Top Ten Businesses to Be in During a Recession
According to One Coach the following businesses tend to succeed during a recession:
1. Business Coaching
2. Business Networking
3. Alternative Fuels
4. Environmental Services
5. Health Care
6. Nail Salons
7. Discount Retailers
8. Luxury Products
9. IT and Technology Services
10. Credit and Debt Management
It is debatable whether Nail Salons and Luxury products truly do succeed in a
recession. Item number 9 in my view should be ranked higher in the list as businesses
utilize technology to become more efficient and profitable during tight, recessionary
periods. Number 3 and 4 are great forward looking businesses, but they carry a premium and
subject to positive government policy and regulations.
Just know you need to be prepared for the long haul with Alternative Fuels and
Environmental Services as demand will ebb and flow directly associated to the whims of the
White House and Congress. In addition, during down economies, you will need to aggressively
sell how much these businesses can save consumers and businesses money in a significant,
quantifiable way, since the offering will be products and services that carry a price premium.
Glad to see my business at the top of the list! Businesses find out they need a business
consultant and coach during downtimes-the smart ones know this before they get in trouble!
Real World Business Recession Tactics and Strategies
Some areas which Sara Wilson keyed on in the December 2008 Entrepreneur Magazine
Article, "Trend: Economy", which makes a lot of sense in this Economy:
1. A Business Idea that is Working right now: CouponMom
a. Stephanie Nelson started a website that teaches consumers
how to save money buying groceries using coupons.
b. 2008 Revenue has doubled and the site had over 1 million
unique users in July.
2. Local Scope: Due to financial pressures and an uncertain economic outlook, consumers
are spending more time at home and closer to home.
a. Consumers are frequenting local restaurants and
entertainment establishments, which are more low key and less expensive.
b. Instead of traveling to Disneyworld, families are
utilizing "staycations", enjoying local area parks, lakes and beaches.
3. Green Business: Organics are and have been exploding in growth and the outlook is
very good. People want to eat healthy and feed their family healthy food even when things
are tight financially. Green conservation is another growing business niche.
4. Web Business: Why spend large start up dollars on a brick and mortar Business, when
you can run the same or similar business from home, utilizing the internet?
a. Web businesses are very competitive and the learning
curve is significant if you aren't familiar with web marketing techniques.