As more people than ever are stuck at home due to coronavirus fears, homeowners have much more time to tend to their lawns and gardens. As such, landscaping and general yard care companies are seeing unseasonably good business. Clogged drains, pipe leaks, and electrical wiring issues can cause problems whether during a bear market recession or bull market boom.
And while some people are handy enough to repair those things on their own, many more of us are decidedly not. So if you’re handy around the house—or if you’re a certified plumber, electrician, or HVAC technician—starting your own home repair business is a no-brainer. When business is booming, business owners can set aside funds to be used only for emergencies, one of them being slumped sales.
Used car sellers
You can buy products directly from a consumer and resell them, or help them find a buyer and take a commission for yourself. As your reselling audience grows, you can specialize your business and start curating items for repeat buyers. First, aspiring founders believe they need significantly more experience, industry knowledge, and financial savings to launch their business than actual business owners possessed before starting theirs. In other words, they impose higher, often unrealistic standards upon themselves. Furthermore, businesses that focus on debt management, second-hand goods, and discount retailing often perform well as consumers look for ways to save money. The economic landscape may be challenging, but these sectors offer a beacon of stability, highlighting the value of adaptability and the importance of meeting essential consumer needs.
Consider whether you want to work with parents with young children, high school students getting ready for the SAT or ACT, or college students who need that extra push to get them through finals week.
✔️ Online Retail Store
Start filming the ways you decompress, be it cooking, exercising, meditating, stretching or just talk about health habits in general. Once you have the completed video, edit it, add music and upload it to YouTube, TikTok, Instagram, Facebook and other social media platforms to share with your audience. If you’ve built a dedicated following, you can work with your audience to create personalized workouts and diets for them, at a cost. Everyone knows the importance of proper hygiene and disinfecting your space, especially during the coronavirus pandemic. Cleaning will always be done in homes, offices, restaurants, shopping malls, hospitals, and practically everywhere.
While inflation has soared and the stock market has stumbled, there are recession-proof businesses that could help you profit during times of uncertainty. During the pandemic, consumers got used to the convenience of having products delivered right to their door, so the demand for online delivery services remains at an all-time high. These services mostly cover meals, groceries and pharmaceutical goods, but there is a market for services that deliver miscellaneous commodities. In 2020, online shopping rose by 44%, a trend that is going to continue well beyond the pandemic. An online reseller allows you to capitalize on the e-commerce trend while helping consumers earn cash for gently used items they no longer need.
What is the best business to start during a recession?
So many of the business ideas on this list can be launched and run totally from your own home, but those that require in-person interactions are conducive to social distancing measures. And they all require very little or no initial investment—and very little or no overhead once you’ve launched. There are some small businesses that you can start during a recession such as an online freelancing business or an online teaching business. You can also build your own brand and start selling beauty products or food online.
- Consider whether you want to work with parents with young children, high school students getting ready for the SAT or ACT, or college students who need that extra push to get them through finals week.
- If you are a certified public accountant and have a knack for uncovering untapped resources in tight budgets, many people are in need of your expertise.
- This means there is high demand for companies that can facilitate team bonding activities and corporate retreats that get the whole hybrid workforce engaged and involved.
- The e-learning industry is projected to grow from $197 billion in 2020 to $840.11 billion by 2030.
- After three years of working for himself, Smith said he can’t imagine going back to a corporate job.
- Census survey data and unemployment numbers, we’ve put together a ranking of the industries that have done the best during the height of the pandemic so far in 2020.
Demand for home health providers was already increasing before COVID-19, but the pandemic has pushed more people to take advantage of it as they avoid non-emergency hospital and doctor visits. Home health is also being seen as an alternative pandemic proof businesses to long-term care homes that have been hit hard by the pandemic. Indianapolis-based home health care company Senior Helpers told CBS4 Indy recently that it has 100 people working in homes and is looking to hire 50 more to meet new demands.