Tag Archives: recession

21 Recession Proof Businesses

20 Recession-Proof Businesses That Thrive in Hard Times

If you are looking for a side hustle or a business that will thrive during the current times, you will find this post helpful.

What Is a Recession?

It can be defined as a temporary economic decline characterized by a drop in the GDP for two consecutive quarters. 

Effects of a Recession in Real Life

These are the things that are likely to happen in a recession:

  • Interest rates fall
  • Discretionary spending declines
  • Consumer confidence decreases
  • The stock market falls
  • Unemployment increases

 But even then, here are some businesses that can thrive.

Rental Properties

In the Great Recession, many people lost their homes, thanks to foreclosure. However, all of them still had to find another place to live. And so they started renting.  

Mobile Notary Services

Interest rates decline during recessions and more people refinance. The demand for mobile notaries goes high as a result.

Remote Freelance Service/Virtual Assistant

Virtual hiring and remote work help companies cut costs to survive. So find a service you can offer remotely. 

Used Clothes

People seek to save money during a recession and they turn to thrifting. Try reselling your good clothes on eBay.

Alterations

In an attempt to save money, people opt for alterations. If you know your way around a sewing machine, this could be profitable. 

Flea Market Flipping

People looking for quick cash may be in a hurry to sell while others will want to save money by buying used.

Online Content

This includes a YouTube channel, podcast or website. Focus on adding value to people and you can make money.

Mobile Mechanic

People will still need repairs and maintenance for their cars during a recession.

Resume and Cover Letter Writing

With high unemployment rates, job applicants will want their resumes to stand out.

Tutoring

Tutor people who are trying to improve their skills or learn new ones.

Online Courses

Traditional education is expensive for many people. So why not share your knowledge by creating an online course?

Land Flipping

Many people may want to sell their land for quick money. You can buy from them and resell.

Handyperson Services

A recession means hard times. Instead of buying new stuff, more people choose to get handyperson services.

Food and Beverage

The need to eat and drink doesn’t go away even when times are tough. You could become a delivery driver.

Knife Sharpening

People will be eating out less and cooking at home more. Create a knife sharpening business to help them.

Child Care

This will most likely remain an essential business because parents still have to work.

Bookkeeping and Accounting

Business owners tend to pay more attention to their books when things get tough. And they will want the advice of a professional.

Commercial Cleaning

Commercial and retail settings have to maintain cleanliness at all times. 

Product Licensing

Pitch your smart product ideas to companies. You may land a great deal.

Home Staging

Professionally staged homes sell faster. So this is something that home sellers will invest in.

Storage Auction Units

Buy storage units on auctions. You never know what treasure you will find.