An economic recession can bring a huge deal of uncertainty. Many businesses will flounder or even fail during this difficult time. During a recession, starting your own business may seem unthinkable!
However, many businesses manage to survive and even thrive in times of economic hardship. If you are thinking of starting your own business, there are many recession-proof ideas that you can choose from.
In this guide, we will explore nine of the best business ideas that you can start during an economic recession. Not only can these businesses stay afloat on choppy financial seas, but they can also continue to grow when the economy recovers!
- Auto Repair
Not only is there always plenty of demand for mechanics, but auto repair services are one of the businesses that is most likely to grow during a recession. When times are tough, people are much less likely to splash out on large purchases like new cars and will usually opt to try to keep their existing vehicles running for as long as possible! They may also buy used, rather than new, cars, and get them repaired.
If you have experience as either an auto mechanic or as the manager of a business, this is where you can come in. An auto repair shop is a relatively easy business to start, either as a one-person operation or as a team with a garage.
- Accounting Services
This one may sound unexpected. Surely the demand for accountants decreases at a time of businesses going bust and purse strings getting tighter? Not necessarily, as the success of many accounting services during recessions proves.
When individuals and businesses have less money to spare, an accountant can be a useful advisor on how to weather the storm. Business owners will most likely be looking to cut costs wherever possible, and who better to help them than an accountant?
- Resume Writing Services
It goes without saying that unemployment always rises during a recession. With many people looking for new work, the demand for skilled resume writers rises. Many workers may have been made redundant from companies where they had worked for many years, and so have had to fill out a resume for a long time!
A resume writer can combine writing skills with knowledge of what the job market is looking for at any given time and help jobseekers to sell themselves most effectively. A significant benefit of starting a resume writing service is that you can operate this business from home, and as long as you have a computer and internet connection, there are very few overheads or upfront costs to contend with.
- Tutoring Services
Even during a recession, people want to learn new skills! While disposable income for learning skills like musical instruments or arts may decrease, the market for more profitable skills such as learning new languages or business strategies can increase.
With more people looking for work or wanting to learn how their business can survive, demand for tutors in various skills and fields can rise. If you are an expert in any given field, becoming a tutor can be very lucrative. Depending on the area that you are tutoring in, you may also be able to carry out your work from home.
- Home Staging Services
An economic recession can make it hard to sell your home. Homeowners looking to sell their properties during a recession may be in need of some help, and this is where home staging services come in.
Home stagers work to make a property look appealing to potential buyers in every way. Starting your own home staging business can be a profitable choice if you have a little knowledge of real estate and some interior decoration skills.
- Home Repair Services
It is not just auto repairs services that can thrive in a recession. Many appliances and things in the home can need repair, and homeowners may not have the funds to replace them entirely. Whether it is a roof leak, a clogged sink, or any other issue, many minor home issues do not require licensed specialists like plumbers or electricians. A skilled handyman can start a home repair services business with nothing more than a collection of tools and provide help for these situations.
- Residential Care Services
No matter what the state of the economy is, there will always be a demand for residential care. Due to an aging population, there is often a lack of available residential care homes, and demand for carers is high.
This leads to business opportunities ranging from providing at-home services (such as housekeeping, meal preparation, or personal care) all the way to opening your own care home. If you are thinking of opening your own residential care home, learning how to file an RCFE license application is an important first step.
- Hairdressing Services
While some beauty-related services, such as nail treatments, can suffer during a recession, haircuts are still considered an essential for most people! Whether it is job seekers wanting to look their best for an interview or just people not wanting their hair in their eyes, demand for hairdressers does not go away when the economy shrinks.
You can start a hairdressing service in different ways: you can operate from a salon, travel to clients’ homes, or in some cases, even work from your own home!
- Freelance Social Media Marketing
Many businesses may be looking at different ways to adapt to a recession, and online sales is a common area to increase focus on. Selling online requires website traffic, and building an online presence is vital to achieving this.
Many business owners may be experts in their particular field but have no idea how to use social media to advertise their businesses! If you have knowledge of social media sites and marketing, many businesses may be in the market for your skills. Not to mention, you can usually do this from home.
No business is invincible. However, these ideas are usually more resilient to economic hardship than others. If you are starting your own business, you should always consider your skills and produce a business plan, whatever field you are thinking of entering!