Starting off a new venture often has its own set of challenges and hurdles. One needs to have a thorough understanding of what to expect and what not to expect while opening up a new business. While most of these challenges are intrinsic to the nature of the business, there are many external factors that affect your business too! One such major external factor is the way our nation’s economy is performing. With the year 2019 kicked off, many experts are suggesting the possibilities of yet another recession that may hit us in the near term. While we aren’t really sure about its possibility, it always pays off to be prepared, doesn’t it? And wouldn’t it be best if you chose to start a business which is truly recession proof? Yes, there are some very obvious industries that do not quite get hit because of a global phenomenon like a recession. So, if you’re looking to start a new business this year and want to ensure that it is a recession-proof business, you may consider venturing into some of the following ideas:
Food and Beverages
In its true sense, the food and beverages industry is 100 percent recession proof. If you are planning to start a new business, research and look out for the upcoming trends like organic food items, preservative-free packaging, etc. The food and beverages industry is probably one of the biggest industries in terms of average daily value created and consumed. You can think of setting up a small bakery or a pizza store to a chain of milkshake outlets to even a big fancy food court – in all likelihood, none of them will fail if you serve the right taste at the right price according to the genre of your audience. Yes, a good amount of research is required to get things right, but, again, it is not rocket science!
Another such segment is the hygiene factor. Whatever be the case, we all have to maintain personal and domestic hygiene to stay fit and away from diseases. If the food and beverages industry does not lure you much, they consider entering the hygiene-related services space. You can set up a mini store that offers laundry services or sells soaps, detergents, etc. If you are looking for a rather bigger project, start your own soap and shampoo manufacturing facility!
Let’s face it: no matter how well or poorly the economy is doing, healthcare and medicines is one such industry that will only see a rise. This is because of the ever-increasing pollution levels, rapidly deteriorating lifestyle habits, tremendous increase in smoking and alcohol consumption levels, and ever-reducing life expectancy rates. Healthcare and related services like medicines, etc. are here to stay and will only rise with time, in terms of volumes! However, entering this space isn’t as easy as it may sound; you need certified medical practitioners and approved drugs. Do your research well before taking the plunge.
Again, no matter how bad the economy does, we cannot let it make us look pale or ugly, can we? Beauty products and related services will always be in demand as long as the human race continues to dominate the planet. We always want to look well groomed and tidy, and thus one may consider skipping a fancy lunch now and then but may not be willing to skip a long overdue haircut or a shave. Isn’t that right? And the beauty products and services industry is majorly fuelled by the female population with a ton of products and services in demand.
With a rapidly evolving lifestyle and stringent work schedules, parents often fail to devote much time to their kids, and there comes in the need for coaches or home tutors. With the population growing at a steadily fast pace, the requirement for better educational institutions and qualified teachers is also rapidly increasing. Even if the economy hits us hard, we won’t stop sending the kids to the school, nor would we like to cut corners when it comes to giving our kids the best education.
Good or bad, whatever the state of the economy may be, this industry is always booming. With the ever-increasing demand for more and more data comes the demand for more and more tools and minds to analyse such data in order to draw vital and insightful inferences that can help leaders to be prepared for what is about to come! Accounting will be required as long as businesses are run, and likewise, the need for research and consulting will only increase with time. There are many businesses which are assisting other businesses with data mining, analytics tools, algorithm-based decision making, and more.
Digital Marketing Services
The globe is shifting towards the digital economy, and so are businesses. Every business is looking for an online presence, but not everybody knows how to market their products and services online. Thus, there’s a natural requirement for qualified digital marketing service providers who allow businesses to scale up the ladder in the e-marketplace. Digital marketing is here to stay for a long time, and the reason why it can be considered to be recession proof is that it is significantly less expensive than conventional marketing techniques, making it a natural choice over the latter!
It may sound a little morbid, but this industry is actually recession proof. This is because, in this line of work, we’re dealing with inevitability, which essentially means that you may never really run out of business. People always want to give their departed ones a decent send-off and, thus, funeral services are always required. People pass away every day, and that’s how life is! The funeral services industry has not quite seen a hit in the past episodes of recessions, and that is good enough proof of its long life.Opinions expressed here by Contributors are their own.