There’s nothing worse than a recession. People stop spending money, some businesses close their doors, and people lose their jobs. The economic outlook might actually be sunny, though, depending on the type of business you start. Consider these business ideas that have a good track record of doing well when economic times are tough.
An economic downturn doesnt make the financial complications of running a business go away. With an accounting degree and the required certifications and licences, consider going into business as an independent accountant. This is a relatively inexpensive business to set up since you only need a good-quality laptop and accounting software. Save money on a commercial lease, and use a co-working facility to meet clients and have a place to work when you want to get out of the house.
The first thing companies do in a recession is reduce their workforces. As a virtual assistant, youll be in a prime position to get business from companies that have laid off secretaries and other administrative staff. The best way to attract clients is to offer a wide range of a la carte services. An executive who only wants you to set appointments or book flights for him or her can hire and pay you for just those services. Since businesses will want to increase their online marketing efforts, which are cheaper than traditional marketing methods, you may want to offer services such as blog post research and writing, and social media account management.
If youre a writer and have a knack for crafting resumes that get noticed, you may want to sell your services as a resume writer to help people who’ve lost their jobs find new ones. You may benefit from a professional social website like LinkedIn where you can join groups on the site to network with people who might need your services. You can also place local online and newspaper classified ads to let people in your community about your services. Starting a niche blog is another great way to find clients. If you publish regular posts on resumes and career advancement, featuring the right keywords, potential clients will find you organically in web searches.
There’s little a recession can do to stop people from having a sweet tooth. People buy candy even when money’s tight, so you might consider opening a small candy shop or buying candy wholesale and selling it to retailers. You could also sell candy on an e-commerce website. The key to getting business during a recession is to find a niche. Consider selling high-quality, affordable chocolates or candy brands that remind people of their childhood. Marketing a candy business is relatively inexpensive. Local social sites like Foursquare and Yelp are good places to advertise your candy business. You can also create brochures and do a little door-to-door selling among local retailers if you decide to go the wholesale vendor route. A recession can be tough on businesses, but it’s not the end of the world. An economic downturn might actually be the perfect time to start a business capable of thriving in good times and bad.