With the federal interest rates climbing, I’ve heard increased talk about recessions. Then I consider how many businesses closed when cities shut down for the Covid pandemic. In fact, my favorite Gluten-Free bakery is no longer here. Other businesses have cropped up. For example, a Mochinut franchise opened even closer to my home. Not gluten free, but it is gluten friendly enough to help me avoid reactions with my wheat allergies. Then I digress. All this talk about recession got me thinking about recession proof business ideas. But first, let’s talk about what I mean by a recession proof business.
What are Recession Proof Business Ideas?
A recession proof business is one that is able to withstand a downturn in the economy and continue to be profitable. This can involve selecting an industry or product/service offering that has consistent demand even during times of economic uncertainty. It may also involve diversifying sources of income, such as offering multiple services or products, so if one area suffers due to external factors then other areas are still available for revenue generation.
With the current economic situation, it’s more important than ever to have a stable and secure income. Starting your own business can be an excellent way to do this but it’s important to choose an idea that will weather any future downturns in the economy. Here are some great recession-proof business ideas you should consider. Even better, you can do all these from the comfort of your home. Working form home provides cost-saving advantages, such as avoiding commuter fees.
Online Tutoring
The demand for online tutoring services is increasing as more people look for ways to supplement their income or upgrade their skills from home. Setting up an online tutoring service is relatively low cost and easy to do, making it a great option if you want to work from home without investing too much money upfront. You might even consider partnering with a software company like Wyzant. I’ve used it myself both as a tutor and student.
Freelance Writing
If you have a knack for writing, freelance writing may be just what you need during times of economic uncertainty. There is always demand for content creators regardless of the state of the economy. In fact, you may have noticed not all of the articles on this site have been written by me. From time to time, even I outsource content writing.
With freelance writing, you don’t need any special equipment aside from your computer and internet connection. There’s no overhead costs associated with starting this type of business either!
Virtual Assistant
A virtual assistant provides administrative support remotely and over email or phone calls. Like the other recession proof business ideas they work entirely from home. This type of job often involves providing customer service, managing calendars, scheduling appointments etc. It’s perfect for someone who wants flexibility in how they work while still earning an income that isn’t directly tied to market performance or consumer spending patterns!
I’ve actually considered hiring a virtual assistant myself. It’d definitely help me avoid my procrastination days. At one point I was going to hire one for my son to help him keep track of homework assignments and organization. However, he turned things around himself. Plus he started receiving organization help after school, which has helped him tremendously. It’s still a possibility for college though.
Web Development/Design
If you’re tech-savvy then web development or design could be a great option when considering recession-proof businesses ideas. As long as there continues to be websites (which seems likely) then there will always be demand for those who know how build them well and make them attractive visually! Plus many businesses now rely on digital marketing strategies which again increases potential revenue streams. This is definitely an area one can offer quality services.
I found during my days as a business advisor working for the SBDC, many business owners lacked a website. Even if you don’t have advanced skills to development/design a website, there may be an opportunity for you to simple set business owners with a basic site. As you progress with your skills, you’ll be able to do more sophisticated tasks to help your clients. Though I offered this service for free as an SBDC Business Advisor, when my ended with the SBDC, individuals were happy to pay me to do the same thing.
Consulting Services
Consulting services are another popular choice when looking into recession proof business ideas. Regardless of what industry one specializes in – accounting, IT, HR, legal etc . – companies will always seek out reliable expert advice even during hard times. Though a lot of information is available online… you’re here after all, it’s not customized. People want advice tailored to their specific needs. Plus due to nature of consulting service activities, it tend not require large investments upfront. This makes it possible start such venture with minimal financial risk.
These are just five examples of potentially lucrative, yet safe options, when considering setting up your own small business. So why not consider giving one go? Who knows ‐ maybe success awaits!
If you’re looking for other business ideas, check out here.
Leave A Comment