The 13 Best Recession-Proof Businesses in 2023

Telemedicine is the use of technology, such as phones or the internet, to provide patient care remotely. Telemedicine can be used to diagnose and treat patients, provide education and counseling, enable remote monitoring of vital signs, or just facilitate communication between healthcare providers. It has the potential to improve access to health care services, increase satisfaction with care, reduce costs, and improve outcomes.

Starting a business during a recession follows the same rules as starting a business any other time. If you solve a specific problem for a specific customer, you’ll set yourself up for success. She’s been creating and promoting content for over 4 years, covering a range of topics in the payment processing industry. Brontë is currently the Director of Marketing at PaymentCloud, a merchant services provider that offers business solutions for companies in all industries – no matter the risk. The global pet care market is expected to grow to more than 325 billion by 2028, with dog products and services pulling in the highest revenues.

Cleaning businesses

Freelancer platform is a place where people come with skills and services to offer and people come who need those skills and services. So we can say freelancer platforms are a marketplace for sellers and buyers of services and skills. Another thriving and profitable business in the dog cum healthcare sector that an entrepreneur who is interested in starting a dog business should consider starting is to open a veterinary clinic. As a matter of fact, if you are a veterinary doctor, this is the most suitable business that you can successfully start.

• As seen during the Dot-Com Bubble, the tech industry can fall prey to bubbles resulting in huge asset price reductions.
• The reality, however, is that people can only cut food spending by so much.
• This also brings more people into the healthcare system, making it more profitable overall.
• Business consulting includes a broad range of professional services other companies need help with, such as strategy, market research, or public relations.
• As a recession becomes more likely, the chance of individuals seeking financial planners increases.

Online course businesses are one of the fastest-growing online business models. Creating an online course is an awesome way to generate extra income because it allows you to monetize the knowledge you already have. More people are taking online courses every day, and the COVID pandemic has accelerated that, with some online learning platforms having seen 15-fold growth in the number of users. You can use your skills and passion by starting an event management company.

Home Maintenance And Repair Services.

Those without the manpower to fulfill a lot of orders could promote their delicious concoctions among neighbors, friends and family for some extra cash. You could even start a vending machine business to quench people’s cravings when they’re on-the-go. While inflation has soared and the stock market has stumbled, there are recession-proof businesses that could help you profit during times of uncertainty. The healthcare industry includes a wide range of services, from hospitals and medical clinics to pharmaceutical companies and medical equipment manufacturers.

James Chapman, owner of bathroom company Bella Bathrooms since 2005, has similar experiences to report. Despite the rocky track record of furniture and mattress retailers, GhostBed has grown during the pandemic, adding employees and expanding into new space, Werner says. In 2008, at the height of the Great Recession, Maurisa Potts made a bold move. She quit her job as marketing director of Northern Virginia’s Crystal City Business Improvement District to launch her own marketing and PR firm. To get the best possible experience please use the latest version of Chrome, Firefox, Safari, or Microsoft Edge to view this website.

Cleaning Company

These people are your target market, and it’s wise to take your business there. You’ll also need to learn how to market yourself so that you can reach out to those people who might need your services. We put together 70 of the best recession proof businesses you can start in today.

The good news is that there are many business opportunities that can help you weather a recession depending on your skills and interests. While a recession is a daunting prospect, starting a recession-proof business may be the solution to tightening margins recession proof business ideas and declining sales as consumers cut back on their spending. „In real estate, this could be starting a property management company,” Greene says. „You get all the benefits of rising valuations/rents without the risk of actually owning the property.”

Typical impact a recession has on the stock market

Not long after the start of the pandemic, the total sales of children’s toys in the United States grew by 27%. Parents can’t simply ignore the fact that their toddlers grow up fast, hence needing bigger clothes and shoes. And, well, a toy is merely a “want” but parents will need it to pacify their kids. Furthermore, we truly salute our COVID-19 front-liners who are bravely fighting the virus today, especially doctors and nurses serving on the front lines.

According to statistics, the global chocolate market size is expected to grow at a CAGR rate of 4.6%. To start mobile photography , research the target audience and determine which specialization area is more lucrative. Invest in high-quality, professional cameras, lenses, and a computer with professional software photo-editing software.