5 Businesses You Can Start During a Recession

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Image Source: The Guardian

By Suhaib Mohammed

As the economy nosedives further, you need a source of income that will cater to your day-to-day expenses. What better way to thrive than starting a venture? Here are 5 small businesses you can start during a recession:

  1. Food and Drink

foodImage Source: Nigerian Food TV

No matter how badly a recession hits, consumers will never cease to eat and drink. According to Jonathan Glionna, Barclay’s head of US Equity Strategy, consumer staples and telecommunications are some of the recession-resistant industries. Based on more than four decades of analysis, Barclays found that “food and beverage, household and healthcare products returned 7 percent six months before the end of recessions and 11 percent a year after,” a good news for anyone who wants to start a business during these tough economic times.

  1. Cleaning Services

cleaningImage Source: Small Starter

Another business you can start during a recession is to offer cleaning services. People need their homes, offices and immediate environments cleaned. You can start with the network of people you know by conducting initial research to understand the services they are currently receiving, if they are satisfied, and what other services they may need. With a small start-up capital, you can run a cleaning business with a low-cost business model.

  1. Tutoring

booksImage Source: Mint Tutors

Tutoring is another lucrative business that is recession-proof. With zero startup capital, you can start tutoring on the subjects that you are very knowledgeable about.  You can start by advertising your tutoring business with word of mouth, and also put up banners at schools, university campuses and pubic places.

  1. E-commerce

ecommerceImage Source: Ultimate Info Ways

The Internet has become a global market. Consumers ages 25 to 34, lead the way in Smartphone usage in-store, reports CMO.com. Online shopping retail sales are “predicted to grow steadily to $370 billion in 2017, up from $231 billion in 2012,” according to a study by Forrester Research. With Africa’s young population, there are huge opportunities for selling products and services online, using e-commerce stores such as Jumia or Konga.

  1. Laundry Service

img_laundry_servicesImage Source: Value Clean Rye

Like tutoring, laundry service is also recession-resistant as it requires minimal startup capital and operational cost. You can run the business from your house. To start, you will require a pressing iron, soap, a table, a laborer and a marketer. This business is one that can be scaled up overtime.

During a recession, you’ve got to have the guts to turn your crazy idea into a powerful product that people are willing to buy.

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Author: 234Finance

234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market.
234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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234Finance
234Finance.com is an online platform that promotes African entrepreneurship. We achieve this by bridging the gap between investors and early stage startups in Africa’s emerging market. 234Finance.com is strategic for promoting entrepreneurship through the power and effective use of information.

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