Of course times are bad...really bad and will stay that way for a long time. However, not everything can be doom and gloom can it? There must be some businesses that could do well in a recession? Here's a selection of business ideas that I think offer potential.
1 Fixing Stuff
People are loathe to dump old stuff and buy new. Therefore people like cobblers, bicycle repair services, car mechanics are, I'm sure, doing OK. What else do people value that need fixing? Clothes? Toys? Electrical items? Factory equipment?
2 Make Rather Than Consume
As well as fixing, another way to save money is to make your own stuff. I think there are opportunities for businesses that teach people the skills and tools to save money through their own labour. Cooking classes, growing veg, making clothes, making gifts, knitting.
3 Affordable Luxury
In these austere times we still need to treat ourselves and escape from all the bad news. Therefore, businesses that inject a bit of glamour into people's lives such as lipsticks, nail bars are doing fine. What other businesses offer luxury and escapism without the high price tag?
4 Home Pleasures
People will stay in more and save on the expense of restaurants. I think really good home food delivery services still offer good potential as long as they're pitched against the alternative of going out to a restaurant. For example, premium pizza delivery, fine Indian food. How else could you encourage people to enjoy home life more?
5 Eco Thrifty
If something is environmentally friendly and saves you money, then you're onto a winner. Sales of energy efficient light bulb are going through the roof. What else is eco and money saving?
6 The Hip Funeral Parlour
There are some services that will always be in demand, irrespective of the economic climate. The prime example is funeral parlours. I've also felt there was an opportunity for a cool and funky funeral business - the Innocent of the genre.
7 Health and Well Being
People get more stressed in difficult times and are in need of physical or emotional support. Plus of course, we're living longer. What health related services can you provide? Home help for the eldery? Therapy? Are there any health related products that you could market?
8 Discount Retailing
Of course this is the boom area. Wallmart have made a comeback in the USA by going back to basics. People in the UK are discovering the joys of Lidl - champagne for £9.99! Selling stuff at rock bottom prices is always going to do well in this cash-strapped climate. What else can you sell that offers great value? On line retailing in particular offers huge potential.
9 Superwealthy Businesses
Of course, there are a sector of consumers who are recession-proof, ie the super rich. So, if you're selling luxury yachts, expensive jewellery and designer labels then you'll be fine. How else can you fleece people with more money than sense?
10 Debt Collection
And finally, if you're big and tough and don't mind a bit of argy bargy, this could be the career choice for you. For those who speak Italian and are prepared to move to Naples, some people out there could use your services.
