Food is necessary, and grocery stores provide the sustenance people need to live. Moreover, consumers often turn away from spending money at restaurants and cook more at home during a recession. The result is more people go to the store and spend more than they would in a typical economic environment. Grocery store operations become more profitable and improve the value of their stock. The average receipt at a grocery store may shrink somewhat when economic conditions stabilize, but they’re another type of industry that provides steady stock price growth over time. Pretty much all of these sites were designed to be both buyer- and seller-friendly, so it should take you a matter of minutes to set up a profile and start selling your gently used or like-new items.
Actively strategizing smart decisions (such as digital marketing) to support your business might be your easiest ticket out of this unforeseen event. An economic downturn is an unavoidable event, but its unfavorable effects on our businesses can be mitigated. If you’re encountering a devastating drop in sales, recession proof business ideas your business needs to be strategic — both in finances and marketing. For automobiles, the so-called wear and tear items will need proper care. For utilities, a leak in water pipes will need to be inspected by plumbers. The services offered by these handymen remain unscathed during critical uncertainties.
However, historically speaking, a recession does not always mean the housing market will crash. As of right now, home prices continue to soar, but even if prices drop, it may be the perfect opportunity for investors. Recessions are a natural part of the economic cycle, coming and going like the tides. Despite the inevitable economic challenges, entrepreneurs pour their time, energy, and resources into starting their companies, hoping for success even during times of economic uncertainty. Check out our summary of the best accounting software for small businesses to get a sense of your best options.
- Listed below, in no particular order, are the nine best recession-proof businesses for surmounting this critical period.
- It can seem scary to start a business during times of economic strife; however, the right business can put you in a position to succeed no matter the climate.
- Eventually, you’ll be able to attract more clients, earn resources and make your business grow.
- Of course, this may require spending more on building costs, which would mean a greater upfront and ongoing expense.
- Mental disorders involve a significant disturbance in thinking, emotional regulation, or behavior.
- Starting a chocolate business can yield profits in any part of the world.
Still, there are many recession-proof businesses that can prosper through the hard times. Because each recession brings with it unique economic characteristics, the exact answer depends on the recession. That said, retail is an industry that often suffers during market contractions.
The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation. Discover BusinessLoans.com’s lender network offering up to $3M in funding, no minimum credit score required. From business software to payment processing, the right business tools can help you run your new business more efficiently and make you more adaptable and creative than the competition. By way of illustration, the Occupational Employment Statistics (OES) had surveyed nursing employment in the United States during the Great Recession. On top of that, the pandemic led universities to follow the same path.
Babysitting agencies, daycares, and nanny businesses still see high demand. Financial planning services won’t be within reach of everyone, but for many, they’ll feel essential for planning. Here is a list of 10 recession-proof sectors to consider so you can start a business on more solid ground. Another benefit to consignment and thrift stores is the ability to purchase used furniture and household appliances or decorations for a lower cost. Those moving or deciding to renovate their homes can create their dreams on a budget. Our best expert advice on how to grow your business — from attracting new customers to keeping existing customers happy and having the capital to do it.
What are some ways to recession-proof my business?
Consumer staples, secondhand goods, and handyperson services all tend to do well in a recession. Real estate-related services like rental properties, notary services, and home staging services can also benefit from an economic downturn. Sometimes you’ll need to make a quick pivot in response to market conditions, but in every crisis there’s opportunity.