recession

5 Industries That Can Thrive During a Recession

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No one can ever forget the Great Recession of 2007–08, where millions lost their jobs worldwide. The business world took a long time to recover from that recession, and it was almost 2010 before there was a glimmer of hope.

The 2020 COVID-19 pandemic was another brutal hit on businesses across the world. Many people lost their jobs again, and it left many small businesses wondering if there was going to be another recession on the horizon.

Unfortunately, there is no such thing as a recession-proof business since every financial crisis is unique. However, there are some types of businesses that have a better chance of surviving than others during economically troubling times.

Here are some recession-proof business ideas for 2022 that budding and expanding entrepreneurs can consider.

1)  Accounting and Taxation

Accounting and taxation are two areas that are always in demand. In fact, the role of accountants and tax consultants becomes more so important during times of economic crisis. The best part is that if you are a certified accountant, you can start the business with almost no investment. Additionally, companies across industries need help with accounting and taxation, making it easier to find clients irrespective of the economic situation.

2)  Healthcare

Healthcare services are constantly in demand, even during a recession. This industry also has a wide variety of areas you can invest in, whether it’s home health care, medical mobile screening, physical and occupational therapy, wellness coaching, post-hospitalization care, or alternative healthcare services.

3)  Elder Care Services

Older adults and their families often have to choose between aging at home and relocating to a facility that offers more specialized care. 77% of adults over the age of 50 want to age in place because they want to grow old in a familiar environment and do not wish to give up their independence. Additionally, aging at home is more affordable.

However, these older adults might still require assistance with personal care, housekeeping, meal preparation, shopping, transportation, and other activities of daily living. This is why in-home care companies are always in demand all year round.

4)  Handyman and Repairs

Offering repair and maintenance services can be quite a lucrative business venture if done right. Home appliances, electronics and gadgets, furniture, small engines like lawnmowers and leaf blowers, and cars are just some things that can break down anytime and require immediate repair. There is always a need for handyman services, especially during a recession, as people find it more affordable to fix their existing equipment rather than purchase new ones.

5)  Delivery Service

In the last two years, the product delivery industry has grown exponentially, and experts predict that this trend will continue in the future. The rising popularity of e-commerce websites and the consumer demand for instant delivery have also contributed to this boom. Whether it’s food, medicine, or product delivery for e-commerce companies, this is one industry that has a lot of potential for growth and expansion.

No matter the industry, starting a business comes with its own set of potential problems. However, with careful market evaluation, planning, and implementation, you can create a business model that is well-equipped to handle the challenges of negative economic conditions.

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