A grocery store sells a wide variety of food products, fresh or packaged, and other household & personal care items. The grocery store industry is the largest retail channel that makes $682 billion in the United States. A housecleaning side business is a beautiful idea for people with free time on weekends or even weekdays. During the launch, you can choose to offer the service to your neighbors and scale as you gain experience.
Service and Repair Companies
This means that this business model has a more stable https://www.bookstime.com/ customer base. YouTuber and entrepreneur Marie Forleo recommends diversifying dependencies to avoid reliance on single sources of leads and revenue. She suggests having a safety net of cash to cover operating expenses.
Loan Services
If you’re one with experience in debt-handling, you could start a debt counseling business, which could bring a significant profit. So veterinarians shouldn’t worry about starting a new business even Debt to Asset Ratio during a crisis; they’ll appreciate a profitable outcome regardless of the economy. The food and beverage industry belongs to one of the most recession-proof sectors because even during an economic breakdown, people still keep buying food. And history proves that businesses can prevail, or even thrive, during them.
Top 7 Recession Proof Businesses
During recessions, people turn to education to improve their skills. Collegis Education’s Bob King states that higher education is countercyclical to the economy. With more adult learners enrolling during times of higher unemployment.
- But, your success depends on the industry and diversification strategies of your business.
- Individuals with a bachelor’s degree in business or finance might want to consider becoming a credit and debt counselor.
- Maintaining essential technology, like fixing software bugs, device repair, or resolving internet connectivity issues, is central to the smooth operation of our current lifestyle.
- In fact, Phys.org says the tech industry as a whole added 77,000 jobs during the 2008 financial crisis,8 when many other industries were laying off and cutting back.
- It may surprise you what makes the list of recession proof business ideas.
During the recent COVID pandemic, online grocery sales jumped over 100% compared to the previous year. This shows that the ability to sell online has allowed industries that were not heavily integrated into the ecommerce industry to adapt during economic hard times. People look for cost-effective, convenient options, and these businesses cater perfectly to that recession proof business demand. In contrast, mid-range restaurants, which strike a balance between quality and affordability, can face challenges.
The American Bankers Association reports community banks saw their net income rise. Loan providers can profit from increased demand for business loans and debt consolidation. Business Insider reports that affiliate marketing boosts small business customers by 30%. It gives them access to a diverse audience through different channels and platforms.
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