Socials
TABLE OF CONTENTS
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Businesses that can survive recession
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Food And Grocery Business
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Online Creators/ Educators/ Teachers
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Online Selling
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Childcare And Daycare Services
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Healthcare Providers
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Service-Based
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Baby Items/Goods
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Security Business
In the previous article I posted, I wrote about small businesses one can start up in the year 2023 considering how the economy in the country has been overrun by a very deadly recession, not to mention an impending global recession economic experts have been warning about, everyone has to be on their toes in order to weather this storm. During the COVID-19 pandemic in 2020, a lot of companies had to lay off a huge percentage of their workers in order to meet sales and after that year, some of those workers laid off were never called to come back to work.
However, not all companies struggle with the recession, some are even thriving because it is favorable to them, they have not laid back any workers and instead they are hiring more workers. So, in order to stay afloat and still make some money, especially during a recession, you are willing to start however small and be able to grow your business even though it might seem like a challenge, especially in the beginning, here is a list of businesses that can help to serve your needs and still be able to do very despite the economic slumps.
1. Food And Grocery Business:
I for one do not think this particular business can ever run into the ground because people need sustenance and comfort to survive and the food business provides that and that is why despite the pandemic in 2020, the food and grocery business has remained resilient.
Though a lot of people may have stayed away from patronizing high-end restaurant and bakery, the street and home selling and consumption has continued to rise. If you do not have the capital and manpower to own a fast food like The Place or Chicken Republic, you can own a small restaurant or buka on the street to sell food, or better still, you can sell online and employ the services of a logistics company to help deliver your client’s food.
2. Online Creators/ Educators/ Teachers:
These set of people are not gods but they are normal people like you and I who are charismatic, possess a marketable skill, and are just very good at what they do. You do not need to own a master’s or Ph.D. degree to offer classes on crocheting, gele tying, finance and business topics, makeup, craft, and photography from the comforts of your home, all you have to do is put the knowledge you have gained into an exhaustive course study and start teaching online through any of the social platforms like Youtube, Tittok, Facebook, and Instagram. You can also sell those courses online but to have buyers, you have to really do a whole lot of ‘aggressive’ marketing.
3. Online Selling/ Trading:
Becoming an online seller is very easy and thankfully, there are lots of platforms one can use to sell either new or thrift clothes, luxury bags, kids’ toys, shoes, etc. You can also sell your crafts and food online. It doesn’t require much to start up, have an account on any of the social platforms, or create a space in any corner of your house for product photography, marketing, and selling. You also have to own a mobile phone that can boast of a good camera and also some props for product beauty.
4. Healthcare Providers:
Healthcare providers are recession proof because no matter how bad and good the economy is, people still get sick and they require comprehensive trearment. Even if an health worker is laid off from the hospital or clinic they work in, they can open up a mini clinic or still render medical services from the comfort of their home thereby suffereing no setbacks or losses. They have to offer services to pregnant mothers, pediatric care to children, medical services to aged parents,etc.
5. Childcare and Daycare Services:
Whether a downturn occurs, the need for childcare and daycare services doesn’t lessen because parents and guardians of kids and babies who work need full time child care and also some of them also need after school care for their kids or wards. Thats why nannies, babysitters and daycare services are in high demand because parents need their kids to be looked after and supervised while they work.
6. Baby Items/Goods:
Diapers,tins of formulas, purees, clothings, toys must be bought and parents can not squeeze or pinch out shillings and nairas to purchase these items for their babies. That is why this particular business has stood the test of time and more companies producing diapers and formulas are springing out every year.
7. Service-Based {Repairs}:
Roofs leak, bed floor collapses, pipes burst, sockets or electricical faults, your car might develop a faulty radiator so we all need that hanydman like the plumber, electrician, mechanic or a carpentar to help with all of these. Even though some people can do some of these repairs on their own, a lot of us are not efficient to do them. Again, a lot of people now prefer fixing their sockets, bed floor or even cars to buying a new one becasue of the economic downturn. So, if you posses any of these skills, you can start monetizing them.
8. Security Business:
We all can agree that as the economy turns for the worse, crime rates plumments because when a lot of people are laid back from their jobs or their businesses or companies folds, a large number of them tends to turn to crime. So, starting a business in security either as a gateman, or security for hire by government officials, celebrities or organizations, can be a good business venture in the recession. Folks are willing to squeeze out funds to pay for security to guard their properties against intruders or criminals in order to have some peace of mind.
Even though economic downturns or recessions are accompanied with fears, anxiety and uncertainties, they can also be the best time to start up a business. A bad economy can also boast of thriving businesses so if you would like to start up one, do please especially if its one of the businesses mentioned above.
Also be prepared to offer premium services to your clients so you can build a folder of loyal customers.
Best Of Luck!
