By switching from physical to online, the company saw the opportunity to expand well beyond China’s borders, reaching teachers and students globally. If you’re in retail or hospitality, your brick-and-mortar location probably experienced a drastic decrease in revenue. Instead of riding out the storm and hoping for a vaccine, shift your attention to online sales and embrace an omnichannel approach. Companies https://www.bookstime.com/articles/completed-contract-method like KPMG have dedicated their human resources teams to ensuring their pandemic policies align with public health recommendations. These companies confirmed they’re ready to migrate to 100% virtual operations if required, while also accounting for employees’ sick leave or leave of absence to assist ill family members.
Social media services
- As COVID-19 continues to shift the business and commerce landscapes in the U.S. and around the world, some companies have been fortunate to see enormous jumps in demand.
- The retail trade encompasses more than just the local gift shop or national brand clothing stores.
- Without the need for a physical office space, digital marketing businesses have fewer overhead expenses than traditional marketing agencies, making them more adaptable to adverse economic conditions.
- Your plan should include ensuring everyone has the capabilities to work from home.
- Small businesses like Fort Orange General Store in New York have done this on a smaller scale.
- Another 10.2% reported hiring more employees, and 12.2% said their employees were working more hours.
Quartz reporter https://www.instagram.com/bookstime_inc Adam Epstein believes many of those people who gamed during the pandemic will continue to play even after it is over. Answering these questions will help you make the best decisions for your business now and in the future. Additionally, make sure you pay attention to trends in both your regional economy and the global economy.
Ten recession-proof business ideas (with real examples)
It can often also provide more specific and accessible information about your audience, allowing you to better target and grow your customer base. With so many businesses relying on technology, IT support services have high recession resistance. There are plenty of areas of tech support expertise, from helping a client recover lost data to talking them through new software solutions. Each of these sectors represents an opportunity for you to start a new business.
Online Freelance
While many companies are hurting during the coronavirus pandemic proof businesses pandemic, some small businesses are seeing lots of new and returning customers. Unlike some of the other businesses mentioned here, freelance services focus on your skills as an individual, rather than your ability to start a successful company. During recessions, businesses often look to outsource their work to freelancers, who often fill specific gaps where a full-time hire would be too expensive.
- Thus, telehealth companies that allow patients to see doctors or therapists via their computers or phones have become more popular, increasing an estimated 50% nationwide.
- Above all, you have to choose your customers, saying no to those who don’t fit.
- Clearly, projects are continuing apace for this industry, despite the recession.
- Financial analysts continued to evaluate companies based on sales growth and expense minimization, reinforcing the problem.
- You can work with local businesses to deliver their goods right from the store or supplier directly to the customer.
- Blogs and articles are a great way to share recipes and workout routines that people can easily do from home with little to no experience.
- Compare that to the Arts, Entertainment, and Recreation, which saw over 26% unemployment.
- Recession-proof businesses tend to retain a relatively high demand, even when prices rise.
- This demand doesn’t fluctuate with the economy because we always need to stay protected online.
- “If they have a choice between being able to buy online right now or wait until the store reopens, a lot of customers will buy online just for convenience.”
- Logistics is undeniably a recession-resistant business, representing essential demand in the freight industry.
But they were shocked to find that their high-gross margin, fast-growing craft beers were losing money. Companies need to shift their strategies to speak to consumers’ changing needs. Use this time as an opportunity to rework your business plan, identifying the options available to you. Take the new trends and see how you can optimize them to drive revenue for the foreseeable future. Whether you’re a small business owner or a corporate giant, this year has undoubtedly forced you to adapt and rework your overall business plan.
Property management firms take care of rental properties on behalf of a landlord, dealing directly with tenants and mediating with estate agents. Though the Great Recession in 2008 was caused by a property crisis, this is by no means the case for every recession. In an economic downturn, central banks tend to encourage investment by lowering interest rates, so it’s often the best time to get in on the housing market. There are some services, like waxing and hairdressing, that most of us just don’t have the skills to execute well at home.
- As the COVID-19 pandemic has forced people to socially distance and avoid public transit, it has also sharply increased demand for used cars that offer safe spaces away from strangers.
- There are some small businesses that you can start during a recession such as an online freelancing business or an online teaching business.
- Most of us will turn to financial advisers at some point in our careers, be it for starting a new business, going freelance, or getting clarity on taxation laws in a new state.
- In response, the management team developed maintenance kits (including sealants and cleaners) for the industrial customers in order to extend bearing life.
- The nearly instantaneous economic recession triggered by the Covid-19 shutdown has wreaked havoc on businesses large and small.
As the COVID-19 pandemic has forced people to socially distance and avoid public transit, it has also sharply increased demand for used cars that offer safe spaces away from strangers. Other factors driving up used car interest include low inventory of new cars, low interest rates and people wanting to spend less cash on cars due to economic uncertainty. With many consumers unable to buy coffee in person because shops are closed or they are hesitant to leave their homes, coffee companies that offer home delivery are seeing increased demand. These providers include those who ship freshly roasted beans, pre-packaged cold brew and other variations. We’ve seen some business ideas that are well placed to weather the storm of an economic recession. It’s often better to start a new business, especially a recession-proof one, in economic downturns.