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10 businesses that are strong in economic crises

April 17, 2020

There are businesses that are still widely used even in times of “skinny cows”. Here are some ideas.

The opinions expressed by collaborators are personal.

I don't want to be alarmist, but even the most stable economy can face times of “skinny cows.” The whole world is navigating great uncertainties on this subject today.

10 businesses that are strong in economic crises10 businesses that are strong in economic crises

The truth is that true entrepreneurs do not let fear stop them from changing economic situations. However, they must be more careful in choosing the types of consumer businesses that tend to resist financial shocks better during a recession .

Here is a list of industries and businesses that you can consider.

1. Alcohol

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Most of the companies built around beer and wine withstand times of crisis well. The more expensive drinks tend to suffer, but the mid-priced liquors remain.

This is due to a basic principle: People don't quit a true habit just because the picture has clouded over. They just adapt. That is, if they really like it, they will continue to watch soccer with a cold beer. Consider a liquor store or a distributor.

2. Cosmetics

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It is much easier to enter the beauty industry than the alcohol industry. When the situation gets tough, putting on makeup and moving on can cheer a lot of people up. Regardless of the reason, cosmetics cope well with recessions. There are many ways to get into business, from cataloging (like Mary Kay ) to selling online.

3. Movie theaters

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Movie tickets often thrive in tough times. It is difficult to compete with the big chains since they have the rights to the most important premieres, but why not consider a room specialized in independent films that takes advantage of the trend of combining films with dinners? This can be successful in a small town.

4. Health care

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It is an industry that is very difficult to enter. However, it is also true that the Baby Boomers generation is close to retirement and may be a growing market. Look for fresh ideas, but don't forget to stick to the health laws in force in your country.

5. Specialty Food Stores

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Today there are many food trends and specialty boutique food stores can become very popular in certain markets. For example, you can create a line of vegan products and sell them online with home delivery.

6. Sweets and desserts

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In the same way that people do not stop drinking because of an economic crisis, they do not detach themselves from the things they like to eat. A few years ago, when the United States was in a frank economic slowdown, the fashion for cupcacks was strongly established. You can combine this idea with the previous one and try sugar-free, vegan or gluten-free desserts.

7. Repair shops

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When there are “skinny cows” we don't buy microwave ovens, refrigerators or new cars, we repair the ones we already have. Check what is in your local market that is not covered.

8. Second hand stores

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In the same way that new things are not bought during recessions, many people visit thrift stores looking for deals. Look for deals or even specialize in retro items.

9. Funeral services

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Funeral services are requested even in the worst financial times. Even in the worst economic crises there are two things for sure: death and taxes. That which…

10. Tax services

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Good accountants know how to handle themselves in difficult circumstances. In these times, people seek to keep every peso they can, while the Treasury seeks to maintain order in taxes. This creates the ideal conditions for tax advisory services.

Do you have another idea of ​​a business that remains in economic crisis?

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