Join our free newsletter to get unlimited access to all startup data including startup costs. You can work with these online influencers in different ways including the use of affiliate marketing or product embeds with sponsorship. Starting an IT support business can be challenging, but it can potentially pay off better than your 9 to 5 job. IT support business can be a lucrative way to make money, and the demand is increasing rapidly. The telecommunication business involves the development, ownership, or operation of one or more telephone, telecommunications or information systems. Typically, telecom companies provide infrastructure to enable clients to transmit voice, video, and data.

Some restaurants often struggle to stick it out during a recession, but there's a host of other food and beverage businesses that tend to thrive through economic uncertainty. Bulk food outlets, grocery stores, and fast-food chains have a history of holding up during economic recession proof business ideas downturns. As the economic hardships continue to mount in 2023, it’s looking more and more like the economy could be headed for a recessionary period. It’s safe to assume that you are working remotely and saving money too as you plan how to start a business of your own.

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If your heart's not in it, your money maybe shouldn’t be in it, either. Passion is certainly important when it comes to starting your own business, and it’s equally important to examine historical data to forecast how your business might perform during a recession. In fact, the accounting industry was valued at $544.06 billion in 2020, and the demand for it is still growing. To make this venture sustainable, launch online courses on a platform such as Teachable to continue earning money with minimum effort. You’ll need to do a lot of marketing in order to attract students, however, you could earn thousands of dollars once you’ve managed to build a reputation. As long as you have a laptop and the right skillset, you can offer freelance services from anywhere in the world.

• These products tapped into the remote work boom, but they would also appeal to customers in any economic period.
• Here’s hoping some of these viable business ideas may resonate with you.
• While recessions often spell troubled times for most of us, they aren’t permanent.
• However, it’s worth noting that freelancers do sometimes suffer during downturns in the economy.
• Cleaning services have minimal startup costs and charge anywhere from $ an hour, depending on location and complexity of the work.
• If you have a passion for fixing things and are willing to put in the time and effort, this could be a rewarding and profitable business.

Senior citizens (and their families) face the difficult decision of staying in their own home or moving to a facility that provides a more specialized level of care. Many seniors prefer to stay in their own home because they don’t want to give up their freedom, or because nursing care is expensive. The auctioneer will open the door but you can’t go in to inspect the items.

Maintain strong relationships with customers.

Times have changed, and many parents are on their own to teach and entertain their kids. Consequently, these effects from the pandemic skyrocketed the number of purchases for children’s books, games, and crafts, among others. Alongside information technology, the telecom industry is here to stay, no matter what the economy is like.

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Grocery, Food, and Beverages

When consumers become more budget-conscious in recessions, businesses offering competitive pricing are generally better positioned to retain customers and maintain a steady revenue stream. Recession-proof businesses are the only industries to remain mostly unscathed during such an economic crisis. They are ideally the industries that supply the basic needs of the people — either in service or product form. They will likely thrive and resist the impacts of the crisis, since consumers’ demands are perpetually directed to their trade despite being financially stressed. Since more and more older adults tend to go back to college during a recession, tutoring seems like a very promising option for starting a recession-proof business.

For example, you may prefer becoming an affiliate marketer for an eCommerce store, partnering with a manufacturer, and marketing their products for a commission. As a steadfast advocate for small business success, my mission is to pave the way for a new generation of innovative and driven entrepreneurs who are ready to make their mark on the world. Recessions are uncomfortable for most, and it can be difficult to plan for hard times when things are going well. In addition to financial uncertainty, the added stress of a recession can mount to create heightened tensions.