It goes without saying that recessions cause problems, along with creating more emphasis on certain consumer needs. Having enough insight to sense a change in the market and consumer needs is where entrepreneurs really come into their own. While risky, many a great business was started in a recession. Even Disney launched during America’s Great Depression to serve those seeking escapism and encouragement. Just days after the recession ended in 1975, Microsoft was born. And Facebook became profitable after 2009’s Great Financial Crisis.
If you’ve thought about starting a business in difficult times, here are a few ideas that have great potential to succeed.
Home Health Care Services
Illness and age aren’t restricted to specific borders or demographics. So there will always be a need for health care jobs.
Working from home, you can visit your clients at their residences and help them in whatever way you’re qualified to. Of course, you will need certain licensing and a background check. But this can easily be handled online.
Starting a health home health care business is a great way to avoid the significant overheads you could expect from a traditional health care practice. You just need supplies, a reliable and safe vehicle, the necessary qualifications, and, of course, clients.
A virtual assistance business may have been virtually unknown just a few short years ago, but they are now offering services to a wide range of companies. These services include general admin tasks, scheduling, and social media management. It can be an ideal business to start during a recession- especially if you manage to secure clients who haven’t been hugely affected by the ailing economy. Look for prospects that have been in business for some time and that have survived through economic struggles. Further, smaller, one-man businesses, such as law firms, may be open to the idea of having someone with the skills and availability to handle the many small tasks that have been piling up.
It’s easy to start a virtual assistance business. There’s ample growth opportunity and little overheads. You could even start an agency and provide services beyond those within the range of your own capabilities.
Recessions too often result in job losses and cutbacks. This leads to more people seeking new jobs. It’s difficult for one resume to gain attention when competing with so many others. Promoting your service as a resume writer helps to meet this need. Your knowledge and skills can ensure that jobseekers are using the right keywords to showcase their experience and expertise. This presents them with the best opportunity to gain attention and be considered for the jobs they apply for.
If you have an ability to write, you just need to learn the best practices for cover letter and resume writing. This will put you in a great position to increase both your skills and your marketability. You can work from home and arrange calls over Zoom or Skype, and you can promote your new service on such professional social networking sites as LinkedIn.
You will need to do your homework, of course, to find out the going rate is for this service. You’ll find that other resume writers charge different rates, depending on how much detail is involved and the overall length of the document. Not only does this type of service present an opportunity in an economic downturn, but it can also be rewarding for writers who have a chance to help people get back into work.
Online Consulting and Coaching
More businesses turn to online platforms during a recession, as it’s a time when a greater number of their customers are at home. As the technology is readily available, thanks to such companies as Zoom, many traditional in-person consultants and instructors are able to move their formats online. For example, yoga and other exercise instructors can provide their classes to members who are at home and feel less motivated to go out. An online classroom solution can apply to almost any traditional in-person session.
Aside from groups, professional consultants can also experience the many benefits that come with operating online. Financial consultants, music teachers, nutritionists, and consultants in many more areas can offer a regular appointment schedule online. And by promoting their searches online through such social networking sites as Instagram and LinkedIn, they are discovering a set of clients who prefer to attend sessions online, anyway.
So if you are in a position to offer your services online, during an economic downturn is the ideal time to start.