Best Business Ideas During Recession – Do you feel like inflation is eating away at your income? Are you worried that things will only get worse as the nation sinks deeper into recession? Maybe you’re looking at your favorite hobby, wondering if you could tweak it a bit to bring in some much-needed income.
If you’ve spent the bulk of your career working for someone else, it’s only natural to wonder if starting a business is worth it now. You may be on the verge of retirement or even in retirement. Sure, you enjoy helping people, but wouldn’t it be easier to just give it away for free and cut back on other expenses?
Best Business Ideas During Recession
“Starting a business can be an exciting responsibility to take on for many people,” says Nick Chandy, CEO and co-founder of ForwardAI in Vancouver, British Columbia. “It’s also a great opportunity to turn your weekend hobby into a cash-generating activity. Starting a business with inflation and a recession looming may be an additional cash flow stream that helps people stay financially prepared for the economy.”
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Talk to any entrepreneur and their answer will be the same: their job has become their pinnacle, the driving force behind everything in their lives.
“Starting a business is the best personal development journey on the planet — period,” says Ted Wolff, co-founder and president of Guidewise in Lancaster, Pennsylvania. “As an owner and entrepreneur, the journey to success is full of drama and ups and downs, but they are all designed as life lessons that force you to stretch and grow your skills. More precisely, you refine and build new skills to solve problems related to business and people.”
What does it mean to be truly free? Imagine your life where you are free from financial worries, free from being told what to do and free to explore anything you want at a moment’s notice.
If that sounds like a comfortable retirement, yes, it is. But this state of nirvana can be achieved long before your traditional retirement years. Many people who run their own businesses have already reached this peak. Have you ever thought of being among them?
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“If you value autonomy, being in control of your time, guaranteed employment, and if you believe in your idea to the core, starting your own business is a great option,” says Joe Chatham, founder and managing partner of USA 500 Clubs LLC in Boston. “Freelancers are the only people I know who will work 80 hours a week to avoid working 40 hours for someone else.”
Many people dream of starting their own business, but things get in the way. These obstacles can be subtle, like small deadlines and never-ending to-do lists of menial daily tasks. They can be blunt, like they don’t have the engineering talent to build a prototype or they don’t have the financial backing to hire someone with that talent.”
“Starting a business is not for everyone,” says Tyler Muse, founder and CEO of Lingo Live in Dallas. “It’s both energizing and draining at the same time. Honestly, it can suck the life out of you. Not everyone is meant for this. But from my point of view, it’s worth it because not only can you dream a dream and make it a reality, but more than that, you can choose who you work with to make that dream come true.”
But does it make sense to start a new venture in the middle of perhaps the worst recession in decades? Isn’t that a much bigger risk than just keeping up with inflation?
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“The general business outlook in times like we’re facing today, including inflation, recession, war, energy crisis, supply chain woes puts all businesses on guard, and rightly so,” says Ryan Velitsky, co-founder of Relish in Beachwood, Ohio.
If you’re like many, these business cycle concerns may deter you from considering a new startup. However, it turns out that out of this raging economic chaos, unknown opportunities are growing.
“A recession can be a great time to start a business because there are issues within existing businesses that need to be resolved,” says Wolff. “During a recession, businesses tend to be more open to new ideas and innovative ways to solve problems. When times are good, many businesses don’t even look at innovative solutions to problems because they really don’t have to – we innovate in the hard times when we have to find a ‘better way’.”
But this may not represent the only obstacle. The biggest obstacle of all is self-doubt. How often, when thinking about starting your own business, do you ask yourself, “Is it worth it?” You can overcome this simply by reframing the question “Is it worth pursuing my life’s dream?” Or, more precisely, “Am I worth it?”
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“Starting a business is worth it because it gives you the ultimate freedom to control your destiny and tie your income directly to your performance,” says Brandon Harris, CEO of Playmaker in Fort Lauderdale, Fla. “As an employee, you enjoy stability, but in many cases, you lack Go upside and control your daily tasks and schedule. It can be more stressful, but for many who have the confidence, means, skills and drive, starting their own business represents a more exciting and freer lifestyle, as well as a great purpose and sense of pride.”
In a world where you are always being asked to give of yourself, it is almost impossible to consider your own wants and needs. Someone is constantly there to demand your attention. This burden of others can distract you until the day you die.
Yes, there are ways to share your time and talent, but it may be easier to do so once you’ve secured your treasure.
Instead of fighting it, lean into it. Other people have wants and needs that are not fulfilled. Instead of working for them to fill that void, why not create a business that provides them with the product or service?
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“We live for the chase,” says Valitsky. “Setting a vision, developing a strategy and executing against it provides an immeasurable sense of pride and achievement. We solve real problems. The punctuation mark on “Life to Pursue” is hearing customers tell us how our products have made their lives simpler. Now they have time for more strategic work and their family “.
Sure, they’ll have to pay for it instead of getting it for free by concentrating your time. But, again, if they’re not willing to pay for it, do they really want it or need it?
“Starting your own business is very gratifying and allows you to experience freedom in your life that you may have previously thought was impossible,” says Michael Nova, director of Nova Custom Printing in New York. “Imagine living a life of freedom, without feeling like someone is looking over your shoulder and telling you what to do. It’s literally a weight lifted off your shoulders. The freedom to make your own hours, follow your dream and live life on your own terms and no one else’s, is irreplaceable . If you have a dream to be an entrepreneur, I say with all my heart, follow that dream.” Many or all of the products shown here are from our partners who compensate us. This affects which products we write about and where and how the product appears on the page. However, this does not affect our estimates. Our opinions are our own. Here is a list of our partners and here is how we make money.
In case you had any doubt about it, the US has officially entered a recession since the outbreak of COVID-19. True, it may seem like the economy has completely shut down, but the reality is that not every business is doomed to fail right now. On the contrary: some businesses, like the recession-proof business ideas featured on the list, can actually thrive during an economic downturn. At the very least, they distinctly survive, both during and after a recession.
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What makes a business “recession proof?” For the most part, these businesses provide basic products or services that exist regardless of the economic situation, such as education and repairs. Others specifically address people’s changing habits and preferences. In this recession especially, these habits are twofold: first, almost everyone lives and works remotely; And secondly, almost everyone saves money. For this reason, businesses like e-learning and e-commerce reselling can absolutely thrive now.
It’s safe to assume you’re working remotely and saving money even as you plan how to start your own business. So many of the business ideas on this list can be launched and run entirely from your home, but those that require personal interactions lend themselves to social distancing measures. And they all require little or no initial investment – and little or no overhead once you’re launched. Therefore, there is no need for a recession to kill your entrepreneurial spirit. Read on for 10 of the best recession-proof businesses you can start today.
Never mind the toilet, the stove, the garage door, the leaky roof and other things in the house that tend to break
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