture themselves inside.
Tutoring is appealing because it’s basically recession-proof anyway –there will always be a market for people looking to improve their studies. Recessions also tend to make people re-evaluate if they want to go back to school, so tutoring and test preparation become hot markets for those who have the commitment and expertise to enter that field.
Working in a recession can be a stressful time, and it seems counterintuitive that it might be a good time to start a small business, but there are fields that easily lend themselves to growth potential in times of uncertainty. If you have the drive and the appetite for risk, it can be a time for opportunity.