The most difficult business

[muqtada123]

Hi guys

I want to know that who do you think is the most difficult business to handle in current recession time. Let me start first, i think jewelery business is very touch and difficult to run in this current period, what are your suggestions?

[SirLucius]

I think its difficult to start a business any time, recession or not. During good times you have a lot more competition-- everyone wants to get a piece of the pie especially since consumers are spending. Lots of successful companies were started in an economic slump: burger King, IHOP, Hyatt, FedEx, Microsoft, GE, HP, etc.

With that being said though there are some industries that suffer as a whole: retail, luxury items, basically any business selling items that are non-essential to consumers. If you want to be recession resilient start a business selling supplies or services that are essential to a business's operations.

[myfayt]

Jewelery isn't as bad as many others.

[500aday]

In this recession period I think the business on those commodities is difficult without which people can survive. Essential goods are regular in business. Jewellry is not an essential specially in this recession period and people can survive without it.

[jonathanfigaro]

I don't think its the current time the business grows that makes the difficulty in sales, But the Management of the business. It could be a depression and people can still make money. It all depends on how you handle yourself and how you can cope with harsh times. Don't let the pressure bust your pipes, but allow it to create diamonds.

[XOLegato]

Certain industries do hurt more during a recession, but as others have said the recession is by no means the leading factor in your success. Plenty of highly successful companies were started during a recession, and plenty more fail during a boom. If your model, market, and management are strong enough, the broader economy shouldn't slow you down too much.

Regardless, one of my top businesses ripe for failure in ANY economy would be- restaurants. Fixed costs for equipment and real estate are extremely high, your margins on food are razor-thin, and your profitability is 100% volume-dependent. Furthermore, there are a ton of variables that can affect your performance, from location to local tastes to intangibles of your service. Most importantly, consider the incredible amount of competition in the industry, especially from chains that can beat you on price.