Surviving through tough economic times is something all businesses have to consider and prepare for. There will always be periods of lower revenues throughout the year, so when circumstances happen that are unexpected and out of your control, it’s best to have a plan in place. Whilst there are no guarantees when it comes to business, being as recession-proof as possible can ensure you ride out the toughest times. Here are 4 business ideas to consider as recession-proof.
Financial and accounting services
During tough times, many individuals and businesses will turn to financial help meaning the demand for this type of service will be high. Whilst some high street lenders may be more cautious with lending during uncertain economic circumstances, there are always others that can look to help. Those who experience a financial emergency that needs to be resolved quickly, for example, may still seek a payday loan as it can pay out fast and provide a short term solution. By creating a business idea around financial planning, tax guidance, accounting, or bookkeeping, you can find many who will need these services and help them gain financial security.
Everybody loves to save money where they can, and this becomes even more important during a recession. There are many different opportunities to be found with offering discounted goods whether it’s household groceries, technology, or clothing. If you can provide a business idea that helps people save money on their regular bills and purchases, you can potentially do well during an economic downturn. By checking consumer trends, you may discover products that see more interest during a recession and be able to offer discounted prices to drive interest to your business.
The modern world is reliant on technology for day-to-day tasks and helping businesses stay as productive as possible. This means ensuring their computer hardware and software is not only running properly, but also helping streamline operations and costs, is vital. Any business ideas that can provide IT services can potentially be lucrative and still be in demand during a recession. If you can offer innovation and a product or tool that will save time and money for businesses and users, an IT business will always be in high demand.
Home and car repairs
Whereas many people may look to replace items if they stop working, this may not be as viable an option during a recession. If you can save money by repairing items, many people will consider this as a great option during tough times. A business idea centering around repairs of household items can be recession-proof. Whether it’s a door, roof, or windows that need essential work or plumbing and electrical repairs around the home, businesses offering these services at a reasonable price can do well. Similarly with car repairs, as although the trend in homeworking is here to stay currently, people still need to travel, and some are in hybrid office roles. If you can learn the necessary skills for different types of repair work, or employ people who can, this can be a recession-proof service.