Business Ideas for Tough Economic Times

December 16, 2008 | By | 3 Replies More

Given that we are in the middle of a recession, if you were to start a business, what would it be? Where do see the opportunity?

That’s a very interesting question to ponder, especially for entrepreneurs willing to capitalize on opportunities available.

I’ve seen a number of responses, blog posts, opinions on the types of businesses that could work in difficult times. Some of these include:




  • Provision of Financial advice. In times of confusion and fear — shrinking retirement funds, increasing debt, downhill investments, etc — there’s a huge number of people who need guidance on the steps they need to take. Small business owners are looking for advice on how to deal with unexpected financial constraints. Families and individuals may be looking for advice on how to manage their finances given their new budget reality. Investors, particularly retirees, need help in protecting their nest eggs and finding any opportunities in a down market.
  • Eldercare. One reality we all face is that whether the economy is going up or down, we are all going to go old. Services such as adult daycare facilities are still going to be needed. However, if you are targeting the baby boomers market, most of which relies only their retirement funds (that may be shrinking) as their main source of income, this may be the group that will be tightening their belts even more. So niche travel for the active boomers may be hard hit during tough economic times.
  • Auto Repair and Maintenance. People tend to forego buying new cars when money becomes hard to come by and cheap credit is not as easy to get. Instead, they’re more likely to keep their cars, which entails maintenance. As such, there is a big opportunity for this business when the market goes down.

Let me know if you have any other ideas of the types of businesses that could work during a recession. Love to hear your thoughts!

GD Star Rating
loading...
GD Star Rating
loading...
Business Ideas for Tough Economic Times, 5.0 out of 5 based on 1 rating

Tags: ,

Category: Starting a Business, Business Ideas

About the Author ()

Isabel Isidro is the co-founder of PowerHomeBiz.com. A mom of three boys, avid vintage postcard collector, frustrated scrapbooker, she also manages Women Home Business, Starting Up Tips and Learning from Big Boys.

Comments (3)

Trackback URL | Comments RSS Feed

  1. JD says:

    I really appreciate this post.

    Home business is great for anyone who has just retired or has been let go from corporate. I also believe that it will keep the American economy afloat especially with the internet.

    I’m very grateful for the experience of affiliate and network marketing and learning about myself as i personally develop as a person through the entrepreneurial experience.

    Thanks for the post…

    GD Star Rating
    loading...
    GD Star Rating
    loading...
  2. Tal Fighel says:

    Now that the economy is getting a whole lot better, NOW is a great time to start a home business if you are thinking about getting started in one.

    Great article. Thanks for sharing.

    Tal

    GD Star Rating
    loading...
    GD Star Rating
    loading...
  3. Jordan Cheng says:

    I think for many people, finding more ways to make a living or supplement income streams is probably a crucial need now, particularly when jobs are disappearing from the market fast.

    Home business would be a viable option for those who are no longer employable.

    Cheers!
    Jordan Cheng

    GD Star Rating
    loading...
    GD Star Rating
    loading...

Leave a Reply

*