As the global economy witnesses shaky consumer sentiment, business owners are hounding their accountants trying to know if their finances can survive during a recession. It’s been a constant fear amongst company owners, especially during this time of crisis – with the trickle down effects of conflict in Ukraine and the pandemic still present.
However, though there really is a trend of the economy slowing down, it’s not the end of a business owner’s dream of running their own company meaning accountants can still flourish even with a recession going on.
Businesses can still boom in this difficult economy, you just have to know what kinds would last. Here are the top business ideas you can suggest to potential businee owner clients which are sure to survive a recession.
In today’s age, we can not survive without service providers. It would take a huge drawback collectively when they are not available. Whether you’re an accountant, healthcare professional, or food delivery person, all of these depend on such.
From internet service providers to telephone companies, they will still likely be around and thriving during a recession because of how dependent everything is on them. If one was to give this kind of business a try, they are likely to benefit from it being a top priority in almost all kinds of industries.
Another kind of business that still booms during a recession is repair services. Whether we’re talking about big or small repair shops, they’re likely to succeed during a recession because people would rather have their broken items fixed than get a new one.
While some may opt to improve their DIY skills, repair services may come in handy for those who prefer to have their things fixed for a much more reasonable price without the hassle. If one has the talent for this, why not try setting up a small repair shop or even go online and offer your services.
Small luxury items
It may seem the opposite, but small luxury items are still around during a recession. Why? Well, people would still want to treat themselves when they can. These are the kinds of businesses that are still affordable when consumers only treat themselves once in a while.
Consider suggesting opening a cosmetics line or a fancy restaurant with reasonable prices; people would flock to these kinds of businesses because they’re just enough to allow people to destress while still not splurging so much.
If your client wants to open a business but is not too sure what to pick, have them speak to a dedicated funding manager at Swoop to understand their options.