10 BUSINESSES THAT THRIVE DURING RECESSION
Recession is the period the economy of a country suffers and its citizen’s pass-through tough time but these tough times cannot be said for all professions as some thrive excellently and even grow with lots of diversions during the recession.
Below are businesses that thrive during a recession.
Health care (Hospitals, Clinics, and Pharmacist): These health care providers are one that people cannot do without, that an economy is in recession, does not make its citizen immune to injuries, sicknesses, and death. There is always a high demand for goods and services in the health and pharmaceutical industry.
Food: food is very important and its benefit cannot be overemphasized. Most people might not eat three square meals or the quantity might be cut down because some persons might not be able to afford to eat a healthy meal, but the foodstuff business will thrive so well during a recession because everyone must eat or else they starve.
Transportation: This is a very lucrative business even during the recession; people commute to their respective workplaces, business area, market, long-distance journey. This is one business that won’t go down the drain even in years to come.
Cosmetic and perfume business: Most ladies and men always want to look good and smell nice no matter the state of the economy, so they will always buy the necessary makeup products no matter how expensive the cosmetic products are, same applies to the hair business, both men and women want to look pretty, so a recession is not enough reason not to get a cosmetic or hairstyle to look neat and well kept.
Fashion: This is more like the cosmetic and perfume business, as a matter of fact, most popular clothing styles come up during a recession, most persons close big sales in fashion and technology has helped to make fashion business thrive very well as a lot of persons can dropship and advertise it on social media to gain visibility thereby making more profit.
SEE ALSO: TESLA AND THE FUTURE OF ELECTRIC CARS.
Agriculture: as long as humans live, planting and harvesting will thrive in any economic system. However, purchasing power might reduce drastically but we cannot just do without our raw food, vegetables, and fruits some of which can be exported.
Event Management & Planning: This is a very lucrative business. People celebrate child dedication, birthdays, weddings, and other corporate events. Event centers will be decorated for these events and need to be done rightly, so the need for an event manager and planner comes up and as long as people celebrate, you will be in business.
Entertainment: Cinemas, clubs, etc. under the entertainment industry is another business that can thrive during a recession. People do not want to be depressed or frustrated so they tend to go to comedy shows, see a movie, and throw a party where celebrities are involved. More so, people tend to relax more at night after the days/weekend jobs so to achieve this, they visit the cinema or club. If you’re into the movie industry, you can just release a new movie and show it in the cinema, if you’re into club business, you can invite a celebrity artiste to your club, etc. when you strategize properly, your business will grow bigger.
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Social media business: Content creation and social advertising of products and services is not hindered by the recession. Online marketing becomes the next big as people can’t afford to get a shop plus other expenses accrued while on it, all you need to succeed in this business is learn how to create captivating content, run sponsored ads, create a good business post, SEO optimization.
Petroleum: cooking gas, diesel, fuel, kerosene, and other fractions of petroleum products are needed in our daily activities.
Other businesses include;