Everything is uncertain and hazy right now. The Coronavirus has hit us hard, financially and otherwise. Many have been laid off and have no direction to move towards. Given the economic situation, you might be in search of a recession-proof business idea right now. We’ve done some nudging and are here with the top 12 recession-proof business ideas that you can look into.
1. Health practitioners
What did the COVID crisis teach us? The world cannot have enough healthcare workers. People do not compromise on their well-being and prioritize their health even during economic strain. Most healthcare services are covered by insurance, supporting people to use them, even when money is tight. People will continue to pay to live a healthy, pain-free life no matter what. Thus health practitioners made it to the top of our list of recession-proof business ideas.
Educational services are another industry that is typically recession-proof. Many go back to college after layoffs or when the job market is tight. Jobs in primary education, secondary education, higher education, special education, and adult education are highly relevant regardless of the economic climate. Now even online education has caught heed.
If you are a teacher, you can run your business online, in person, or both, making it very versatile. If you teach a language, skill or offer professional training courses, you are in a lucrative position to earn by helping people upskill themselves.
3. Pet care
According to APPA stats, by the end of 2020, the amount Americans spend on their pets will reach $99 billion in value. Pet food and treats make up the most significant portion of the market at $38.4 billion, followed by vet care and products at $30.2 billion. These numbers speak for themselves.
People still need to take care of their pets, even if hell breaks loose. So, dog walking, veterinary care, grooming, pet sitting, and pet pharmaceuticals will surely be profitable during an economic crisis.
45% of American pet owners spend the same amount of money or more on their pets’ healthcare as they do their own. If this doesn’t sound like a recession-proof business idea, I don’t know what does!
4. Food delivery services
All food delivery establishments have seen a colossal spike in customers during the COVID-19 pandemic as it is an essential service. The operations to be considered here are meal kit deliveries, grocery delivery, and takeout orders at cafés and restaurants.
According to the Bureau of Economic Research, people generally work longer hours and thus have less time to cook their meals. This is definitely something to think about.
5. Virtual assistant
Many firms might not be able to pay for full-time assistants but still need assistance. An economic crisis can make way for a run-off of administration, bookkeeping, paperwork, meetings, and other managerial work with inadequate time to get through.
Being a virtual assistant lets you make money from home while still being able to take responsibilities effectively. Make sure you convey your dependability, work ethic, and effectiveness to employees with proof, and you are good to go.
6. Financial services
Financial services are always in demand, especially during economic downturns. As an accountant, bookkeeper, chartered accountant, claim adjuster, or financial advisor or consultant, you’ll be an essential part of serving businesses to cut-costs to survive a recession.
7. Auto repair shops
Car repair businesses are necessary in times of economic crisis as cars are an essential requirement, and when damaged, people cannot pass up getting their car fixed as getting a new one is out of the question. Auto repair services speed up as people make provisions for holding onto their old vehicles longer and keeping them in shape.
8. Mental-health care
People need extra help through difficult times. Rates of depression, anxiety, substance disorders, and other mental illnesses increase during economic dips. The number of clients looking for help from a mental health professional like therapists, psychologists, social workers, psychiatrists, and life coaches upsurges during troubling situations.
9. Coffee Shops and Bakeries
We had to include this in our list of recession-proof business ideas because, over 50% of Americans over 18 years of age drink coffee every day. This represents over 150 million daily drinkers. Isn’t that something? Most people cannot function without their morning coffee; some even have 3-5 cups a day. Bakeries keep running with the full flow as people don’t stop buying bread, cakes, doughnuts, and other bakery items. So long as your prices remain accessible, you could see a spike in demand for coffee and baked goods during a recession.
10. Home repair and maintenance services
No matter the economy’s state, pipes still need plumbing, elevators still need fixing, and homes still need repairing. Skilled labor and other home refurbishing services are essential to keep all commerce as well as homes running. If you’re a trained laborer, you will be in demand, no matter the world’s financial situation.
During a recession, people work extra hours and generally have a hard time taking care of their young ones. A day-care allows those with children to continue to work efficiently during difficult times. However, prices play a significant role. If you charge excessively for your services, your business might suffer like others during an economic crunch.
Death is inevitable and can occur at any time in a man’s life. Thousands of people die every day all over the world. So, even during a recession, people die, and death care services remain in demand even then.
So which of the above recession-proof business ideas did you like? Let us know in the comment section below.