During a difficult time, what do the majority of us turn to for a small bit of comfort? That’s right, Chocolate or candy. They are an inexpensive way of relieving our stress and anxiety. In fact, some of our favourite sweet treats were invented during a financially difficult period, including Snickers and Mars Bars.
This could be a car repair service or a handy man service. During a recession the last thing people want to do is go and buy a new car or washing machine. Instead, they’ll try and fix the one they already have as it’s cheaper. It’s virtually recession proof.
Just because there is a recession, doesn’t mean that people will stop buying. They will still go retail shopping, but they will go to the cheaper stores rather than the designer stores they may have shopped at pre-recession. Look at stores like Primark in the UK and Walmart in the US. These stores have been highly successful during a financial crisis, and are still successful long afterwards.
As mentioned on the previous slide, no matter whether there is a recession or not, people will still shop. However, many people are now turning to buying online rather than physically going to a store. By owning a store on eBay, you will be able to reach out to many more potential customers, and without the cost of renting a shop space, or bills that would go along that. Therefore, your outgoings would only be going on purchasing your products to sell, making your profit a lot greater.
Our elderly population increasingly needs help and health care at home. This does not change during the time of a recession, it remains constant. By starting a home health service, you could potentially offer competitive prices that would most certainly catch the eye of the families of these ageing pensioners. If you have the right qualifications and experience, then you can obviously offer more services.
During a recession people begin to panic about how they are going to make a living, especially those who are employed but have little job security. We all suddenly begin to think of different ways we can make money fast. How do we do that? Well, one clever way is to start a business. However, you must be smart and make sure that you choose a business that won’t cost too much money to start up, that will make a profit, and will be successful in the future. Does that sound difficult? Fear not. Read on to discover the top 5 recession proof businesses that even you could do.