Recession is a period of economic downturn for individuals, industries and the country at large. It is usually characterized by a high rate of unemployment, huge loss and so on.
Historic events related to this past include the Great Depression in the 1930s and Great Recession of 2008. Recently, the coronavirus pandemic has gripped lots of countries with its iron fists recently.
Millions of workers have been sacked, pay cuts have been offered to some people, businesses have closed and lots of industries are struggling with the hits caused by the economic downturn. In fact, countries like China recorded its first contraction in fifty years making it a surprise to the world.
In spite of this, we have found some industries who have thrived well whenever things seem gloomy in times like this. After all, life is full of ups and downs. Not all businesses get affected by a recession since every business has its own sector. This article enlightens you on ten businesses that thrive well and are inspired by economic hardship.
Technology has become a huge part of our lives. It is one of the fastest growing sectors in the world. New inventions are being made everyday to make a lot of things easier and efficient. This in turn, has created dependency on this sector. In recent times, technology has proven effective as it controls our interaction with people and daily lives. Due to the dependency on this sector, it has been observed that it will continue to grow in spite of different economic challenges. A major example is Zoom which witnessed a profit of $27 million during the coronavirus recession. Even tech giants such as Facebook, Google and many more are not left out.
These stores provide daily necessities to the people. This means their businesses will continue to do well despite the economic challenges surrounding them. Economic hardship doesn’t stop people from doing necessary daily activities such as brushing their teeth, cleaning the house, bathing and even eating. This means that in every shelf in the store, there is a high tendency you find food, cleaning agents, as well as soaps of various kinds there. This type of business is usually stable both in good and bad times. This way, an avenue for sales is created and profits are made.
Just like grocery, people will get sick during the good and bad times. This makes this sector more recession-proof. Since it also promotes job security, you get to experience a financial boom as you invest in it. With this, you make profit and create employment opportunities for others.
COFFEE SHOPS AND CAFES
Since people need a place to worry less about financial troubles caused by economic turmoil, coffee shops seem to be a perfect option. They are inexpensive and usually good to calm the mind. A cup of good coffee will make you worry less about your financial situation at that time. In fact, some coffee shops like Starbucks offer WiFi for its customers. This is an avenue to worry less and search for jobs you can do.
Most of the items we use constantly need repairs. This ranges from leaking roofs to faulty cars. During recession, people find it difficult to just trash out their household items because it is broken or faulty. Instead, they would keep the faulty ones running instead of going for a new one which can be exorbitant at that time. For instance, you will rather employ the service of a repairman to fix your faulty car than buy a new one during recession. This makes this service to be constantly in high demand from people. If you have any skill in this sector, it will be better to let people be aware of it.
This venue serves as a perfect place to free one’s mind. Most times, it has been proven to be effective for distracting one from the harsh conditions imposed by the recession. Here, you are enthralled into the world of imagination as you enjoy the thrill of the movie instead of worrying about your financial ordeals. For instance, you can opt for a movie night instead of going for a vacation.
This service prospers during recession. During this period, a lot of people employ accountants who can manage and advise them on financial matters such as tax. They also handle these matters to ensure cash flows appropriately.
Photography is constantly a huge demand anywhere anytime. With good sills, you can work as a freelancer and sell your shots to people .
Cleaning service can be in huge demand during recession periods. This is because it is a necessity for businesses. For instance, companies, schools and governmental organizations often need people to clean their workplace.
People often demand baked products in most cases. Products such as bread, cake and many more are needed for one purpose or the other.