Home Business Recession Proof: 15 Businesses That Thrive During Recessions

Recession Proof: 15 Businesses That Thrive During Recessions

WesleyAugust 5, 2017

13. Freelance/Temp Work

Freelancing is a great way of offering your services for necessary income. During a recession, most people and companies look for expert services. This extends to any other period because work still needs to be done despite the state of the economy. This results in getting rid of some employees to save their financial resources. In such situations, they look for someone who does not cost a lot to fill the gap left by the employees.

Lack of sufficient staff can adversely affect the performance of a company. In some cases, they rely on temporary employees to get tasks done. There is usually a set time period in which temporary workers offer their services. Freelancers set the rules and make more money. They sell their services for a fee that’s mutually agreed upon.

Most of the time, there are milestones that are set. They will work per assignment and get paid for doing the task. They can move on to another company for another assignment and have a choice to work with the same company again. There are different fields in the freelancing market. The most common one is the writing market.

14. Fast Food

The food industry is one of the oldest industries that’s still growing. A healthy diet is recommended, but during a recession, most people cannot afford that luxury. During recessions, a quality meal costs a lot of money. People have no choice but decide to eat cheaper food so they opt for fast food.

Fast food is not renowned for its dietary standards but it’s an industry that thrives during recessions. For instance, McDonald’s announced an increase in annual sales during the years of recession. The same results were shown by other fast-food franchises. This goes a long way to show that the fast-food industry reaps a lot of money from customers during recession.

15. Education

During a recession, jobs are lost, but people’s hunger for education grows. Many people go back to school or decide to continue their education when they lose their job. The demand for education increases because people are still optimistic to achieve their goals. People look for the best options to find another job and getting more education becomes a priority.

There’s also high demand for teachers at schools, colleges, and universities. The high demand for online teaching makes it favorable for most people. It’s critical that people manage their finances during a recession, and taking an online course proves to be cheaper.

These teachers normally start with a small number of students before getting more students. Through word-of-mouth, they are able to build up their student numbers to suit a classroom’s capacity. This works well when the teachers start at their place of work. If you are teaching in your area of specialization, then you are in a position to get more students. This supplemental education is a big sector offering financial opportunity to the teachers. In fact, the recession sort of acts as a blessing in disguise because it promotes their field of work.