We all know how tough the recent recession was, and was for a long time. Even though it is now technically over a common topic of conversation still seems to be about job losses, fear of job losses and possibilities for starting up a small business with a redundancy payment. According to a study by a group of north london accountants, a large percentage of those made redundant are seeking opportunities to start up their own business and seeking advice on preparing a business plan to secure adequate financing.
So that got me thinking about what type of small business could be started up with a modest capital outlay, but more importantly a business that could survive and thrive if there is another recession.
I’m sure many of you have had those conversations and arguments about what products and services you will continue to buy or use no matter what. Not everyone will agree (please let me know your thoughts) but here is a list of Top Ten businesses that will survive a recession provided by my colleagues at Tuchbands Accountants in London.
There are not only Birthdays, Christmas and Anniversaries but a whole myriad of other special events that we now buy cards for. These events occur year in year out so a good business, with a well-priced range will have regular, repeat business.
Training and Mentoring
Use the skills and experience you already have to train or mentor others – there will always be people who could learn from you if you have had any number of years in any business – even something as simple as a business blog can seem like a huge hurdle to those who have just started up a business.
Translating and Transcribing
If you speak a second language fluently there are always opportunities to work independently by providing translation and transcription services to businesses with global audiences and a worldwide customer base. And if you fancy something a bit different you could provide foreign voiceovers for video games and animated corporate videos.
The essentials that a baby simply cannot do without, whether it’s a pram, a cot, bedding, clothes or toys, babies will not wait for the recession to be over.
Mobile phones, televisions, computers, iPods all play a much more important part in our lives when other forms of entertainment are less frequent due to restrictions on our budgets.
There are any number of services you can provide with a van. House clearance, removals, deliveries etc. You may not be able to compete with the large national removals firms or the specialist international removals companies but such a business could be very successful locally. And if you don’t yet have the capital to buy a van then why not hire a van. That way you are only paying for the days you actually need it.
Although there is a recession, those people who employ gardeners are less likely to be affected by it, or they have gardens they simply cannot manage by themselves. Of course, you will need to have gardening skills and knowledge if you are to thrive in such a business.
It’s a bit of a nuisance but children just will not stop growing, and although there is a huge market for second-hand children’s clothes, parents will always buy mainly new clothes.
Why is it that parents will do without something themselves but still love to spend their spare cash on the latest toy. Maybe it’s that look of pure delight on their little one’s face.
Painter and Decorator
This is one of those jobs that, like many people, I often think I could do myself but, in reality, I never do. And with people spending more time entertaining at home rather than spending money going out, they want their homes to continue to look good.
Sandwich shop / service
All those office workers out there need their lunch (and often their breakfast too). Premises do not need to be large if you only provide a take-away service but pick your location with care; one with minimal competition and plenty of (full) offices.
If you have the skills for repairing PCs this is now a service in great demand. People are less likely to simply replace a broken PC when funds are tight. Peripherals such as printers may now be very inexpensive but the computer itself is still a big outlay.