Someone asked for advice on what part-time home business can he do now when the economy is in a recession. He is looking for a business that he can do from home on weekends. He has already tried getting a stall in the market, and offering DJ services — which both failed miserably.
When the economy gets tough, most people cut back on spending, especially for non-essentials and luxury items. So with the market stall business, the success of his weekend business depended on what he was trying to sell. Market stalls are not necessarily a bad idea as there will be plenty who are on the lookout for inexpensive gifts. But if he selling items that are priced way more than customers are willing to pay, or participate in flea markets with limited customer-base, then his venture may indeed be less than successful.
As for the DJ business, when the money is tight, partying is one luxury good that people stop doing. Even companies are cutting back on Christmas parties — and that means less demand for DJ services.
If you are thinking of starting a business during an economic downturn, ask yourself the following questions:
- What do you like to do?
- What can you do?
- How much money can you spend for this business?
- Are you willing to learn?
Do some research as to what people still buy and use during times of recession. Food, for example, is definitely one — no matter how much the economy is tanking, people will still eat and people will still buy food (they may not buy that Chanel shades or that Hermes scarf, but they will still have to buy bread or rice)
Are there opportunities you can take advantage of at this time? For example, as money gets tighter and cheap credit becomes tougher to get, people will have to spend money on maintaining/fixing the cars they already own rather than buying new ones. An auto repair business. while not part-time, may have some potential. You can opt to go with an automobile franchise, or find a troubled shop with potential to buy at a bargain price.
Make a list of what you can do and what you want to do. If food, can you bake? Can you cook something that you can sell during weekends? Can you write? Then create a blog where you earn via advertising, or sell your writings services. There are a lot of choices. It all depends on what you want to do