Last week I asked you what the best businesses are to start in a recession. The top three businesses that you feel are the best to start right now are:
- Online business
- Health care business
- Any business can succeed if you give customers what they need and save companies money
Rounding out the rest of the suggestions are:
- web development
- it doesn’t matter – just love what you’re doing
- biotech
- payroll check cashing business
- real estate
- dating, love, and marriage
- personal and repair services
- education
- technology
- credit repair
- financial consulting
- forums
- network marketing
What do you think about the list so far? Is online business the way to go or is there a better business to start in a recession? Voting will continue for one more week so please leave your thoughts by commenting below so we can tally the totals!
I think that when times are tough people to startup an online business because, as long as they have the know-how to start it up, it will cost little (virtually nothing). Starting up a business that sells physical goods or services, on the other hand, takes much more investment in terms of money.
Being a receiver would probably do well in a recession!
As would a debt recovery business!
Couldn’t say I’d enjoy either though…
Sean
Healthcare all the way! At least that is what I am working on right now. In a down economy people don’t stop getting sick, injured or old!
That is the way I look at it. What are you doing, if you don’t mind sharing?
I have to be the one to say it?
Adult Entertainment
Personally, I was laid off back in July of 2008 and needed to do something rather quickly and started a small web design business. I have been really surprised that even during this slow down in the economy of how busy I am. This may not be the case everywhere but if you have the skills I would suggest this line of work because of the low overhead and start up costs especially if you already have good pc or laptop and design software.
I think one major reason I am staying busy is because small businesses are looking for alternative ways to garner new business and a website is one avenue.
I’d like to say recruitment agency, but I don’t think there are that many companies hiring – I guess it falls both ways.
Pursuing an online business is probably winning as it is one where you don’t have to throw in your old job – your start-up emails can be checked in lunch, you can work on it when you get home from the regular job and not have to worry about looking fresh and smart.
I just wonder what would be different in that list if we would to ask this question in good times? So what business would you recommend to start up in good times? Or asked differently – what is is about those business types that were recommended for tough times that makes them so atractive (or simply better) than any others? What criteria would you apply when choosing an idea in the current climate?
Online seems to be the way to go but can I inquire what those suggesting an online business are actually selling?
Sky Minor.
Another good market to focus on are small businesses. There are millions of small businesses who have a vast array of problems. A startup only needs to focus on a niche solution for these businesses and charge a nominal fee per month to make Profit! =)
Thats a good idea nick. How would you go about marketing your problem solving abilities?
I would suggest to do something connected with infrastructure. This seems to do well in bad times. Also I think renewable energy, ecological living, ecological housing could be viable option.
Anything having to do with ecological awareness and infrastructure for broadband connectivity. These are two of the fields that Obama is going to use to try and recreate the “New Deal” for this economy. If you are developing a startup in these industries you can almost count on a governmental grant in the near future.
Timothy, I total agree with you. Right now America is facing a recession which is the closest thing we’ve seen to the Great Depression since the Great Depression.
If you are an entrepreneur or an aspiring entrepreneur, creating low start-up cost business is the way to go. Where is the best place to make substantial sums of profit with extremely low start-up costs? the WEB.
Check out my site http://www.businesseydeas.com to evaluate some of my new eydeas.
I have another thing to mention:
A recession-proof business plan or eydea should involve the basic needs of consumers and the mainstay markets. Education will always be around. Energy. Food. And so on.
Stay away from the luxury products/businesses or the type of business that is something most people consume if they have the extra dough ($)
I agree with Nick. Filling the needs of small businesses is the way to go. For instance, I needed a cheap tool to encourage customers to keep coming back to my small local shop, and I found a solution on the internet that is cheap and easy–check http://www.stickystreet.com. It’s exactly what I needed and I’ve gotten a great response from my customers. These guys have the right model, and I bet they’ll do well through this period…
great website! look forward to passing it along to my business owner friends!
Fantastic article, I will visit again:)
AUTOGLASS!! Start an outside sales team to go door to door, in fl, az, mass, new york, conn, well you get the point in the 8 no fault claim states, just look in the phone book call a few autoglass companies and tell them you’ll send them more business if they’ll pay $60 to $100 per lead. free windshield replacement. go to kniko’s make invoices, and pay your guys $40 a lead hire 10 guys or so tell them to do 3 or 4 a day and you’ll have 150k a year pretty easily. it’s hard work dealing with 10 peoples different problems though. good luck!
i’m 23 and dropped out of the 7th grade. i had about $30 to live off of when i got to tampa fl. just a little duedillagance and 3 months later i’m depositing about $3800 a week pretty consistantly. hopefuly moving on to other ventures so try it out good luck
how come its possible what type of business its?
I love this website (although I am 30 – not sure what the cut off is here!) I agree with Sarah about StickyStreet. I have been using their product for almost a year and it rocks. I did notice a couple of days ago they changed biz models. Not sure why (nothing changed for me that I can tell), but looks like they are re-selling their product to marketing/consulting folks. Not sure what it costs, but if businesses are paying the $99 a month I am paying (if they give a discount) looks like a money maker. I couldn’t get off of their system if I wanted. It’s addictive and really works for our 3 locations.
not bad
Start a liquor store. My Dad says “people drink when they are happy – people drink when they are sad – but – people always drink.”
People being most adults.
Someone mentioned real estate. I write software for the real estate / title insurance companies. It’s a strong business even in a really down economy due to foreclosures (lots of them last 2 years) or sales in general.
can you explain this business better. i’m very interested. thanks
What about a house cleaning business?
I hear stories about people starting up an office cleaning business and making good money. My friends brother started with $500.00 dollars and made 49k this last year.
Any thing that saves people money in a recession will be a winner. As an example discount and dollar stores do good in recession.