“As sure as the spring will follow the winter, prosperity and economic growth will follow recession.” – Bo Bennett

In my opinion, according to how the world economies are, we are headed towards a recession. The stock markets are getting corrected, rents are getting higher, living expenses as well, while salaries in basic jobs are stagnant. Gold prices are increasing (and so are cryptocurrencies). Now is the time to consider businesses that can weather the storm of a recession. Of course, some of these may vary based on your location. If you are looking for a business that can hold you through the periods that your day to day job just isn’t cutting it, one of these below may inspire you!

Laundry Services

No matter what the economy looks like, people will still need to get their clothes cleaned – and surprisingly, not everyone has a washer and a dryer in their home. They will manage to squeeze out some bucks just for that. So, starting a laundry business is a very good idea, as it is also immune to the harsh effects of economic meltdowns. To start this business, you will need a washing machine, dryers, pressing irons, etc. and you may need to hire one or two people. There are various types of laundry services – from dry cleaning to basic wash and dry. Find what works for you financially and get started to make year round income!

Vet Services

If you don’t already know, some pet owners spend more on their dogs and cats than they do children! They will do and spend any amount needed to keep their additional family members healthy. So, starting a business that renders veterinary services is a good way to make some income. You can always hire those who are qualified in that field. Regardless how people are financially, in the right towns and cities, you will still have your clients coming in just to find out if their cat is healthy because of a sudden limp in its walk. The same way a good parent would leave work to bring their child to a doctors office, pet owners would do the same.

Repair Services

If you drive out of your town to get to work and your car stops working efficiently, you will get it fixed – especially during a recession (every dollar made counts). If your roof is leaking, you will get it fixed. Things like these are reasons why you can stay above water having a repair service. Even if some clients try to delay getting that repair, sooner than later, if you are priced well, they will be knocking at your door. Once again, if you are not specialized in this area, hire those who are. You provide the infrastructure and hire those needed to work.

Alcohol

During the good times, some will do a toast with champagne. In bad times, some will try to forget with vodka. What is the similarity between the two? Both of these are alcohol and were purchased from some shop. Alcohol is just as a necessity as water to some people. What does that mean? It is lucrative. If you can start your own beverage selling business, you will be good on both ends of the spectrum.

Food Cart

Similar to alcohol, we all need food. When you are on the run, you want fast food. If you cannot afford to rent out a physical space, you could get a better price for a piece of cement. People sell hotdogs, nachos, pizza, drinks, etc. There is something for everyone and there is always someone who wants something. Figure out what you want to provide your customers, accumulate the needed money and make it happen! In good times and bad times, there are still a mass amount of people who will spend a dollar or two on a quick bite. Yes, that money can quickly add up for them, but in that moment, their stomaches comes first!

These are just a few of the MANY businesses that can be started with not too much money (real estate dependent of course). As the economy goes up and down, those businesses who aren’t prepared will get wiped out, while those who have built up strong armor will make it through. If you are considering starting a small business, consider which businesses can survive the sunshine and the rain, literally and figuratively.

Until next time,

Live Long and Prosperous.

J.M.

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This website and its contents are solely opinion-based. The information provided does not constitute investment advice. Accordingly, due to the information on this blog only being of personal opinion and experience, it should not be considered professional financial decision advice. The ideas and strategies expressed should never be considered without first assessing your personal and financial situation, or without consulting a financial professional. My thoughts and opinions will change over time as I learn and accumulate more knowledge.