In case you are not so sure about it, let us clarify that, more or less, the entire world has officially entered into recession since the outbreak of the COVID-19 virus. However, although it may seem like the economy has been jeopardized completely, the reality is that not every business is ruined, and some are still floating while others are blooming. Furthermore, some businesses listed in this article are recession-proof and can thrive during an economic shutdown or downturn. At the very least, they’re exclusively survivable, both during the phase of a recession and even afterwards.
Online Reselling
Online reselling became one of the most popular and mainstream businesses during the lockdown phase. Reselling watches, accessories, luxury bags, clothes, and gadgets is common during any economic downturn. Resellers use platforms like eBay, Poshmark, and OLX to sell their belongings. It’s a very easy process for anyone to resell items online through these sites and ship the products to customers.
Cleaning Services
Another high-demand service was corporate cleaning, which was highly popular during the pandemic. Every small or big business regularly needs to sanitize and disinfect the workplace, lobbies, pantry, bathrooms, and other public areas. Therefore setting up your cleaning services may seem lucrative. However, starting from scratch and offering personal cleaning services to your relatives and neighbors is advisable, then slowly increasing the area of services.
Home repair services
Home repair includes repairing the essentials of your home, such as your kitchen, toilet, roof, door, windows, and many other things. It doesn’t matter whether it’s a recession or not and whether the economy is boosting or busting. However, these essentials demand immediate rectification, so home repair services can be another important recession-proof business idea if you are handy. So if you’re comfortable and handy around the house—or if you’re a certified technician, carpenter, plumber, electrician, or HVAC service provider then starting your home repair services is a very good opportunity for you during the recession phase.
Car Repairing Services
Another important yet recession-proof business idea is a car repair service. It is a common fact that during the recession, the sales of new cars decline rapidly, something that we have observed during the lockdown. For example, new car sales have been reduced to 55% during the lockdown phase. So therefore, people are more concerned with their existing cars, and as a result, car repair services have seen a certain development during that era.
However, if you don’t have the necessary support or capacity to set up a brand-new, brick-and-mortar posh car servicing station, in that case, you can start from the small by servicing cars for your family, relatives, neighbors, friends, and coworkers straight from your garage and wait for the good old marketing strategy of word of mouth to start its magic.
Teaching Online
Another prospective business option that has boomed during the lockdown phase is online teaching. As most students were confined within the room, teaching online can be an ideal way to reach out. In addition, teaching is one of the most respected professions, and these essential skills don’t even care about the economy. So, start your teaching classes if you know all the new technical teaching tools.
Health Care Service Providing
The healthcare industry continues to flourish throughout the year as the demand is always high. The three most important healthcare services developed during the recession are pharmaceuticals, care for senior citizens, and contraceptives. So if you are a license holder, then try it out.
Pet Care Services
The pet industry broke records in 2020 with record sales of 69% more than the previous year. This is good for pet products like food, shampoo, or medicines, and pet services like veterinary and grooming services have risen significantly. Online veterinary consultation has risen by 23%. So, this is another lucrative business option, but you need a license to start it.
Child Care
Working parents are in dire need of childcare services, so this industry will always be booming. In addition, despite a recession, many young and working parents seek help from childcare services when caring for their young children—another great recession-proof business idea to start.
Beauty Services
Although it is a recession and people are trying to cut off expenses, they are still likely to invest in beauty and self-care products. So investing in beauty services is a great option.
Food & Beverage Services
People cope with the recession in their way. But, interestingly, food and drinks are key to remaining positive in hard times. That’s why food and beverage services are one of the best choices.
The Conclusion
If you are wondering how to start a business during an economic downturn or recession, you’ll need to understand and learn how to manage it properly during trouble. Hope these business ideas, as mentioned above, will help you to make a decision.
