There is a lot to be said for being your own boss. But working for yourself also comes with risks, especially in an unstable economy. If your business cannot thrive in a down economy, you may find yourself unemployed and struggling to find work among a sea of other down-on-their-luck individuals. These are the best businesses to start when the economy is down.
The solution? Starting a recession-proof business. Yes, they do exist. While they will not survive if you are not adept at and prepared for running your small enterprise, you can expect them to prosper if you take a calculated and educated approach. Below are a few business that are considered to be recession-proof.
When the economy takes a turn for the worse, many people look for small pick-me-ups to make them feel better about themselves. For many women, makeup is the perfect, small purchase that helps them feel better throughout the day. Look to create quality cosmetics with a competitive price-point to win over your buyers.
When the economy goes bust, many people will no longer be able to pay for the items they purchased on credit. Many more will start buying items on credit and not be able to keep up with the payments. When that happens, someone has to handle repossessing the items, which companies will pay a pretty penny.
Craft beers, small-batch liquors, bars, pubs—when the economy goes down, alcohol consumption goes up. Two areas of this industry tend to see a big boom. First, the craft and artisanal market—when reasonably priced—because it makes people feel better about drinking. Second, cheap options; this could mean promoting wine by the glass rather than the bottle or aggressively advertising your happy hour specials.
Okay, so this seems obvious, but how can you just start a business in this industry? When people are unemployed, they are also usually uninsured. Alternative medicine becomes a big business. Also, the demand for in-home care rises when people can no longer afford the high rates of nursing homes and other care facilities.
Okay, so it isn’t the most appealing, but it doesn’t get more recession-proof than this. People die, no matter how the economy is performing. The training required goes quickly, and you can be in business in no time. To bring in the business, focus on marketing economic options