If you are thinking about starting a business, you want to make sure that it will be one that will make profit in these risky economic times. You will at some point want to sell your business so you want to make sure that you are in good stead to start the process from the first step.
There are some industries that even in a recession do well, here are some:
Chocolate and Sweet Shops – Always has been a comfort food. Not only for kids. Big kids love sweets and chocolate too. So long as you cater for all e.g. Dark Chocolate for the more mature pallets, Nostalgia sweets for the middle aged trying to regain their youth. Many experts in the field say that the sweets and chocolate industry is one of those recession resistant industries. Many classic brands actually launched in the days of the dark recession during the 30’s and are still going today.
iPhone Apps – If you can become proficient in App making then you will surely be onto a winner. This is a trend that many Venture Capital firms are investing into and if you have some good App ideas then the sky is the limit. You could even make apps for other companies on a freelance basis. There are more and more bedroom developers making lots of cash with little or no overheads.
Yoga and Spiritual Health – Perhaps because we are all going out less due to less money and we are all working on our inner health and wellbeing, as we are dealing with new stresses and strains in life on a day to day basis. Many Dr’s and therapists are recommending yoga. This industry is expanding at a fast rate. People want to have yoga related equipment. This is almost a new fashion and fashion loves accessories, so the potential to make money is great.
Business Consulting – Ways of streamlining processes, minimizing financial losses, developing in house teams, any ways of saving money in the long term are proving to be popular as more firms are wishing to cut costs, Smaller specialised consultancies are being favoured to tailor solutions for bigger firms as larger consultancies and not the favourite options anymore for when companies need assistance as they usually charge large sums of money for their services. Smaller consultancies do not have the overheads.
Personal Improvement/Self Help – Self Help is a lucrative area, this crosses over into exercise also (Yoga and Spiritual Health), but motivational speaking seminars, networking events, how to talks – wealth, health, spiritual connections/guidance.
Repair Services – Home improvement is an area that people will always spend money on and in. If you can offer a service that you would be able to assist in this area and you are good then you are onto a winner. Shoe repair is another area as people are less inclined to buy new shoes as they are trying to save money. Any repairs really as everyone is trying save money. Car repair, electronic repairs.
If you have experience or expertise or a way of developing yourself in any of these areas. Any one of these could be an ideal money making path for your new business. Be your own boss.
Author: Emily Franchino – Hyde House Business Brokers can assist you to identify and acquire the right company for you and for the right price when you are in the market to buy a business. Hyde House are experts in corporate finance advice and they can help ensure that you get maximum value for your business through research and deal negotiation. Experts in buying and selling businesses. Follow Emily at Google+.