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.
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