The world feels like it’s getting crazier every day.
With new layoff announcements seemingly popping up every week and AI continuing to develop at an alarmingly impressive rate, it is unsurprising that many people are predicting that a recession is just around the corner (or already here).
And in times of recession and economic instability, it should come as no surprise that many of us search for something more stable, such as a recession-proof business.
So, let’s take a look at some of the best options available.
5 Recession-proof Businesses to Consider
1. Food trucks
When considering recession-proof businesses, one of the easiest ways to identify potential opportunities is to strip back people’s “wants” and try to address their “needs.’
For example, I want a brand new gaming PC that I can also work from, but in reality, all I need is a pretty powerful laptop for work.
I also want my girlfriend not to break up with me for spending more time staring at a screen than chatting to her, so laptop it is!
When it comes to people’s needs, there are few things that we need more than food. Sure, tastes vary depending on the person (I know there are people reading this who like marmite, yuck! ), but ultimately, we all need to eat.
One way to tap into this is by setting up your own food truck. They help bring your delicious flavors to the masses without the costly outgoings of a static restaurant.
Plus, because you’re so mobile, you open yourself up to way more opportunities in the local area, including trendy pop-up events.
To get the best results, identify your target audience and where they spend time around key food periods, and tailor your menu to offer a unique option that meets their needs.
Oh, and keep the marmite on the shelf at home.
For this section, I want you to close your eyes and picture how you imagine an accountant to look and portray themselves.
I didn’t say open them yet, you naughty sausage.
Now, if that image in your head isn’t of the safest and most secure person you can imagine, then you need some imagination classes, or you need to spend more time with accountants.
And there’s a reason for this stereotype.
Accounting attracts people who are interested in stability and security because it is not a business that is typically impacted by economic fluctuations.
While businesses struggle and sometimes thrive in recessions, both types need the support of skilled accounting professionals to help keep their books in order.
3. Cleaning services
Since the Covid-19 pandemic, businesses and employees have been even more conscious of the cleanliness of their workplace to prevent infections or illnesses from occurring.
That might be for a business that is client-facing and wants to ensure its customers feel comfortable coming into its store. Or it could be a business that wants employees to feel comfortable coming into the office to work collaboratively. There are even those that now work fully remotely, and as a result, their house has become messier and more cluttered much quicker.
Whatever the case may be, people want the results but don’t want to put in the hard yards, which is why the demand for cleaning services is higher than ever.
Even in times of recession, hygiene is one area that people are unwilling to skimp on, making it a very reliable option, regardless of the current economic situation.
What’s one way to ensure you never get made redundant?
Mind you, I’ve had a few days where I’ve reviewed my work only to wish I could, at the very least, give myself a stern talking-to.
All jokes aside, the gig economy is one that tends to thrive in times of economic downturn, and thanks to the continued improvement of digital technology, it is easier than ever to try and find clients for your new venture.
As companies are forced to lay off high-paying staff, they still need the lights kept on, and that often leads to them employing freelancers to fill in the gaps.
To get started, find your niche and start drafting up your brand plan. You can also take the insights provided in our free ecommerce masterclass. These tips are especially useful if your freelance services are related to ecommerce, but many of the points covered transfer into other industries, too.
Plus, it’s free!
5. Skilled trade work
One area of work that is always in demand is high-quality trade work. Just try to book someone to come in and plaster your conservatory–trust me, there are significant wait times, and some of the prices are eye-watering!
Whether you already have a trade skill that you could leverage in your spare time or as a career change or are considering making the switch, do so in the knowledge that your new business venture will likely be immune to the state of economic uncertainty we find ourselves in.
Keep Learning: How to Make Passive Income Work For You
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