Life can get really difficult during recessions. People suffer from the economical drought and experience fear and worry. They have a tough time sleeping at night wondering if they’ll be able to pay their bills in the near future.
Instead of spending the rest of the recession feeling constant stress and worry, you can become proactive and open a recession-busting business in your spare time. Jobs are scarce at the moment, so focusing your time and energy toward creating a thriving business makes perfect sense.
With that said, we’ll take a look at the top five businesses that remain successful even during the worst recessions.
If you own a business that is taking a dive, there are several things you can do to improve business. You will definitely want to get lean with spending and look into re-branding or making a new logo.
- Health & Wellness Businesses
Do you possess the skills and knowledge needed to help people get well? Illness doesn’t stop because of recessions. People are going to get sick no matter what, whether times are good or bad. So providing healthcare services is an excellent way to consistently earn money in the toughest economic environments.
Some health and wellness businesses to consider include:
- providing occupational therapy services
- providing physical therapy services
- creating a healthcare-related app
- providing home health care worker services
- offering drug rehabilitation and treatment services
- providing alternative health and wellness services
- starting a health-focused informational website
- opening a dispensary for hearing aids
- opening a dispensary for medical marijuana
- selling medical supplies
- providing medical billing services
- offering diet and nutritional related advice and services
In some cases, you’ll need to acquire some form of certification, training, or potentially even a college degree to qualify to provide certain types of healthcare. In other cases, you can use your creativity and ingenuity to open a healthcare adjacent business providing services and products to others in the medical field.
- Automobile Maintenance & Repair
Do you possess the skills of an auto mechanic? Auto repair and maintenance services are typically in high demand during a recession. And it makes sense because people have very little extra money to buy new cars when times are tough. Instead, they hire auto repair specialists to fix their existing car as opposed to buying a brand-new one.
Opening an auto repair shop during a recession is an excellent idea. These businesses make big bucks during trying economic times. People happily pay their auto mechanic a few hundred dollars or more to make repairs because they just can’t afford to take on an extra monthly payment for a new car loan. It’s just not in their budget during these difficult financial periods.
Some types of auto repair and maintenance services to consider offering include:
- repairing and maintaining transmissions
- diagnosing check engine lights and making the necessary repairs
- repairing and replacing brakes
- providing auto repair services for domestic vehicles built in America like Chevys and Fords
- providing auto repair services for vehicles built in Europe like Volvos and BMWs
- providing auto repair services for Korean and Japanese vehicles including Hyundai, Toyota, and Honda
- repairing and maintaining vehicle engines
- providing auto body repairs
- painting motor vehicles
- providing auto glass repair services
- and many more options
- Selling Home-Improvement Supplies
When times get tough and recessions rear their ugly head, homeowners tend to buckle down and avoid spending excess money. So, when home repairs need to be made, many attempt to perform these renovations themselves.
In other instances, people decide to upgrade their home during a recession because prices get cheaper. They can pay less for building and material supplies because the market is down and supplies are plentiful.
Companies offering the materials and tools for projects related to home-improvements increase their business exponentially during a recession. So, if you’re looking for a great business to enter during difficult financial times, getting into the home-improvement supply game is definitely a brilliant idea.
Remember, you need to focus your store on providing supplies to homeowners because they’re the ones looking to fix things themselves. Do not focus your efforts toward new home builders, because building new homes dries up completely during a financial recession.
Some building materials and other items to sell include:
- prefabricated panels
- concrete sheets
- sheet rock
- tools (examples include power tools, screwdrivers, hammers, table saws, etc.)
- bags of concrete mix
- concrete mixers
- landscaping equipment
- and a plethora of other tools, materials, and supplies
- Property Management Companies
Unfortunately, recessions mean that people have a difficult time buying new homes. Either they no longer have a job and can’t afford the monthly payments. Or the financial institutions stop lending money because they’re afraid too many borrowers will default on their loans.
Regardless, opening a property management company during a recession is a great idea. People have no choice but to sell their homes because they can no longer make their monthly payments. Or even worse, they get foreclosed and the bank takes back their property.
In this situation, all of these people need to find a new place to live. Property management companies thrive during a recessionary environment. Landlords need trustworthy companies to manage their properties and there’s plenty of work to go around in this business during a recession.
- Open a Discount and Bargain Store
When money gets tight because of a recession, people look to find great deals on the products they need. They typically stop buying too many luxuries because they just can’t afford them. And instead of paying top dollar for certain items in grocery and convenience stores, they head over to the dollar store or bargain discount store to find economically friendly options.
Offering your customers a variety of low-cost, discounted products is a great way to bring foot traffic into your store. They’ll appreciate the low costs and excellent prices and have no problem paying a few dollars here and there to purchase your necessary goods.
Many people have a difficult time surviving during a recession. Work dries up and money becomes very hard to find. But some businesses succeed much better than others during slow financial periods.
Some excellent examples of recession proof businesses include: bargain and discount stores, auto repair shops, property management companies, home-improvement supply stores, and health and wellness businesses. If you’re looking for a great business to start during a recession, please consider one of these excellent options.