Best Business Ideas in a Recession
Best business ideas with low investment to start during recession.
What are the best business ideas to start? A number of people have asked me this question over and over again. Some are more specific by asking me “What are the best business ideas in India? What are the best business ideas in Nigeria?
What are the best business ideas with low investment?” The answer to the “best business ideas” is relative. The small business ideas that can be considered as best business ideas for someone may turn out to be just good business ideas to another person. Also, the best business ideas under particular circumstances may not remain best business ideas if such circumstances change. Therefore, in an attempt to provide an answer to the question, I like to make a suggestion as to the best business ideas with low investment one can start in a recession. Even though the list of the best business ideas with low investment is not by any means exhaustive, it will provide a clue to those business ideas one can term as best business ideas to start in a recession.
List of Best Business Ideas in a Recession
Before I start mentioning the best business ideas in a recession, it is important we understand the word ‘recession’. Recession as defined by Wikipedia means ‘a business cycle contraction which result in a general slowdown in economic activity.’ As a result of the slowdown in economy activity, starting a new business around such time involves higher risk of failure. Of course, business is all about risk taking. But anybody that wants to start a business is expected to only take a well calculated risk. While I am not endorsing these business ideas as best business ideas, some of them have proved to be recession proofed over time. That is the reason I list the small business ideas below as business opportunities in a recession.
Restaurant
We know that food is one of the basic needs of individuals. Your belly doesn’t want to know whether you have money or not. You need food to sustain yourself. The main reason we mention restaurant as one of the business opportunities that one can start in recession is that; whatever the situation of the economy, restaurant will still enjoy patronage. Take a look at pizza restaurants around you for instance and visit them, you will find out that there is no day people don’t partronize them
Read Also: How to start a restaurant business
Tutoring
Education is one of the legacies parents will like to give their children. Some people may not afford to enrol their children in an expensive school. They will devise a way of ensuring that the children still have access to quality education. This provides business opportunity for tutoring. Therefore, tutoring is one of the best business ideas in a recession.
Discount chain store
One of the best recession proof business ideas one can start in a recession is discount chain store. Recession period is not the time to spend money lavishly. It is a period people like to have best value for every dollar they spend. As a result of relatively cheap prices of items sold at discount chain stores, people are attracted to do their shopping there.
Bar business
You may be surprised that bar business makes our list of best business opportunities in a recession. People go to bar not just to have fun only. People go to bar to ease out their tensions. During recession, people experience a lot of tensions ranging from financial matters to family affairs. Going to bar makes them to ‘forget their pains or sorrows’ temporarily. Since this feeling is temporary, they need to continue going to bar almost every day. That is why bar is a good business idea one can consider in a recessionary economy.
Health Care Services
Do you know why health care services are among the best business ideas in a recession? People are faced with anxieties and high blood pressures which usually result to sicknesses. Whether you are in a city or in a rural area, health care services are good business opportunities during recession.
Repair Services
Among the best business ideas with low investment one can start in a recession is repair service. The rate at which people buy new things usually declines during a recessionary economy. People tend to maintain or repair their existing appliances such as radios, televisions and refrigerators. Repair services are good business ideas to start with low investment.
Funeral Services
People die every day. But the death rate seems to be higher during recession. Business ideas that revolve around funeral services will thrive during recession. In fact, this is one of the best business ideas that will not only thrive during recession. Funeral services are good business ideas that can thrive in any economy.
Consulting Services
If you are looking for best business ideas with high profits, you can consider going into consulting business. The reason why consulting services offer a high return is that you are essentially selling your skills. Overheads involved are generally low. During recession, businesses are not left out in finding a way of cutting costs. Instead of hiring full time employees, some of them resort into outsourcing certain functions such as IT, accounting, payroll and other non-core functions to specialists. If you have specific skill, instead of looking for 9-5pm job, you can start a consulting business.
Read Also: How to start a consulting business
Resume writing
Among the best business ideas to consider in a recession is resume writing. Unemployment is high during recession as some companies may decide to lay off their staffs in a bid to cut their overheads. This makes competition in labour market to become very stiff. Before a candidate can be shortlisted for any position, the quality of his/her resume will play a vital role. If you have a resume writing skill, it is a good business idea in a recessionary economy.
Junk remover
In real estate market, the highest foreclosures are recorded during recession. When people are unable to pay their mortgages, the properties in question may be put on foreclosure. This will result to people moving out of the building thereby leaving the items that are no longer useful behind. For the new landlord to move in, all the junks remaining will need to be removed. That is why junk removers usually see a recession as a good business opportunity.
Security services
States usually record the highest crime rates during recession. People that have tendency to steal go into all sorts of social vices ranging from pilfering to robbery during recession. There are needs for security services for residential, commercial and industrial areas. That is why security services are among the best business ideas to start during recession.
Affordable luxury
Don’t be too surprised that I mention selling of affordable luxury items as one of the best business ideas to start in a recession. Recession does not mean that people will not buy luxury items at all. You need to consider the word “affordable”. If you want to consider selling luxury items during a recession, they have to be affordable. They should not be highly priced items. People will still like to look good but the costs should be pocket friendly.
In conclusion, though I mentioned that the business opportunities listed above are best business ideas you can start in a recession, you still need to carry out your own due diligence.
Read Also: How to Evaluate Business Opportunities