Even though we just came out of a global recession, there is no telling when another one might be looming. According to a recent study, one in two people have cut back on their spending and one in five fear for their jobs, while 65 percent said that they were pessimistic about the future.
Perhaps the most apprehensive group of people is entrepreneurs. They know that when customers stop spending as much as before, or lose their jobs, business suffers. This apprehension has led some entrepreneurs to look for recession-proof businesses ideas. Do such businesses even exist, you ask? Yes! In fact, here are five of them.
1) Organic Food Business
No matter how difficult the economic situation gets, people must eat. That said, this shouldn’t tempt you into opening a restaurant. You will regret it. When the economy bites, people stop eating out; and prefer to make more budget conscious decisions. In hard times, people tend to cut back on unnecessary purchases by eating at home where they are increasingly using organic products.
It is a fact that most people today are health conscious, and worry much more about where their food comes from. There has also been a huge global trend towards veganism. Customers today tend to prefer grass-fed beef and pesticide-free farm produce to processed products. This is where a business opportunity presents itself. By running an organic farm or organic grocery store, you can survive the recession.
2) Health Care Services
Whether we’re in a recession or not, people will always need healthcare services. No matter what happens, people will still need to visit a health facility, see a doctor, and buy medication. This simple fact makes the healthcare industry virtually recession-proof.
It also explains why it is currently one of the fastest growing economic sectors in the country, notably because of the aging population. It, therefore, makes sense for any entrepreneur to want to join this lucrative industry. Opening a business that provides alternative healthcare solutions is a good starting point.
3) The Beauty Industry
Like food and health care, the beauty industry is rarely affected by the state of the economy. People apply beauty products every day, and religiously. Many do so more than once and better still, are willing to pay top dollar to maintain an attractive look. With a cosmetics business, you will never feel the impact of an economic downturn.
4) Social Media Marketing
Social media has become such an integral part of our lives that we cannot do without it even during a recession. In fact, we may use it even more as we contact friends or recruiting agencies in the search for a job. Social media marketers such as Tai Lopez know this and stress it constantly. As a matter of fact, Tai Lopez started a social marketing agency program that teaches young entrepreneurs how to start their own social media marketing company and take advantage of this huge opportunity.
Social media is much more than a tool to bring people together, as a matter of fact, it is shaping up to becoming one of the biggest and most vibrant marketplaces on earth and the importance social media will have in our lives will only increase in the next coming years, making it a near recession proof field anyone can enter on a dime.
As surprising as it may sound, there is such a thing as recession-proof businesses. They not only stay afloat when every other business around it is sinking, but they can also prosper and make a profit. Whether it’s healthcare, organic farming, social media marketing or the beauty industry, there is no shortage of businesses can not only can survive a recession, but even thrive during hard times. So, make sure that you do your research before you enter any field of business and make sure that it isn’t on its way to extinction.