As someone who has experienced the lost of houses, cars, businesses, during the 2008 market crash... I learned real quick how important it was to recession proof my businesses and investments. On my brokest days I would spend my time in the library reading, and learning how entrepreneurs came back after bankruptcy.
Here is what I found!
During a recession, certain businesses tend to perform better than others. These businesses include:
Necessities: Businesses that provide essential goods and services such as grocery stores, healthcare providers, and utilities tend to perform well during a recession.
Discount retailers: People become more budget-conscious during a recession, so businesses that offer discounts and value-driven products, such as discount stores and dollar stores, tend to perform well.
Online businesses: E-commerce and online services have become increasingly popular during the pandemic and are likely to continue to grow during a recession.
Home improvement: As people focus on saving money and being more self-sufficient, businesses that provide home improvement services, such as home repair and renovation services, tend to perform well.
Technology: Businesses that provide technology solutions, such as software and IT services, tend to perform well as more companies shift their operations online.
Virtual services: Virtual services such as telemedicine, virtual education, and remote work solutions are likely to see increased demand during a recession.
These are a few genres that have continuously thrived during a recession. Now of course there are other factors that play a role in our success... Such as leadership, marketing, branding, customer service, etc... But consider how you can add any of these components to your portfolio of businesses or to your current business.
If you want to do some masterminding book a quick "Pick My Brain Session", and lets dive in on how you can recession proof your BIZ & ultimately your LIFE!
Thanks for taking the time to read my blog! If you enjoyed it please share and tag me!
Til next time... Stay vigilant,
Coach Coleen