Businesses that thrive during economic recessions
In case you had any doubts about it, the U.S. has officially entered a recession since the COVID-19 outbreak. In an economic downturn, it is important to know which businesses can thrive and which ones will fail. The following list of recession-proof ideas is those that have been proven throughout history as being able to withstand tough times without folding under pressure from difficult conditions – no matter what kind they may be!
There are plenty of businesses, that are recession-proof. In this blog, we will discuss business ideas that thrive during an economic downturn. At the very least, they’re eminently survivable, both during a recession and afterward.
So, what makes a business “recession-proof?” For the most part, these businesses provide staple products or services. They might be in essential industries like healthcare or food production, or they might offer products and services that people need regardless of the state of the economy.
In any case, if you’re looking for a business idea that will help you weather the storm of an economic downturn, read on for some inspiration.
Healthcare is one of the most essential industries there is, so it’s no surprise that healthcare businesses tend to do well during economic recessions. People will always need medical care, so if you can find a way to provide it, you’re likely to be successful.
There are several different types of healthcare businesses that you could start, from in-home care services to medical transportation businesses. You could also start a business that provides supplies or services to healthcare professionals, like scrubs, gloves, or software.
2. Food Production
Another essential industry is food production. People will always need to eat, so businesses that produce food or food-related products tend to do well during economic downturns.
If you’re interested in starting a food-related business, there are several different options to choose from. You could start a farm, a food truck or catering business, or even a home-based food delivery service.
3. Home Maintenance and Repair
Another type of business that does well during economic recessions is home maintenance and repair businesses. As people tighten their belts, they’re less likely to hire someone to do repairs around the house and more likely to try to do them themselves.
If you’re handy with a tool belt, starting a business that provides home repair services could be a great way to weather an economic downturn. You could also start a business that provides supplies or services to help people do repairs themselves, like a home improvement store.
4. Personal Services
People may be cutting back on spending during an economic recession, but they still need certain personal services. That’s why businesses that provide personal services tend to do well during economic downturns.
If you’re interested in starting a personal service business, there are several different options to choose from. You could start a pet sitting business, a home cleaning business, or even a business that provides virtual assistant services.
5. Clothing and Accessories
Clothing and accessories may not be essential, but they’re still something that people need and want. That’s why businesses that sell clothing and accessories tend to do well during economic recessions.
If you’re interested in starting a clothing or accessory business, there are several different options to choose from. You could start an online store, a brick-and-mortar store, or even a mobile retail business.
These are just a few of the many types of businesses that can thrive during an economic recession. Funding your business is difficult without the right resources and information. That’s why we’re here. Let Business Funding Now help you get the funding and business credit you need to succeed in a recession-proof business today.