Best Business Concepts Immune to Recession In 2022

Since COVID-19 broke out, the United States has officially been in a recession. Even though it might look like the whole economy has come to a halt, not every company is going to go out of business in the near future.

On the contrary, some businesses, like the ones we will discuss in this blog, are good even when the economy is bad. At the very least, they are very likely to survive during and after a time when the economy is weak. Here are the best recession-proof business ideas for you.

How Can A Business Survive A Recession?

Most businesses that survive recessions, like schools and auto shops, offer things or services that are necessary no matter how the economy is doing. Other businesses are made to fit the tastes and habits of their customers, which can change over time. Thus, they may not perform well during a recession.

There are two things that people are doing that are especially common in this recession:

  • First, almost everyone now lives and works from home.
  • Almost everyone is saving money.

Because of this, businesses like online learning and eCommerce resale have a great chance to do well right now.

There are a lot of business ideas on this list that you can start and run from home. If you have a business idea, but do not have money, then you can consider a personal loan for bad credit on guaranteed approval as well.

All of them need very little or no money to get started, and once they’re up and running, they also need very little or no expenses. Read on for a list of the top 7 businesses you can start right away that will do well during a recession.

7 of the best businesses to start up when times are bad

1. Home Repair Business

Your toilet, stove, garage door, and other breakables don’t care about the economy.  They will still break whether or not the economy is doing well.

Even though some people are handy enough to fix these things on their own, the vast majority of us are not at all in that group. Starting a home repair business is a no-brainer, whether you’re handy or a qualified plumber, electrician, or HVAC technician.

During difficult times, people will likely be more careful about spending money on expensive commodities such as vehicles and houses. However, they will still require services such as roofing and plumbing repairs.

These are items that might be quite inexpensive yet are very important. Consequently, home repair services will still be needed during difficult economic times.

2. Freelancing

No matter how the economy is doing, you can always work as a freelancer in your area of expertise. This is a realistic option that doesn’t require a lot of money. When the economy is terrible, it’s a good method to make money.

During economic downturns, some (or maybe most) businesses have to make the hard choice of letting go of full-time workers while also deciding whether or not to keep contract or freelance workers.

Also, if you are worried about the future of your full-time job, it would be a good idea to start doing freelance work on top of your regular duties. If everything works out as planned, you’ll be able to make some extra money just when you need it the most.

Even if things go wrong, you will have developed your freelance career to the point where it can keep you afloat while you hunt for another full-time employment or where you can continue to develop your freelance work into a full-time position.

3. Using the Internet to sell things

It shouldn’t be necessary to say that during a recession, most people don’t buy luxury items like clothes, accessories, makeup, and other small things. They often buy things that have been used before.

During the recession of 2008, sales at second-hand stores went up by an average of 35%. Most used buying would be done online, on eBay, Poshmark, Depop, thredUP, and The Real Real. Most of these websites serve buyers and dealers.

It shouldn’t take you more than a few minutes to set up a profile on one of them and start the process of selling your lightly used or almost new items. Only seller fees and delivery costs are necessary. However, some websites, like thredUP and The Real Real, offer free shipping to their customers. Reselling things online can be a good way to make some income during a recession.

4. Keeping records, doing accounting, or making a budget

At least Benjamin Franklin was right about one thing, death and taxes are the only things you can count on in life. Also, it goes without saying that most people don’t want to do their own taxes.

In times of economic turbulence, individuals and small companies may require additional financial planning, asset management, and general money counselling. In addition to having their standard tax returns prepared.

Small company owners may require assistance to comprehend new financing choices, such as the SBA’s Paycheck Protection Program and Disaster Relief loans. This is particularly true due to COVID-19.

Thus, you can make some extra income by providing accounting services to people who need them.

5. Making repairs to cars

In hard times, fewer people buy new cars. This means they must maintain their current autos. Cars need maintenance like residences.

Suppose you don’t have the money or time to open a brand-new, traditional auto repair shop. In that case, you can get your foot in the door by fixing the cars of your friends, family, coworkers, and neighbours in your own garage and relying on word of mouth to spread the word about your business.

6. Gig or temporary work

The same rule that applies to freelancing also applies to this situation. Even though some businesses are getting rid of full-time employees, a lot of others are still hiring contract workers. Still others, like ridesharing and delivery services, hire their workers as independent contractors.

You can also use websites like Fiverr, which is for writers and other creative professionals, 99designs, which is for painters and designers, and TaskRabbit, which is for people who like to do odd jobs, to find tasks that fit your skills.

Working a temporary or gig job is a good way to make money on top of a full-time job or a collection of freelance or part-time jobs.

7. Teaching over the Internet

We can’t say enough about how important online education is in today’s world. You can teach online if you have a platform like Zoom, a little bit of charm, and the self-discipline and commitment to make and follow through on lesson plans.

You will also need marketable skills, but these can be almost anything you have been properly trained or certified to do. For example, you could give fitness lessons, beauty tutorials, writing seminars, food instructions, and a lot of other things.

You can conduct classes from home or any other place you want. This implies that in order to teach online, you don’t have to quit your career or way of life.

Students seeking online courses are becoming more and more prevalent. Only roughly 5% of all students took online courses in 2018. However, this ratio will rise to more than 45% by 2023. This indicates that there is a huge scope for educators who desire to start teaching online.

Conclusion

These ideas for businesses that can make money even when the economy is bad are just a small sample of businesses that can be started and run successfully even when the economy is bad. If you are ready to start your own business, you can use our collection of resources to learn more about how to do so.

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