Recession might be a difficult time, and it’s common to see a number of people lose their jobs, companies suffering threat of being closed down and people having limited funds to spend. However, there’s the struggle to survive and stay ahead. You’ve probably been part of this struggle, seeking ways to make the effects of recession minimal.
Recession shouldn’t stop you from starting a business. It’s in fact, the best time to kick-off a business. There are also a number of industries and businesses that keep waxing strong in the face of recession, and now is the best time to go into any of them.
Here’s a list of top recession-resistant businesses:
People are always in constant need for repair services. So, no matter the situation of the economy, repairmen are always in demand with a lot of business opportunities waiting for them 24-7. From leaking sink, to broken window panes, faulty phone, faulty cars, the repair service industry is wide. If you have no repair skill, you could go get the skills and training to learn how to repair a specific type of gadget or appliance.
Alternatively, you can choose to start by employing skilled personnel in different area of repair service, get jobs in homes and offices and pay them a commission. This way, you’ll be building your own repair service business empire.
If cooking is something you love doing, then you can try this out. Food business is evergreen. Even though people cook at home, there’ll always be cases when they are out of home, and need to refill. Busy career people abound, who barely step away from their desks and subscribe to food delivery services. There’s also the need for caterers when it comes to parties and other events.
With this, there are a number of ways you can set up a food business. You can set up a small restaurant where people troop in and out at different times of the day, and at the same time provide the option of delivering food packages to offices. You can also begin outdoor catering for events of different kind.
As technology keeps growing, it brings more and more opportunities with it. In our modern world, businesses can hardly survive without technology. In the face of recession, business owners seek ways to grow their businesses, and technology is used most of the time for such efforts.
Business owners are seeking ways to effectively market their website, build traffic, increase sales, and their go-to persons are internet marketers. Skills like content marketing, website designing, social media marketing, search engine optimization and email marketing are in high demand Once you master a few of them, you’ll always be in business.
Do you have a flair for teaching? Then you can try out tutoring. This is a highly recession-resistant business. Everyone makes an effort to learn, be it a new skill or a particular subject. Many parents may be finding it difficult to cope with the recession, but they’ll always squeeze out that little money they have to see that their children get good education. Every year, candidates prepare for JAMB and WAEC, and they go out in search of centres where they can be tutored ahead of the exam.
Whether you are good at teaching academic subjects or vocational skills, you will always get people who would pay to learn from you if you start a tutoring business. Start by approaching potential students in your neighbourhood and telling them about your tutoring service, and as you grow, advertise using broader media.
Renting out properties still remains very lucrative in Nigeria. You can be either a real estate consultant, providing advice to people on how to get the best deals and where to get available properties, or serve as a middle-man for house owners and buyers/renters, connecting them and getting a commission from the sale or rent of properties.
Transportation is one sector that booms during recession. Not everyone has a car, and no matter the economic situation, they’ll always have places to go. For others who have cars, they might find it hard to purchase fuel during recession. You can tap into this opportunity and drive your way out of recession.
One way of breaking into the transport industry is by starting a taxi service. If you do not have a vehicle, and cannot afford one, you can enter into a hire-purchase deal with someone who can afford it. Also, if would not like to drive yourself, you can hire a skilled driver who has been in the transport line to get the business rolling.
Year in year out, Agriculture has proved itself to be very profitable and recession-resistant. To begin, find a niche and focus on an aspect of agriculture you think would be perfect for you. From cat-fish farming, to sale and rearing of livestock, a number of profitable business opportunities abound in the agriculture industry.
Are there other recession-resistant businesses we missed out? Let us know through the comment box.