Starting a small business in a bad economy might not seem like the wise thing to do, but there are small businesses that do well no matter how bad the economy becomes. Generally, they are needed services and products. With that in mind, what are some of the best small businesses to start in a bad economy?
High ticket items such as houses, and new cars are definitely not a business to start in a bad economy. People have less purchasing power and therefore, spend less money. Essential services and products are always the way to go in a bad economy. Let’s take a look at the possibilities.
Auto repair is always a needed business. No matter how bad the economy gets, someone needs auto repair. If you are an auto repairman, you might want to consider starting your own small business that will thrive no matter how bad the economy gets.
Senior care services are always needed. Whether you want to start a small business in nursing homes, home healthcare, or senior shopping and errands, there is a place for your small business in a bad economy. Baby boomers are now seniors and many of them need care.
The insurance industry is also another great small business to get started. There are many insurance agencies you can work for, or you can be an independent contractor selling policies on your own. This small business model is typical for insurance agents in today’s ever-changing insurance world.
Used car dealership is a great small business to start in a bad economy. Most people cannot afford new cars and even financing in a bad economy can be challenging. Increased interest rates put new cars out of reach for the average worker. Used cars are within everyone’s reach. The demand for used cars goes up. People can often afford a used car without financing.
Dollar stores or thrift stores are great small businesses to start in a bad economy. Spendthrift people with less money look for bargains and deals, whether on new or used items. This type of small business could become very lucrative during an economic downturn.
Administrative outsourcing might not seem evident when contemplating which businesses and services are needed, but statistics show that even in bad economy, companies still outsource administration.
Resume writing services always do well in a bad economy. Often times, companies shut down in an economic downturn and people are looking for jobs. You can take advantage of this by starting your own resume writing service.
Job search service is also another great small business to start in an economic downturn. With unemployment on the rise and more job seekers looking for work, this is the perfect business to start. Job placement agencies tend to do very well in a bad economy.
Going after government contracts can keep your small business floating until the economy turns around. There are many ways to get business with your existing small business and government contracts are the perfect way to weather any economic storm.
In conclusion, there are many needed products and services that your small business can provide no matter what the economic situation. If you are thinking of starting a small business, don’t let a bad economy hold you back. Work with what is available by providing a needed product or service.