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Tough times, whether brought on by hyperinflation or a recession, can force customers to spend less across several industries. If the situation is severe and wide-reaching enough, it could negatively affect businesses, almost regardless of what they sell. However, some businesses still thrive during trying times. They do so because they provide the most basic products and services that people require to survive and live in today’s world. If you’re thinking about starting a business in a bleak economy, here are seven ideas for you to consider.
Healthcare Products Store
Regardless of their financial situation, people will need to take care of their health. Our survival instinct is too strong to let us forego seeking medical help when we are ill. As such, pharmacies and other medical products providers tend to do just fine even when things are rough elsewhere in an economy. However, you’ll need to be knowledgeable about medicines if you’re going to run a business in this field.Food Business
Here’s another line of business that’s sustained by our need to survive. When households try to tighten their spending on food, it’s usually about switching to more affordable food items. Working people who don’t have time to prepare their own food will continue to eat out. Restaurants and stores selling foodstuffs may continue to record sales, even when their customers try to ‘tighten their belts.’Grocery Store
Other Fast Moving Consumer Goods (FMCGs)—like soap, toilet paper, and cosmetics –will remain in demand when other items are no longer a priority for cash-strapped individuals and households. Personal care won’t cease to be a thing when money is less available; at worst, it’ll be done with a different set of products than when users are financially buoyant.Sign up to the Connect Nigeria daily newsletter
Transportation
There’s a qualifier for this: longer distance travel, such as inter-state movements, is usually impacted by poor economic conditions. They’re often more expensive and less essential than shorter distance trips. But the regular, day-to-day transportation (e.g. to and from work) carry on at a steady rate. Without them, an ailing economy would be in an even worse situation.Hair Salon
Men still have their hair cut even when they’re nearly out of cash; and women would want their hair to look nice, despite being low on funds. Our physical appearance matters to us, whether the economy smiles or frowns. So salons remain in business even when the sky over our finances is overcast. You could start a salon in a good spot and make decent money off it in challenging times.Home Repair
Faulty fans, broken taps, and clogged bathtubs have to be fixed; most of us can’t just live with these things in a state of disrepair, as they could interfere with our quality of life. Repair services are always in demand; you can tell this by how hard it is to get them to your home early enough. They remain just as needed during an economic downturn.Freelancing
Freelance writers, graphic designers, and social media managers can still find a good deal of work to be busy with during recessions and inflationary periods—if they are competent at what they do. That’s because individuals and businesses (especially) want these services. Freelancers tend to cost less to hire than in-house staff, so companies looking to maintain their content and publicity arms will want them.Final Words
The business ideas we’ve discussed here are by no means the only ones you can consider starting when the economy goes south. But they are among the most stable of the options available. You can choose one that you’re at least moderately skilled in, start-up, and earn from it. Featured Image Source: University Canada WestGot a suggestion? Contact us: editor@connectnigeria.com
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Thanks for the useful information on credit repair on all of this blog. Things i would tell people should be to give up the mentality they can buy at this point and pay out later. As being a society all of us tend to repeat this for many issues. This includes trips, furniture, as well as items we really want to have. However, you have to separate your current wants from all the needs. If you are working to improve your credit score actually you need some trade-offs. For example you are able to shop online to economize or you can look at second hand merchants instead of costly department stores to get clothing.
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