When a downturn in the economy occurs, inevitably many people consider starting a small business. There can be many reasons for this from not being able to find that type of employment, not aking enough money to feeling trapped in their current job because other companies are not hiring. Sometimes people just can’t resist the entrepreneurial calling.
During a recession, there are lots of industries that thrive: Movie Theaters, Waste Disposal, Veterinarians, etc. The only trouble is some of these require years of college education, huge investments to start or both.
But there are plenty of small business ideas that can be started for little to know investment and can be done part time with just a litle bit of experience and some marketing know-how.
Home Services Company
No matter what, when the AC doesn’t work, people are going to get it fixed. This goes for a leaking roof, ants in the kitchen and deck repair. Since people tend to spend more time at home when times are lean, lots of people tend to set their house as a priority.
Candy and Pastery
Consumers tend to find comfort in small indulgences and nothing describes this better than sweets. Chocolates, cupcakes, etc. Whether you are making it in your own kitchen or considering a retail location, you’ll find these types of businesses do well.
Since people tend to compare the cost of buying new with making something last a little longer, you will find someone more likely to have a dishwasher fixed rather than replace with a new one, if it is less expensive. Many small businesses can get started this way with just a little know how of lawn mower repair, auto, seamstress, computer and the list goes on.
Even though things may get tight, many people still focus on their pets lifestyle. Now not everyone can open a vet clinic tomorrow, there are many businesses that can be started tomorrow with hardly any experience at all. Pet walking, dog jewelry, treats, reselling cat toys online and anything that allows your creativity to imagine.
With so many other entrepreneurs out there, you’d be amazed how many are looking for niche consulting to teach them how to manage the parts of their business that they have little to no experience with. IT consulting, sales training, management skills and process improvement are always in high demand. Much more so when startups enter the market at a quick pace.
Perhaps more than a side business, daycare is always in demand and often times in slower economies, some of those who were not in the workforce enter it to make ends meet. You may find this particular small business one that is in demad.
If you ever considered starting a retail store, but could not think of the idea, then this could be a winner. At a time when people are looking to sell items to make extra cash and others are looking to buy brand names at a lower cost, you will likely see Consignment stoes become more popular. If you know quality and are good at managing inventory, this is always a great way to make money.
Most hairdressers, even though they often work within another company, run their clients like their own business. This is a great way to work a flexible schedule and build a reputation over time before making the move for your own salon.
This can be a low cost investment and you can set the time you choose to work. durring tough times, some households end up working multiple jobs and one of the luxuries they will afford themselves is coming home to a clean home. Even a few biweekly clients can tuen into a very nice start up business.
When the economy switches gears and interest rates go low, people buy houses and refinance existing mortgages. Insurance companies still need assessments and so on. Since home inspection can be done at different times of the day and weekends, lots of people find this to be a great dide gig.
Technology costs have come down so much for equipment and more businesses are in need of online video for their marketing. For anyone who has an interest in this field, a side hustle is something that you can get off the ground for a small invesment and definitely allows for you to do outside of regular work hours.
Homeowners often consider landscaping as one of the first cost cutting measures for tightening up the household budget. They often times still want the lawn mowed but are willing to find a lower priced company to provide it. This is where new lawn companies can thrive. A truck, trailer and lawn mower make for less overhead than an existing full service landscaper.