Best Businesses To Start When The Economy Is Down
A down economy could be a terrible time for some companies, but other businesses thrive in this kind of situation. These companies are called counter-cyclical businesses. It is not easy to start a business at a time when the economy is down, but if you can start a business and thrive through the harsh times, then your business will only get better as the economy recovers. Here are some of those businesses.
- Accounting services
A survey conducted in 2009 by stated that about 80% of business owners felt better having a personal accountant close by for consultations. At a time when most business markets are counter-productive, business owner at this stage needs a professional who will guide them through the hard times.
- Debt collection agency
One thing you can be sure of when the economy is down is that there are people who can not afford to pay their debts. People with credit card debt, loans, and other debts could give you a job during the recession. This will not even require you to have an office; you could run your business from the comfort of your home.
- Resume writing agency
During unfavorable economic times, there are a big number of layoffs. Most people lose their jobs and find themselves shopping for new jobs. There are also cases of underemployment where people are working up to their potential. With this phenomenon going on, there is increased the need for qualified resume writers. This is also a job that you can do from the comfort of your home.
- Virtual Assistant
Harsh economic environment makes it hard for most companies to keep expensive employees at the site. The option of the outsourcing of a personal assistant becomes more appealing in these harsh times. Communication is done online and through the phone. Since Virtual assistants are cheaper, they are easier to keep during the recession.