It takes a lot to start up a small business. You need to acquire the necessary licenses and obtain small business funding Livonia. If you’re thinking about starting up a business during a recession, you need to be sure that the potential rewards outweigh the significant risks you are taking.
Certain businesses are considered “recession-proof.” In other words, demand for them continues even during a recession, and sometimes even increases. If you are thinking about starting a new business, here are some good recession-proof options to consider.
1. Food Truck
Location is not an issue when you open a food truck business. If you are not making money where you are, simply drive away and set up shop somewhere else. A food truck offers some of the advantages of owning a restaurant without the high entry costs.
2. Tutoring Services
This is a flexible business that you can conduct both in-person and online. A recession tends to create demand for tutoring services because people who are out of work may take the opportunity to pursue a new career, which may involve going back to college.
3. Home Staging
Making a house for sale look presentable and appealing is the job of a home stager. Home staging services are in demand due to a recession because selling a home is more difficult and sellers are looking to maximize every possible advantage.
4. Auto Repair
Auto repair is one of the best businesses you can start during a recession. Repair services are always in demand regardless of the overall economic situation. However, during a recession, people want to keep their existing cars working as long as possible rather than having to assume the risk of buying a new one.
5. Resume-Writing Services
During a recession, many people are competing for few jobs. Job seekers are looking for anything that will give them an edge, and that may mean polishing their resumes. Ironically, you may launch a new career helping others along their job path.