However, some small businesses have proven to be uniquely suited to the COVID-19 crisis and have seen an uptick in demand. Not only can this business idea provide people with some new information, but it comes with the added boon of forging a much-needed community and a sense of connection. But this business idea requires a lot of marketing skills to garner a “student body,” so to speak, so we wouldn’t necessarily recommend it if you’re shy on the self-promotion front.
But the key to future proofing any business, is to be scalable and flexible to changing dynamics. Lockdown plans and provisions need to be in place with everything from staffing to stock. A new era of innovative, socially and environmentally conscious manufacturing has also been developing with the assistance of government grants and incentives.
How we ranked these businesses
The pandemic has given everyone a lot of time to redecorate, remodel, or renovate their homes. Minimalist, aesthetically pleasing homes continue to be a trend today, with proud homeowners sharing pictures of their new or renovated homes on Facebook. This is why it’s worth having a hardware supplies and construction service business in the Philippines.
- Ross Buhrdorf is the CEO of ZenBusiness, which has empowered over half a million individuals to launch and scale their businesses.
- When the company went public in November 2017, Tan, then 40, earned the title of Singapore’s youngest self-made billionaire.
- While inflation has soared and the stock market has stumbled, there are recession-proof businesses that could help you profit during times of uncertainty.
- Practical and real-world advice on how to run your business — from managing employees to keeping the books.
- Office buildings, medical facilities and public-facing businesses all over the country rely on professional cleaning services to continuously disinfect their spaces.
- Ryan Masiello, VTS’ cofounder and chief strategy officer, told BI that despite some high-profile examples of big companies giving up office space, many employers aren’t shrinking their footprints all that much.
In recent years, a new wave of peer-reviewed research indicates that launching a business can dramatically reduce stress and improve physical and mental health. That revelation first gained traction with a groundbreaking paper published in the Journal of Occupational and Organizational Psychology. In it, researchers compared a nationally representative sample of employees and entrepreneurs on various health factors, including blood pressure, physician visits, physical and mental illness, and overall well-being. The results overwhelmingly favored entrepreneurs, who evidenced significantly lower blood pressure and hypertension rates, fewer hospital visits, and reduced incidence of physical and mental illnesses.
recession-proof business ideas
“There is a trend towards more high-end experiences where it’s booked events, minimum prices and more high-end food offerings,” Ms Kelareva said. Suffice it to say that most people are not buying luxury clothes, accessories, cosmetics, and other small items during a recession. If they’re indulging in retail therapy at all, they’re being reasonable about it—which often means buying secondhand or on consignment.
Try Shopify for free, and explore all the tools you need to start, run, and grow your business. Businesses like general contractors, house painters, and even sole proprietors specialize in fixing, replacing, and upgrading home appliances and pandemic proof businesses fixtures, among other items, as well as decorating the home. Carpenters and painters tend to find consistent work during economic downturns as property owners typically tackle smaller projects rather than embark on expensive renovations.