In a recent poll involving 1,000 residents of the U.S., 65% said that they think that economic conditions in the country are worsening. Nearly half have already cut back on their spending and almost 20% are apprehensive about the stability of their jobs. Now that recession has finally landed, is there hope for businesses to thrive, much less survive? If starting a business in these tough times is still an option for you, here are the top 5 recession-proof businesses you might want to consider:
Regardless of the times, someone somewhere will always be in need of good, professional health service. This is an industry that has experienced some significant growth over the last few years. And it doesn’t show any signs of slowing down any time soon.
If you have the resources – training, manpower and capital – becoming involved in a business that offers health services will assure you of a comfortable market. Consider businesses that focus on offering affordable preventive solutions to people, alternative health care and home health.
Food and beverages
We’re not talking about pooling your hard-earned money and starting a restaurant – although if that seems like a feasible thing to do, it just might work. However, going into the restaurant business still has its risk – and a very high one at that.
Instead, you might consider going into a food and beverage business by focusing on offering healthier fare. These days, going into a recession is even a better excuse to eat healthy because it encourages people to cut down on their consumption and to avoid unnecessary purchases.
Consider alternative menus that are tasty and creative or specialized cafes and diners or even vegetarian eateries. Concept plus good taste are usually the best ingredients to a successful recession-proof business.
Yes, this is a recession-proof business, morbid as it may sound. It deals with an inevitability, which means you’ll never run out of customers. You could either get involved in selling services or offering related products. Cremation, which has increased in popularity in the last few years, is also a good option.
Repair services are also recession-proof businesses. There will always be people whose kitchen sinks clog, whose airconditioning breaks down, whose roof starts leaking or whose car suffers from overheating. What these mean is pure business opportunity, even when economic times seem shaky. And even if potential clients try to delay much-needed repair, they will still come to you for help eventually.
A caveat: many, if not all, of these businesses require specialized training, skills and equipment. However, once you have these resources, you’ll have access to a recession-proof business that does not only offer a potential for high margins, it’s also a venture that won’t require you to wait too long for a return on your investment. Provided your services are tops, it’s likely that you could be in business for a very long time.
It may seem surprising but starting a business involving dating and matchmaking could help you tide the recession over. Recession or no, people will always be looking for someone special either for dating or marriage. Already, this business has hit over $650 million in sales.