Recession-Proof Businesses: What Traits Do They Share?

proof business idea

It is a growing industry that offers people the chance to earn money teaching new skills and languages to others. These services are in high demand and can be offered at home or at a facility. The age range of children being cared for varies widely, from newborns to school-aged children. Childcare providers can be full-time employees or freelance workers who provide their services independently.

A looming recession shouldn’t impact this trend since secondhand purchases tend to cost less than brand-new items, making it the perfect solution for low-budget living. Tattoo parlors generally experience good sales during periods of recession. The trend seems to want to continue as more and more people are getting tattoos every year. Working a temp or gig job is complementary to either an existing full-time job or a patchwork of other freelance or part-time work.

Food and Beverage Business

For example, you might offer social media management services to healthcare companies. If you’re looking to start a business that will weather the current and upcoming economic storm, here are seven recession-proof business ideas to consider. Pet care is known to withstand the pressures of an economic downturn. People love their pets and as a result, they spend more on pet care when the economy’s output decreases. With continued high demand, pet care is a recession-resistant business. Also, digital marketing businesses can operate with lower overhead costs—adding to their recession-proof nature.

demand during recession

However, the increase in the federal funds rate shows signs of working as of late November 2022 when both the consumer price index and producer price index reports came in better than expected. Financial services will still be in demand regardless of a recession. In fact, the accounting industry was valued at $544.06 billion in 2020, and the demand for it is still growing. Since people are likely to stay home and save money, they could also allot their limited budget on home improvement projects. This is especially the case for homeowners looking to sell their properties to combat financial struggles. While recessions are fraught with economic uncertainty and billions in lost money, they can be excellent opportunities to start a new business in the right industry.

Online repair services

The best strategy for protecting your business depends on the type of recession, your industry, and a host of other factors. Traditionally, many entrepreneurs assess their current business expenses to identify areas where they can save money. Many businesses may take the initiative to invest in technology to help automate processes and reduce waste. Likewise, businesses may search for more affordable materials and suppliers.

  • Individuals will still need accounting services to help them through tax season.
  • They’re beneficial for businesses that need to coordinate their efforts across multiple locations, but they can also be used for social purposes or education.
  • Many home repairs in these domains require extensive knowledge, if not an actual license from the state, making professionals necessary.
  • You just need to make sure you’re starting your venture off on a strong foundation.
  • For many, a pet boarding service is the only option, so they will prefer to pay top dollar to ensure their pet receives only the best.

If your neighbors and friends have dogs, start offering your house as a little doggy daycare. There’s another business I’ve seen a few guys start doing and it’s actually a really interesting idea. But I think a lot of times, the best way to make money is in the areas where no one else is making it.

What are some ways to recession-proof my business?

And the travel recession proof business ideas came roaring back in full force over the summer. With pandemic restrictions easing, international tourism saw a 182% increase in the first three months of 2022 over the same period last year. But with costs on the rise, they’re also looking for cheaper alternatives to get to at their destinations. Choosing to start a traditionally recession-resistant business can be a good idea — even now. You won’t need to worry about whether your investment has staying power.

Leave a Reply

Your email address will not be published.