With Covid-19 taking its toll on humans, experts have warned a recession that will be felt everywhere in the world.
There is widespread anger, despair, confusion and frustration. We see massive loss of jobs, companies are shutting down and aspiring entrepreneurs put their business ideas on hold to see how things turn out. Below are some of the business ideas you can invest in during recession.
Food business, in any capacity, is evergreen. People must eat. There are some ways you can get involved in the food business. You can set up a small restaurant. If you focus on quality and best service, you will never run out of business.
You can also start an outdoor catering service for weddings, events and whatnot.
If cooking is not your thing, you can start foodstuff business as a wholesaler or retailer. You can also export foodstuff to other parts of the world. No matter how you decide to start, food is a necessity and that is why it is at the top of the list.
Transportation is another sector that booms in a recession. With increased fuel prices, massive loss of jobs and high inflation rates, some people would prefer public transport over driving their own cars.
You can tap into this opportunity and drive your way out of recession. I know a lot of bankers who lost their jobs and started a taxi service business out of their savings.
They earn more now than they did at the bank. Companies such as Uber are changing the way people think about taxi service business.
If you cannot afford a vehicle, you can enter into a hire-purchase deal with someone who can afford it. With determination and focus you make progress and get a vehicle of your own.
Information is the most expensive commodity in the world. Recession is usually a time of confusion.
Prices are skyrocketing, jobs are being lost and a lot of people are wondering: what do we do next? How do I get another job? How do I get more money to make ends meet? How do I stay ahead of the competition in business?
If you have valuable information that answers any of the questions above, you are in business. How to go about it? Start a blog, organize seminars, package your information product (e-book, videos, podcasts, and webinars, etc) and people will pay you to get them.
Entertainment is another sector that sees progression in a recession. You don’t have to be a comedian or an artiste to get involved. You can organise an event that pulls artistes and comedians. People will pay you just to make them laugh and have a good time.
The only way to survive in a recession is to make more money. I hope this article helps you do that.
The future is tech
People need more creative and automated ways of getting things done. You don’t have to be a tech geek to tap into this industry growth.
You can take part as an angel investor and partner with tech founders who are in need of capital investment.
Freelancing is one of the easiest, quickest and best ways to make money online without making any capital investments. If you have skills people are willing to outsource, you are in for some cool money ride.
People make full-time income working as freelancers for people. One thing is, you need to be good at what you do. If you cannot do the job, don’t accept it.