Wondering how to earn more money during a crisis? Here are 12 fail- proof business ideas to get you started…
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HEALTHCARE PROVIDERS
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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.
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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.
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FINANCIAL ADVISING
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RESUME-WRITING SERVICES
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.
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FOOD TRUCK
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HOME MAINTENANCE STORES
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ACCOUNTING SERVICES
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.
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TUTORING SERVICES
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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.
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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.
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HOME STAGING
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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