5 Recession Proof Businesses To Start In 2020
What recession proof businesses can you build during the current crisis? This blog answers your questions and gives step by step guide to launch your business.
Surely at this point, you are aware that most of us are reeling from all the news regarding the coronavirus pandemic which is affecting many businesses causing layoffs.
To make matters a bit precarious as I am writing this article the stock market is harming the economy.
You will find more infographics at Statista
Sadly, no one knows how many people will be infected and when will the spread of COVID-19 be stopped. With that in mind, many people are looking to starting their businesses because of the loss of income or just a way to supplement their current income.
Now that I have your attention, what does this mean to you?
What Recession Proof Business Should You Start During TheseUnprecedented Times?
Before jumping into the meat and potatoes of this article lets address what should NOT do.
Don’t exploit the situation
We are seeing people trying to exploit fear and uncertainty.
What I mean is consumers are nervous and filled with fear and uncertainty during these times but we are seeing many cases of price gouging and fake gurus…this is not entrepreneurship and it isn’t good citizenship.
During times of greater uncertainty, you should be starting a business that is meant to truly serve the community because you are an expert or willing to acquire the necessary skills not just to cash checks.
So now that’s out of the way,
Here Is The List Of Recession Proof Businesses and Jobs
1.START A CLEANING BUSINESS
This is the perfect time to start a cleaning business if you have the knowledge or willingness to learn. Many companies and families will be in the market for a reliable marketing janitorial service that understands how to disinfect all the hot spots.
There will be costs associated with starting a janitorial service business. A cleaning franchise can run you as much as USD 60K. But if you are a resourceful person you can start it with as little money as possible leveraging independent contractors.
As with any business before starting you will need to know your local and state requirements, make sure to research. You will also need to learn about finances, marketing, and other essentials of starting a business.
You can find more resources including marketing, financing options, and more at small business administration.
2. REMOTE WORK OUTFITTING
Most businesses are quickly learning how important having a flexible working environment that includes working from home is. Unfortunately, these businesses are lacking the knowledge on how to implement this practice and stay productive.
If you are comfortable with different types of hardware and software to allow a company a luxury of remote work you will be doing a noble cause.
What Are Remote Work Essentials?
Every worker will need the proper hardware like a pc or laptop preferably with mic and camera for web conferencing. You can help businesses with the setup, installation, and testing. The phone will be another valuable piece of equipment to have for working from home setup.
There are several good options for software to allow for seamless remote work. Depending on the industry your client is in you will have a slew of options for anything from productivity to communications. Software like zoom and skype are perfect for web conferencing.
When it comes to communications you can think of things like slack when teams can create channels for instant communications, WhatsApp can be another way to create solutions.
If your customer needs to issue invoices and accept payments you can consider solutions like PayPal, stripe, square, and Freshbooks. As far as project management you can consider tools like Asana, Trello, or ClickUp to get the project organized, tracked, and measured.
Consider ergonomic friendly setup as more and more employees are realizing how important a safe working environment is essential to employee satisfaction and productivity. Marketplaces are filled with ergonomic friendly chairs, desks, and tables.
Research shows that the majority of employees crave access to natural light and views so when outfitting a remote workspace consider having the set up close to the window. Research by Dr. Hedge of Cornell University reinforces the connection between natural lighting and employee wellbeing.
With the recession, most households will be looking for a childcare development center to work. Many people will be looking to pick up extra hours to supplement their income which greatly increases their need for qualified and trustworthy child care assistance.
You will need proper experience, training, and licensing for this business. Check with your local and state laws regarding child care licensing.
Depending on the age group you’re looking to serve you can increase your offering to tutoring services and be able to charge more and increase your order value.
If you are not ready to start your own childcare business you can consider joining a childcare network as a care assistant or a babysitter.
Just as with childcare, senior care is as essential to most families who are caring for their elder parents but they need to join the workforce.
During the great recession, healthcare grew at a modest rate of 4.2% annually compared to 8.8% in previous years which is an indicator that elderly care, as part of healthcare as a whole, will survive a recession.
The industry managed to grow while other sectors experienced plummeting revenue. According to the Bureau of Labor Statistics, the health care and social assistance sector will add more than 5.7 million jobs by 2020.
5. RESUME WRITING SERVICES
Naturally, many people will be looking for jobs and one of the services that you can offer is resume writing and editing. Many people have amazing work experience but struggle to transfer track record to a resume that is attractive to employers.
If you don’t have a website yet, think about setting up a profile on freelancer platforms like Fiverr and Upwork. Create an optimized LinkedIn profile and make sure you get about 5 endorsements about your services then sign up for the ProFinder service where clients can hire you for a fee.
6. BECOME A VIRTUAL ASSISTANT
The role of a virtual assistant is becoming more and more important as many companies are realizing how they can streamline their overhead by hiring virtual assistants. There are many types of virtual assistants ranging from integrators to lead generation.
Many solo entrepreneurs are always looking for individuals who can help them with tasks like answering their calls, email inbox management, webinar setup, and support. Email autoresponder set up and more.
You can easily start by registering with platforms like FreeUp, Upwork, or Fivver then move on to creating your website and have more control over your clients.
7. BECOME A FREELANCER
The gig economy is continuing to grow year by year which means there is more recognition of the importance of freelancers. According to Statista, there will be more than 90M freelancers in the US alone by 2028 which shows you the demand for freelancers.
First, you need to know that you have value, then go through a list of your skills and experiences soon you will realize skills like website designing, graphic design, voiceover character, and more which are very important to many businesses.
Once you have identified those skills you will need to put together a portfolio and start marketing your skills to other businesses.
As with any business you will need to solve pain points and challenges of your target market promptly. This is how you will differentiate yourself and build a sustainable business.
You may have noticed throughout this article I have talked too much about setting up a website. Having a website is important but if you should not hold you back on getting started.
The most important thing you can start doing is having an email address, phone number, LinkedIn profile where you can send people to know more about you while you are working on getting clients and closing deals. Get started and then build your website.
Are you an entrepreneur or employer looking to contribute to our blog? Please send us a message and I will be more than happy to have you as a part of our team of writers.