Best Recession Proof Businesses That Will Thrive
If you’re looking to start a new side-hustle, check these recession proof businesses. Top ideas from easy work at home jobs to totally new careers gathered here.
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The world economy suffered some of the devastating crises like The Great Depression and the world crisis of 2008. But it also showed that some businesses are more strong and can easily survive downfalls and even thrive. Therefore it might be an excellent idea for new entrepreneurs to shift their attention to recession proof businesses.
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Before COVID businesses such as retail, hair or nail salons, coffee shops, and restaurants were deemed to be pretty strong and considered as recession proof businesses, COVID happened. People started to shop online using big retailers like Costco and Amazon. Hair and nail salons closed, as well as coffee shops and restaurants.
The majority of small businesses had to close their doors to the customers. But expenses like lease and payroll have stayed. As a result, we can see that a lot of people have been laid off. Some businesses closed because they couldn’t negotiate lease terms.
We used to think that people will shop, eat no matter what. But with Stay at home orders, these kinds of businesses suffered tremendous losses. COVID totally reshaper the world economy and how businesses operate. For that reasons, it is time to rethink what is considered a recession proof business.
What does Recession Proof Business mean
In my opinion, a recession proof business is a kind of business that fulfills the basic needs and answers urgent and significant requests that can’t be ignored.
Think about COVID situation. Will you survive without hair salons? Yes, probably you did that. But if your car breaks, will you ignore it? Probably not. Therefore in that example, a car service, an auto shop, or a car repairs shop will work as usual.
Best Recession Proof Businesses That Will Thrive
I can’t stop talking about blogging because once the blog is running and making money, it will continue to bring money no matter what. Of course, it goes without saying that blogging is not easy, and you probably won’t make six figures overnight. But when you put a lot of work in a blog and monetize it right, it will show positive cash flow even in a recession.
For example, my income from Call It Adventure tripled while COVID. I think it is a pretty good reason to consider blogging as one of recession proof businesses.
Here is a great blog post where I share How to Make Money Blogging | Big Little Secret to Success.
If you want to start making money blogging, I suggest learning from the best. No doubt that you can achieve success on your own, but great mentors can speed up the process.
My top suggestion amount blogging courses would be Pro Blogger Bundle by Alex and Lauren. They will teach you how to start right, how to promote, how to monetize you blog and reach six figures. Probably this is one blogging bundle that you’ll need to create and run a successful blog.
Accounting and Tax services
There are a lot of small businesses out there that do a lot of things, but don’t do their taxes and need an accountant for that. Even in the worst cases, when all the expenses are cut, business owners won’t be able to stop using accountant services. Therefore, the career of an accountant and a tax preparer is recession proof.
Some may say that with QuickBooks and other online bookkeeping services, the career of a bookkeeper is dead. That is simply not true. The reason is that not a lot of business owners have the time or desire to do bookkeeping. Moreover, they either neglect their cash flow or keep tracking the wrong way so that everything is messed up. A good bookkeeper is a great help for any business owner. Having a couple of clients will secure your personal cashflow in a time of a recession.
Check my post How to Become a Bookkeeper Without a Degree to find what skills you need to succeed as a bookkeeper.
Proofreading is one of the easy remote jobs out there if you’re good with grammar. Usually, a proofreader works a couple of hours per day and has several clients. A flexible schedule and diversified client base make proofreading one of the recession proof businesses.
I go into more details about a proofreading jobs in this post: Best Remote Proofreading Jobs 2020.
Healthcare is a highly paying industry, and it is essential. People won’t stop using medical services even during the worst world crisis. If you’re at the point of your life where you’re making career choices, consider the healthcare industry.
You maybe smiling at this opportunity. But during COVID when a lot of couples were stuck together for a long time, a lot of divorces happened. You may be a savior for couples who are ready to work things out. Plus, with telecommunication, you can counsel couples from the comfort of your home.
The majority of remote jobs are flexible in terms of working hours and the amount of clients. If you have any remote job, work with a couple of clients, and have several projects, then a recession won’t hit you hard because your cash flow is diversified and based not on one employer.
Similarly to the healthcare industry, veterinary services are essential. Therefore people won’t shop using veterinary services to treat their little friends.
All of the parents out there with small kids will say that working from home and taking care of your baby is almost unreal. The current COVID situation proved it. No doubt that is great to spend time with your family. But not when you have to work and your kids want to play. Plus, even in peaceful times, daycare business is pretty profitable. So, it is profitable, essential, and a good daycare is priceless. Therefore, a daycare business can survive a recession and even thrive.
People actually make money on Youtube, and I’m sure it is not a surprise for you. I have a whole post about it. Check it: How much do Youtubers Make. It is pretty challenging to start. But once it is running and you have a lot of views, the money just keeps going to your pockets regardless of the recession.
Social media management
Social media is a great promotional channel for both big brands and small businesses. In the majority of cases, companies outsource social media management due to cost optimization. During the recession, businesses need help to promote new products or services, and this is where a social media manager can drastically help.
You can build a successful and recession proof business by performing transcriptionist services. Nowadays, thanks to technology, the transcription can be made online. Therefore you’re not dependent on being present at an office and being an employee.
Check this FREE ebook The Truth About Transcription to find out if this is something you’d like to do.
Find out more about the profession of a transcriptionist in my post about the Best Online Transcription Jobs for Beginners.
A virtual assistant’s role is to help a business owner to run the business online. Usually, a virtual assistant does the tasks that the business owner doesn’t want to do or simply doesn’t have time. Therefore, in the time of a recession, when a business has a lot to do to survive, a virtual assistant’s role is crucial and can be considered recession proof.
You can also check my post about How to Become a Virtual Assistant in Less Than a Month.
Creating and running an e-course or teaching online is a great opportunity to secure your income from a recession. People, kids and adults, tend to learn new things all the time. If you create a valuable product, it will survive a recession and even thrive.
Check Teachable, an online platform where you can create online courses.
Information Technology industry is full of examples of recession proof businesses. You can work remotely and do a variety IT-services for different clients. From a web-designer and a tester to a software development engineer and product manager choose whatever answers your interests and skills to find you recession proof business.
Home maintenance and home repairs require attention. In most of cases these issues need immediate attention. Things do break up and need someone to fix them, and no matter if it is a world crisis or a pandemic. But not all of us were born handy. A lot of us seek the help of a handyman. This is a great opportunity to make money as a handyman and help others.
Auto services and auto repair shops
In the majority of the USA cities, a car is an essential thing for any household. Most of us have no clue what to do with the car when it breaks. What do we do? Of course, we go to an auto repair shop to fix the problem. As long as America will drive (and I assume it is close to forever), the auto repairs shops will be protected from any recession.
Recession Proof Businesses Final Thoughts
You may find a lot of other suggestions out there about recession proof businesses. But I took into consideration the recent COVID situation. I suggest you think about it as well.
A lot of businesses that considered to be recession proof businesses failed to survive the pandemic.
Smart thinking, proper preparation, thorough research, planning, and money management can secure a good position on the market and make the business ready for any economic scenario.