Why live a life of insecurity and wait for that pink slip being handed over to you, when you can yourself start a business and earn handsomely to support yourself and your family. Here are some suggestions on the best business to start during a recession.
The economic recession has changed a lot of things. Professions and businesses which were considered secure a few years back are no longer so. On the positive side, as so many people burnt their fingers due to the recession, before putting their money in anything, they will now do a thorough research, especially when it comes to starting a business. So, for all those who are thinking of becoming entrepreneurs, make sure that your hard-earned money does not go wasted, by opting for businesses which show promise to be profitable even in this economic turmoil.
This is the right time to start a financial consultancy. In the past three-four years, due to the economic downturn, many individuals and businesses have lost out on their investments. That’s why, they need a professional to plan out their future savings and investments, more than anything! Another reason why a financial consultancy is expected to do well today is due to the demographics of the United States. The population is aging, which means that millions of people are nearing retirement. These people need someone to plan their investments in such a way that they can lead a comfortable life, post retirement. Thus, whether it is individuals or small businesses, everyone needs a financial consultant.
Now, you would ask, why on earth would people splurge on grooming and beautifying themselves, when so many have lost their jobs due to recession. Well, the reasoning behind this is that, people, especially women, in order to feel good, try to look good instead. Researches have shown that when the recession was at its peak, sales of lipsticks actually went up. Considering this logic, a beauty salon or a spa is one of the best recession-proof businesses.
A food business, which offers low-cost, healthier alternatives to people, has the potential to do well in recession. For instance, a business which offers pre-packaged foods to the office goers, who would otherwise have to spend a lot in eating out at hotels during lunch, can prove to be a lucrative recession proof business. Another business that will find many takers today is the one which offers discounted food items in bulk, such as sugar, salt, flour, meats, veggies, and fruits.
It can be a home repair service i.e. plumbing, electrical wiring, tiling, etc., or an auto repair service. Due to the uncertainly of job and regular income in the future, people are in no mood to put their money in buying a new house or a car. At the same time, people do not mind spending a small amount of money to keep whatever they own in the best condition. This means that repair businesses will do well in today’s time.
As people are losing jobs left, right and center, they need to find a new job to take care of themselves as well as their families. As the population of the United States ages, there are going to be many retirees in the future, so, the employers would soon need good professionals to replace them. A recruitment agency is the meeting ground for employers and candidates who can be potential employees.
Almost all business and job market researches show that the education sector is expected to do well, irrespective of whether the economy is sailing smoothly or not. This means that there is a high probability that any business which is related to education, will make profits. Some examples of education related businesses that one can start are tutoring people on interview skills and resume writing, taking hobby classes such as craft-making or cooking through which people can earn some extra income, teaching computer and Internet skills, etc.
Another best business idea is to start an online business. As the number of net users is increasing day-by-day, such businesses can prove to be very lucrative in the long run. Online selling on websites such as eBay is already a popular means used by people to make money. This business involves buying things at a discounted rate or from a second-hand store and then selling them off at a profit on these sites. One more lucrative and high in demand online business today is to offer secretarial and administrative services to corporates from the convenience of your home. As businesses can no longer afford professionals who would work at their office, you can offer services like bookkeeping, data entry, scheduling appointments for executives, providing customer service, amongst others, to them, from your home.
When starting any business, see to it that you have enough finances to meet your household expenses for at least six months. This is the minimum time any business will take to earn profits. Your business plan, market research, and end product/service should all be excellent. Plus, maintain your focus, be dedicated and work hard―this is the recipe to make any business the best even in troubled times.