Wondering how to earn more money during a crisis? Here are 12 fail- proof business ideas to get you started…
Especially with the current global economic crisis of Covid-19, a majority of the people will appreciate any help towards the better health of their loved ones. With the scarcity of space available in hospitals these days, starting a healthcare business will help people recover as well as open up employment opportunities for those on the job hunt. There is also less risk since people get sick in good times and bad and the healthcare industry isn’t likely to experience the same level of cutbacks or job losses as others.
BULK FOOD SALES
When economic times are tough, many people buy food in bulk. Since it is also important to practice social distancing in times like these, taking 2-3 trips a week for groceries is impractical and not convenient at all. Starting a business like this will help bulk shoppers who buy large quantities of items at a time like flour, sugar, laundry detergent and any other staple products they use on a long-term basis.
DEBT COLLECTION AGENCY
One can profit from starting a debt collection agency especially with the current situation leaving millions unemployed and with a pile of debts. To reduce your overhead costs, one can run this type of business out of your home. It’s worth taking the risk since it’s seen that many people can’t afford payments on credit cards or other debt during a recession.
Before the sudden outbreak of the corona virus, a majority of the people were relying on their job for a monthly and annual income but now are forced to rely on their savings. Financial advisors often see an increase in work as people become concerned about the stability of their investments and seek guidance on how to protect their assets. Especially during a recession, people want to make sure their assets are being handled in the right manner as there is no room for losses. So one can think of temporarily starting a small financial advising business.
During a recession, unemployment is high. Most companies shut down and as a result let people go in order to be financially stable. Surprisingly, in recent times, these type of businesses are more and more in demand since some people don’t have the time to sit down and type out resumes. Everyone is looking to polish up their resume. There is a demand for experienced resume writers, another business one can run easily out of their homes.
In the times of social distancing, opening a sit-down restaurant may not be the best idea. Instead one should opt for a food truck where there can be a, pick-up and go kind of system, between the server and the customers. There won’t be the problem of cost as well, compared to buying a franchise or an existing restaurant. One may be able to find a used truck as well that in order spend a minimal amount on fitting it to suit their needs.
HOME MAINTENANCE STORES
During a recession, many people will choose a home renovation or upgrade rather than consider selling and moving. During these time there is usually a demand for such businesses. Companies in the business of providing tools and materials for home improvement, maintenance, and repair projects are likely to see a stable or even increasing demand during a recession, as will many appliance repair service people. New home builders, though, do not get in on the action.
Accounting services are always required by all for financial reasons with the right business plan it may just work out. Having an accountant as a close business advisor during uncertain economic times give businesses more confidence in handling its financial affairs, particularly at tax time.
One can always earn a little extra money by imparting wisdom. When there is a recession, Many individuals go back to college as the job market becomes tight. Evidently, different sorts of jobs become available, such as jobs in green industries, where tutoring services are going to be even more in demand. With the spread of the virus, virtual education plays an important role and can be used to your advantage. If your field is a popular field, then all the better as your services will be in high demand.
AUTO REPAIR SERVICES
During tough economic times, people are more likely to repair an old car for a few thousand bucks and avoid a monthly payment on a car loan, than buy an entirely new car. This is where automobile repair businesses gain profits. This is a low risk business opportunity for those who are genuinely interested and would also like to earn an extra income.
FAST FOOD BUSINESS
During a recession, most people cannot afford luxury, even when it comes to food. With the recent emergence of fast food outlets in India, both children and adults have taken a liking towards it’s taste and cuisine. During recessions, a quality meal costs a lot of money. People have no choice but decide to eat cheaper food so they opt for fast food. Hence, starting a fast food business can be good idea and can get you a lot of profits. No one says no to a burger! It has also been seen that the fast-food industry reaps a lot of money from customers during recession.
During a recession, it is especially difficult to sell a house. But in recent times, hiring a house staging company to make your home look presentable for prospective buyers has been in high demand. Home stagers are familiar with what buyers want and how to make your home appealing to them. If you are an interior decorator, this is a recession-resistant business for you.
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