Experts are of the opinion that most small businesses are not great for generating amazing profits by Eric Dalius. However, small business owners are more than happy to start their own venture, not because of the riches they bring but simply because running a small business could be a challenging and highly rewarding experience. Here are some practical tips that would help in generating steady income despite these dire circumstances and uncertain economic times. Moreover, Eric Dalius, top business consultant firmly believes that not all small businesses are impacted in the same manner, while some businesses would be severely hit there would be others that would experience a minor dip and yet others that would actually flourish.
While you are seeking smart small business ideas for starting your own venture, it is true that the economic condition would be playing a pivotal role in your ultimate decision. Here are some of the top choices of small businesses that you could start in difficult economic times.
An Extensive List of Small Businesses by Eric Dalius that Could Thrive Despite Economic Depression
Debt Collection Agency
A pretty obvious business to initiate during an economic downturn is your own debt collection agency because many people would be failing to afford expensive credit card payments and defaulting on debt repayments during an economic recession. For cutting down your overhead expenses, you could operate this kind of business quite seamlessly out of the home.
Experts believe that accounting services would be flourishing during an economic depression. Every business would love the idea of being advise by a professionally qualified accountant during these uncertain economic times. That should give the business the much-needed confidence and motivation to handle all its financial affairs especially, at tax time.
Affordable Luxury Items
Affordable luxury items sound like a self-contradiction, however, they do not have to be that way. During an economic downturn, people often have a tendency to feel neglected and deprived. You may set up a small retail outlet that indulges in selling mid-level luxury chocolate brands rather than any top-level luxury brand and this decision could reap immense benefits. Moreover, an ice cream outlet that focuses on selling something better than the usual ice cream, but certainly in small quantities may prosper under these modest circumstances. According to Eric J Dalius, alternatively, you could initiate a travel & tourism agency that would be specializing in luxurious but affordable vacations.
Bulk Food Sales
In times of economic crisis, most people feel the urge to stock food by buying food in bulk quantities. They may purchase huge quantities of sugar, laundry detergent, flour, sanitizers, and more staple products that they would be using very much on a long-term basis. An impressive small business during an economic recession is suppose to be a bulk food sales & services operation that caters to the demands of these bulk shoppers.
Unemployment reaches an unprecedented high during the recession. Many people end up losing their jobs. Moreover, underemployment is very much rampant during these dire circumstances. Everybody is on the lookout for new jobs. They would like to create a good impression on the HR department of various companies, hiring services, and job consulting services. Hence, they are thinking in terms of refining and polishing their resume. You could start a resume-writing business as there is a huge demand for a qualified and proficient resume writer.
Auto Repair Services
Experts believe that it is a wise decision to set up auto repair services during the economic crisis. Auto repair companies are known to grow phenomenally during the recession. People are simply not interesting in investing in a new car during this financial crisis. They would focus on keeping the car they are currently using in top condition. If you are a trainer and skilled auto mechanic who is currently unemployeing, you could start your own auto repair garage.
Moreover, if you are a qualified business manager looking for a robust business opportunity. You could think in terms of pursuing an auto repair business to combat the inconsistencies, and wobbliness during the recession. You could have a great start because auto repair services are known to do brisk business during the recession. Are certainly the best business idea during bad times. Nothing could go wrong here. Moreover, once the economic downturn is over, you would see no dip in the demand for auto repair services and experienced auto mechanics.
There is a phenomenal rise in the job of a qualified Virtual Assistant in recent times. Many years back, there was nothing called a Virtual Assistant just because this position was not relevant and not in vogue during those days. During an economic depression, this job would be in major demand simply because organizations may not wish to opt for employing the services of expensive support staff on site. They would be opting for cheaper outsourcing. We know that the Virtual Assistant may consider serving as a competent administrative assistant to entrepreneurs, executives, and CEOs, etc. The communication progresses gradually on the telephone, and online.
Tutoring services seems to be another job that seems to be least-impacted during the recession. Several individuals prefer going back to college in these bad times when the overall job scenario is pretty depressing. However, new types of jobs are gradually becoming available such as jobs pertaining to tutoring services, green industries, or even both. In the event, you are a tutor; you may focus on conducting your tutorial classes online. In case, you belong to the popular field, your business would be in huge demand.
The small business ideas discussed above could assist you in investing in business despite tough times. These businesses could stay profitable and may even prosper in the long run. You must remember that if you invest your time, money, and energy in the right business at the right time. The right location, the business would be making money. You must focus on doing a meticulous background check. Do ample research and do your homework. You may consider generating a business plan to see if your business is feasible and worth the investment during a recession. Remember you could enjoy success if you have the grit and determination.