Starting a business
can be difficult, even when the economy is booming. But being a
business owner during an economic recession can be downright terrifying.
In order to ensure the long-term success of your business, it's
important to consider how viable it will be if you hit tough times or
the economy takes a turn for the worse.
The following 14 business types are sustainable from bull to bear markets and everything in between.
1. Event Planning
Weddings,
retirement parties, and special anniversaries will be celebrated
whether or not the economy is thriving. Annual business events are
another source of income for event planners.
2. Auto Maintenance
Cars
are essential in many locations where public transportation options are
limited. When times are tough, people are more likely to invest in
repairing their vehicles than in purchasing new ones.
3. Restaurant
Though
people might eat out less frequently, restaurants can still operate
profitably in a slow economy. People may continue to eat out because
it's convenient for them, it has become a custom for them, or because
it's a way to celebrate with friends and family.
4. Laundry Services
When
the economy slows down and people work multiple jobs, they have less
time to spend taking care of household chores. Laundromats offer a way
to get a lot of laundry done in a short amount of time.
It's also the only option for many people unable to afford in-home washers and dryers.
5. Cleaning Services
No
matter how robust or how poor the economy, businesses always need to be
cleaned. A residential-only service, however, may struggle to find
business.
6. Vending Machine Business
Because vending
machines are convenient and sell items at a relatively low price point,
vending machine businesses are not hit as hard by economic recessions.
7. Online Reseller
With no mortgage or lease and
relatively low overhead, online sellers can survive in a tough economy
when brick-and-mortar stores might struggle to keep their doors open.
Reselling used merchandise saves the consumer money, which is another
advantage.
8. Accountant
You have probably heard it said
that the only two things certain in this life are death and taxes.
People and businesses will almost certainly need help with bookkeeping and tax filing.
9. Courier
Time-sensitive
materials still need to get from point A to point B. Courier and
transportation services -- both local and long-distance - -are essential
in any economy.
10. Content Writer
Copywriters and
bloggers are always needed (maybe even more than usual) when the economy
is slow. Persuasive writing is what gets people to make purchases when
their tendency is to save and not spend.
11. Credit Consultant
People
can be hit hard financially when the economy is bad. As a credit
consultant you can help people pay off debts, negotiate interest rates,
and learn to make better financial decisions.
12. Hairdresser/Cosmetologist
Whether people just need a
haircut or they're trying to look their best for a job interview,
haircuts will always be needed. In addition, people may splurge on these
services as a way to treat themselves when big-ticket items are
financially out of reach.
13. Childcare
A childcare
business is also economy-proof, especially if the need for household
income precludes parents and relatives from staying home to raise
children.
14. Specialty Food Stores
People who maintain
special diets don't stop just because the economy slows down. Kosher
stores, vegan groceries, and other specialty food retailers may not be
as heavily impacted by a down economy as other businesses.
When
choosing an economy-proof business, think about what products and
services you rely on yourself when money is tight. The things you spend
money on when you feel you have no money at all are likely to lead to
great, stable business ideas. Once you have explored your options, take
time to qualify your business idea before you get started.
