Two weeks ago I asked you what the best businesses are to start in a recession.
We’ve had so many great responses that I wanted to extend the voting by one more week.
I also wanted to share with you some suggestions from eHow on how to start a business during a recession:
Write a thorough business plan. This document should include the focus of the business, marketing, revenue and other details. There are books and online resources available to help in this process. I’ve included some resources below.
Choose a business with low start-up costs. If possible, start your business in your home. Purchase second-hand or rent equipment or furniture. Investors are a more conservative in their investment opportunities during a recession, so you may not be able to find an investor for your business.
Do industry research. Check out your competition and try to determine what you can offer that will make customers choose you over the others. Follow market trends. If more people are staying home because of the price of gas, perhaps you can launch a business that helps them make this adjustment (entertainment, food, home services, etc.). Also, what is the success/fail rate for your type of industry in your area? These are all things to consider. Stay sharp and in-tune.
Market aggressively. Make customers think they need your product. Be sure to give your marketing strategy careful consideration for optimal results.
Network. Join your local Chamber of Commerce or local industry group. You will find both customers and peers that will benefit your business.
Treat your customers like royalty. Go the extra mile for your customers. Your customer relations will encourage people to come back and spread the word about your product.
What do you think is the best business to start in a recession? Please leave your feedback below so we can build the best list possible for young entrepreneurs everywhere who are struggling to get by and want to start a successful company despite the bad economy. The results are coming next week so please vote today!
Recessions are the best time to start up a project. Its when the streets are dark and you have an opportunity to light them. Any business about the people is one that will thrive.
i suggest online business like selling in ebay, blogging and etc.....
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Video game business is one of those recession proof business. Also, used or recycled item shop is.
When you are in game business, you naturally deal used games also.
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To me, it's video game business.
It all depends on what you can offer to others.
1. Computer Repair / Web Design
2. Some form of giving lessons or tutoring.
3. House Cleaning Service
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I agree with Healthcare. Health care will always prevail!
I totally agree with continuing education further your education during a time of recession is the best possible way to stay competitive. One other i would like to throw on the list is any products or services targeted to the older generation of people entering supported living or group living environments. Thatís the largest growing segment of the population so taping into that would be a great idea.
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I'm an Engineer working in Telecom company, based in China.
Basically,I'm from India.
Entrepreneurship has always been my dream (unfulfilled so far) and after working 8+ years under several guys, I really would like to start something on my own,no matter how big or small it is...I would definitely like seeing myself working on this 'something' after 5,10,20 yrs...down the line.
Can anyone suggest me any good business that I can start in India? It could be something technical in telecom line or some other venture like import-export etc etc.
Thanks a ton !!
amit u really want to start a business?...i have a great idea for you. if you know any cloth designers then i can tell u what i have in mind.
well im still relatively new to the business world, but from what i've been reading, and based on my own thought, if you create a business based around a service, or industry for the rich. Landscaping, auto repair, etc. You have a pretty good ground foundation so if there is a economic down turn, you have a better advantage over some others. The rich and wealthy will always be there, and services such as these are in great demand whether the economy is bad or good. They'll still pay for their yard to be kept up, cars to be worked on or w/e.