1. Healthcare Services
With new sicknesses appearing and global pandemics becoming more likely than ever, the health care industry will always thrive. People will need health care services despite good or bad economic times, so businesses within the industry will always have a demand.
Whether it’s to deal with the supply of health equipment, starting up a pharmacy or a clinic, businesses that involve health care services are able to keep afloat.
2. Technological Services
The world will continue to be increasingly dependent on new technology and devices. Businesses will only keep updating and switching to newer technological systems and equipment, hence creating a consistent demand for technological services.
Emphasis is always placed on newer software and hardware, with demand for automation and new technologies consistently high within the commercial sector. This is likely due to the understanding that having advanced technologies is necessary for a company to thrive and obtain an edge in the market.
3. Bargain and Discount Retail
As people become more price-sensitive and seek the best bargains to survive tough economic times, bargain and discount stores become the go-to place to save money. Past history has also shown that bargain and discount stores are even able to grow sales during a recession as many businesses and people seek to cut costs to save money – hence buying discounted goods in bulk.
There is even support that bargain and discount stores are made for times of recession rather than when the economy is doing well as their core tactics of low prices, passable quality and brands, and economies of scale have more appeal to consumers when they are forced to save up money.
When bargain and discount retail thrive, it also positively affects the bulk supply chain, manufactures and distributors. Starting a business within this business chain is therefore great way business idea for anyone who wants to turn a good profit during a recession.
4. Auto Maintenance and Repair Services
During a recession, people choose not to incur the unnecessary expense of purchasing a new car. They, therefore, cut costs as much as possible by continuing to use their current car and choosing to spend on auto maintenance and repair services.
Consumers will be opting to go to a good mechanic and car repair business which can give a good deal while providing good customer service. Opening a car repair or maintenance service will hence be a great business idea and it continues to thrive even when the recession is over as people will continue to need car repair services for the foreseeable future.
This article was first published on 3E Accounting, on 25 March 2020. Information is correct at the time of publication.