When starting a business, you will always need to plan for the worst. A prime example is the COVID pandemic that we are still currently experiencing. The on-going crisis had a considerable impact on many businesses in the UK, from big corporations to small start-ups. Aside from global events such as COVID-19, there are much more potential problems the economy can experience.
For this reason, if you want to own and run your own company, you will want to decide on choosing a business that can endure a crisis, whether it’s due to economic collapse or global pandemic. The question is, what are the best businesses that can survive a downturn?
Food is an essential item. When recession or global crisis strikes, people will prioritize keeping food on the table. For this reason, many businesses in the food industry can survive even in the worst economic downturn. However, not all in the food industry may necessarily survive a crisis.
Naturally, people will be looking more at essential needs and less at spending extra on food. It can mean that fewer people will spend money on fast food or expensive restaurants. Instead, many will be looking for more affordable options. Businesses that sell staples, such as bread, poultry, meat, and produce, are more likely to withstand a downturn.
Maintenance, Repair, and Improvement
People will always need to repair and maintain their properties, whether under a recession or not. And because not everyone has the skills to do maintenance and repairs, property owners will need their services. The truth is, during the pandemic, many people paid more attention to overlooked repairs and maintenance.
Another type of business that can potentially survive a downturn are home improvement businesses, especially ones that can improve the quality of living, Timbertechuk, Composite Warehouse UK, Dinodecking UK and others. For some, it’s also a good investment while waiting for the economy to recover.
Essential items and products will always sell, regardless of the current conditions. Because of this, retail businesses, whether it is food, clothing, or other necessary items, will continue to attract paying customers. Aside from prominent chains of retail stores, shops, and groceries, and even discount retail, can also potentially survive a crisis. During the current pandemic, big corporations and small-scale entrepreneurs alike took advantage of online selling platforms.
During the COVID pandemic, many supply chains were broken due to health restrictions, inflicting loss in international freight services. However, land logistics remain strong despite the crisis. With many people stuck in their homes, shopping and buying options are severely limited. Because of this, many turn to online shopping which gives the logistics industry a big boost.
Many studies have shown that more students are likely to enrol in colleges and universities during an economic recession. Many people will want to develop and improve their skills to land better jobs and branch careers. Because of this, it’s one of the most crisis-proof businesses.
Overall, education is an essential service. Even private tutorials, seminars, training programs, and other educational services will continue to be in-demand, downturn or not. During the COVID19 pandemic, many institutions and professional educators implemented virtual and distance learning, keeping the industry safe and thriving.
Following the same pattern, health care services can also survive economic crises as they are essential services. The truth is, it is one of the most crisis-proof businesses. Many will get ill and will need treatment and medication. The same extends to related industries, such as veterinarian work, social services, mental health, and elder and hospice care.
While it does not strictly belong to any industry, home-based businesses are more likely to survive crises. People who run home-based businesses have greater freedom when it comes to making changes, whether it’s cost-cutting or increasing workload. Home Based services are becoming more popular nowadays, tied up with industries like education, marketing, retail, and information technology, to name a few.
Even with an economic downturn, businesses will go as usual. Business owners, whether from big corporations or individual startups, will need to meet legal obligations when it comes to taxes. For this reason, people will always need accountancy and tax managing services. The truth is, accountancy is one of the most versatile and stable businesses in the finance industry.