For about a year or more, the Nigerian economy has been facing recession. This has caused so many business failures. But did you know that some businesses still thrive despite recession? It is important to have some daily income or finance coming in so a side business is good. Here are some you can consider;
- Food and beverages
No matter the economic situation; people must eat. It doesn’t necessarily mean pooling your hard earned money and starting a restaurant business, although if that seems like a feasible thing to do, it just might work. However, going into the restaurant business still has its risk and a very high one at that.
Instead, consider food and beverages by focusing on offering healthier stuffs. These days, going into a recession is even a better excuse to eat healthy because it encourages people to cut down on their consumption and to avoid unnecessary purchases. Most of the food products available nowadays are harmful to health because they have either been preserved with chemicals that are harmful or they are not pesticide free.
And people are becoming more aware of the health benefits of pesticide-free farm produce such as vegetables, fruits, sauces, condiments, and so on. So, you can start a small farm and adopt strictly organic methods, which would be your unique selling point. Also, if you start a business that produces cookies, pastries, cakes and so on, you will have a steady stream of business. Even if you are not good at baking, consider hiring one or two individuals for a start.
Even in tough times, people want to look clean and good. And they will manage to squeeze out some money just for that. So, starting a laundry business is a very good idea, as it is also immune to the harsh effects of economic meltdowns. To start this business, you will need a washing machine, dryers, starch and irons, etc and you may need to hire one or two people.
- Security Services
When the economy is grim, people get frustrated. And out of desperation to get some quick money, they indulge in various forms of crime, especially burglary. Even when the economy is smiling, homeowners and owners of other valuable property hire security guards to protect their assets. And this becomes even more necessary during recessions. So, the demand for security guards is always on the high.
- Vet Services
Most people love pets and could spend any amount to keep them healthy. So, starting a business that renders veterinary services is a good way to make steady profit. Even if you are not a vet, you can hire one to work with you.
health care and home health.
Couples enjoy sex all the time even though they don’t want babies most of the time. Similarly, teens and young adults engage in casual sex all the time. These are the reasons why there’s always a huge demand for contraceptives; whether or not the economy is fine. So, if you start a business that focuses on selling contraceptive devices and pills, you will never feel the impact of a recession.
People apply cosmetics religiously. In fact, some people apply their facial treatments and make-ups several times a day. Of course, recessions are no excuses for anyone to look ugly. So, people will always pay the price for retaining their good looks. A cosmetics business is, therefore, a money-spinner anytime.
- Garbage or waste collection
Though this may seem a dirty job, it’s a very lucrative one that is immune to the adverse effects of recessions. People always need to dispose of wastes and garbage, and they usually find this difficult. If you start a business that relieves them of this hardship, you will make lots of profit in return.
- Repair services
Repair services are also recession proof businesses. There will always be people whose kitchen sink would get clogged, whose roof starts leaking or whose car suffers from overheating. What these mean is pure business opportunity, even when economic times seem shaky. And even if potential clients try to delay much needed repair, they will still come to you for help eventually.
But it’s worthwhile you note that many, if not all, of these businesses require specialized training, skills and equipment. However, once you have these resources, you will have access to a recession proof business that does not only offer a potential for high margins, it’s also a venture that won’t require you to wait too long for a return on your investment. Provided your services are tops, it’s likely that you could be in business for a very long time.
Whether you are good at teaching academic subjects or vocational skills, you will always get people who would pay to learn from you. Start by approaching potential students in your neighborhood and telling them about your tutoring service. Probably later, you will advertise using broader media.
Finally, if you are looking to start a business that would guarantee peace of mind even when other businesses are facing hard times, consider any of the businesses discussed above. However, to be on the safe side, find out about the setbacks and challenges of the business before you start.