While it is true we are about to enter something of a recession across the world, that shouldn’t be something to put you off starting a business. In theory, the only way from a recession is up, right?
Naïve as that may sound, striking while the iron is cold could actually be the best time to launch your business. As consumers adjust their priorities and spending habits, businesses start to cut costs and reduce team numbers in particular, leaving talented people sadly out of work.
Inevitably this means other businesses will begin to fail and falter. After all, cutting costs doesn’t spell success, rather survival. If you have the right idea, you can make sure the brief gap in the market left by some of these ailing businesses is only temporary.
Your business could be the raincoat that shields you from the storm, especially if it’s something that can withstand the elements of this imminent recession. Consumer needs will always exist regardless of economic conditions, and you have the power to capitalise on that.
To be recession-proof, you should look to start a business that sells something essential, offers a vital public service, provides crucial repairs where needed, or serves individuals with a high net-worth. With all of this in mind, choose your battleground wisely, as it would certainly be difficult to encompass all four of these aspects – one is definitely enough!
Delving deeper into this, look to the pandemic as a guide as to what was vital and what was surplus to requirements. For instance, a grocery related business could be hugely successful in these tough times, given that everyone needs groceries. Similarly, supply chains always have a role to play in this field – perhaps this is your ticket to success.
Otherwise, financial services meet the need of two of the aforementioned aspects of a recession-proof business, in meeting the demand of wealthier clients and providing a public service. Whatever your choice, tailored programmes like Clear Start can assist you in getting off the ground with OOH advertising. You’re only one person after all, and you shouldn’t have to feel like you’re on your own.
The only way is up
Though it may feel as if we’ve been bouncing between recessions and hardships for years, starting a new business could play a huge part in making sure you can avoid the more devastating end of the recessional repercussions. There could be new problems that arise, for which you may have the answer.
Best of all, you may be able to get ahead of the competition in terms of your pricing. Given that you’ll be starting with minimal employees, you can start with a lower price margin, beating the competition from the get go. Where those companies will be looking to cut costs, you can instead look at using them to build your profits.
Of course, building a business from scratch will inevitably take time, and there are no shortcuts to immediate success. That said, now could be the best time for you to strike if you have an idea that you feel could be worth a few quid.