New Poll - What Is The Best Business To Start Up In A Recession?

[Scunizzo]

It’s time for another poll here at Young Entrepreneur and the first of 2009!

This month our question is: What is the best business to start up in a recession?

Many people are being forced into entrepreneurship because they got laid off from their jobs and can’t find another one.

Others are choosing entrepreneurship because they are tired of someone else controlling their destiny.

If you were to start a business today given this economic climate, what would it be?

I would love to hear your thoughts so we can put together a comprehensive list of ideas and suggestions for those entrepreneurs who are starting up!

You can cast your vote by commenting below or on our blog at YoungEntrepreneur.com Blog » What Is The Best Business To Start Up In A Recession? - Entrepreneur Poll!

[BizGuy]

1. Doing something in the Health care businesses

Health care companies are known to do quite well in a recession because people get sick just as much and sometimes more.
Also as baby boomers age, the market will surely grow quite a bit for products and services that assist people to live longer and a more comfortable life.

2. Dating, Love and Marriage

Growth of the general-interest online dating sites has slowed nationwide, but the carefully targeted new niche dating markets has seemed to be growing. Site that are aimed at specific market segments, such as specific religions or Baby boomer singles or a particular ethnic focus.

5. Personal and repair services

Cars and trucks still break down, plumbing gets backed up, and the lawn mower still has issues. So electrical, plumbing, termite proofing, roof repair, lawn care, and other specific home-repair functions should continue to do well in a recession. While homeowners may try and put off maintenance and repairs, that only means that ultimately they will pay a higher price for a greater amount of work as things tend to get worse if not fixed.

If you think like an Entrepreneur then you will realize that the following statement below is quite true:

"Starting a business in a recession is like vacationing in the off-season, It's a little less crowded, and everything starts going on sale."

Try and share some of your Recession Proof business ideas below!

Adam T.

[jenlownie]

Have to agree with the "health care" field - it's never going to get smaller.

And just thinking out loud - things/products/services that (1) make people feel better, or (2) make their life easier. How to lose weight. How to make money. How to find the love of your life. Those three "fields" (ideas) are never out of style and there's always a demand - if you can sell *your* notion.

[dragons.den]

Absolutely anything (to an extent)

I think the current recession is perfect for entrepreneurs! I believe it is possible to start a business in any sector as long as budgets are well thought out. I think if any venture has a well formed business plan and the capital available to stay a float for a year then they are almost certain to pick up clients from struggling companies and growth and success is almost guaranteed.

The companies that have been worst hit by this recession arent in the prcarious position because of a lack of sales they are in it due to a lack of planning. It is the larger companies that have been hit the hardest as many have over commited themselves and it is this which spells out the end for many companies.

If you can start a business now, and keep it running for a year, your likely to survive and most likely profit from it on the way.

[veronicagoldy]

These are the businesses that will survive no matter what the economy is doing, quite simply because they provide services that society in general cannot go long without.

1. Health Care: Health services occupations including medical assistants, home health aides, physical therapists and medical records technicians.

2. Education: Teaching is generally immune to a shaky economy, particularly if you're teaching in an area with a high growth rate.

[acousticgroupie]

And some technology fields are still growing!!

[chuff1026]

credit repair
lol

[Shadesz]

The success of a business relies on how well it gives customers what they want/need. During a recession I believe it is the same thing.

Just do "it" better than the rest of the guys (the competition) and you should be fine. "It" could be any commodity.

[BigDreamer]

Hello all! New member this is my first post, I must say I really like this forum alot and am happy to be a member of the community. I must say a great business to start during these tough economic time's would be a financial consultant company.. just a company out there to help people who may be feeling the panic of the current economy. Alot of people these days are going to consult with financial advisors and things of this nature and in turn that is producing a good steady flow of activity for the advisors. I myself am a personal investor.. i play in several markets ranging from the Forex market to the day trading the stock market (If your not investing in the market right now you are missing out on a great opportunity) and i find my friends and family turning to me in near panic asking for help with financial issues. they are always wanting to know what to inest in and where to put there money when to get out when to get in just all kinds of things. Financial Consultants are making the money right now due to the downturns of the market and if you know your stuff you can as well.

[IAAPPK]

The company i am with is great because it helps Admins network with other Admins. We have thousands of people joining...just to network to help find Admin work.

I think forums are the way to go in times of Recession, so I would say FORUMS!

[Gopal Dev]

Owning your own business is always a great way to work towards achieving financial and personal freedome, regardless of the economic climate. You take your own destiny into your own hands and also get to benefit from numerous tax advantages that a business affords you on things you spend money on anyway. It is a no-brainer, a real win-win.

Starting a small business/home based business that doesn't require product development and inventory is ideal. Work with a reputable company with a strong track record for success and large client base. Also, having all of your shipping, billing, accounting, technical support, and customer service taken care of will give you full freedom to focus on marketing alone.

Products/Services based on needs rather than wants that will not require people to change their buying habits will offer the greatest potential for success and residual income. Work smart and stick to what works. Use the Internet as an invaluable resource for generating endless targeted leads so you don't have to rely on family and friends who often end up being your harshest critics. Brand YOU Inc. and establish yourself as a knowledgeable leader and people will seek you out, rather than you having to chase them.

Be passionate about what you are marketing and/or the team you are building, or don't even bother. Most of all be honest, realistic, and enjoy yourself so it won't even feel like work. Avoid hype and ''get rich quick'' scams at all cost. They never work. You have to...hard and consistently. Dedication is paramount.

All the best to those who have an open mind and burning desire to change the course of their life.

Gopal (The Musical Mad Scientist and Entrepreneur)
The v-Fusion Group

[lisamommy]

I know that many people are misinformed about Multi-level Marketing companies aka. network marketing. I have been network marketing for over 2 years now and I have seen a big jump in my business lately. Maybe it is because of the low costs compare to other companies and that the products are Jerky and snacks that people consume and reorder. But I also think it is because so many people are being laid off and are turning to the internet to look for a home based business and I am ranked on some of the search engines in the first couple pages.

Besides Network Marketing companies, I think if you have large amounts of money to invest, that you should invest in real estate properties to rent out and keep for the long run. Only because the bank owned homes are going for such a good price, it is hard to ignore the good deals they have out there. My husband and I bought our first investment home back in September and it has worked out great.

[janice2009]

I absolutely agree with Bizguy... Health care business never declines.

business making money online

[Scunizzo]

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:
1. Online business
2. Health care business
3. 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!

[BizGuy]

I have recently read that these are also great businesses to start in a recession:

1) Shoe Repair (as people look to repair not replace)
2) Dollar Stores
3) Continued education (online and offline)
4) Video game programmer/designer (When times turn rough, people tend to stay home more. That means plenty of home movie nights, less eating out, and more video games.) Reports show that some video game companies sales were up 20% in 2008.