Recession, downturns, and global events such as the COVID19 pandemic have huge impacts on businesses in the UK. Because of this, it may seem counterintuitive for most aspiring business owners to pursue a startup. However, some industries and professions can thrive even amidst an economic crisis. It may need more planning and preparation on your part. Regardless, here are some business types you can consider starting.
Real Estate Development
Despite there is no such thing as a recession-proof business, many regard real estate as one of the most recession-proof industries. Investments in real estate can weather economic crises better than other types of investments.
During an economic downturn, generating income can be challenging. However, rental properties will offer consistent and stable income, making it one of the best types of businesses. Many investors will look for opportunities to acquire real estate. Because of this, other industries related to development are also likely to thrive in recessions and downturns. In the UK such businesses like Wicks UK, Ultra Decking UK, Trex etc, are part of home improvement businesses and interior design, they have always done well during crisis.
Regardless of the state of the economy, the healthcare industry will always be operational. People will get sick and require treatment and medication. Because of this, many consider healthcare services as one of the most recession-proof industries. For instance, during the COVID19 pandemic, efforts led by the government halted many companies. Meanwhile, the healthcare industry remains strong and even supported and funded by many institutions.
So in times of crises, healthcare providers will always be in demand. Businesses such as hospitals, pharmacies, hospice services, and veterinary services, are some excellent business opportunities.
During hard times, studies show that people are more willing to learn new things to increase their job opportunities. Because of this, any business providing educational services will be in demand, such as colleges and universities.
Aside from schools, mentoring, seminars, and tutorial services will likely thrive in economic downturns. And the best thing is, you can start these types of businesses even at the comfort of your homes.
Repair and Maintenance Services
Things will eventually get broken, whether it’s appliances, properties, automotive or electronics, no matter the circumstances. And since people will avoid any unnecessary expenses during, many will prefer to have them fixed instead of buying new ones. It can be an excellent business opportunity for people who have experience and knowledge in related fields. What’s more, is that you don’t have to invest much to start these types of businesses.
As the economy becomes more volatile, many business owners and investors will be concerned in their assets and investments. They will need advice on how to protect and ensure that their finances are well taken care of amidst a downturn. The demand will open opportunities for consultants, advisors, and economists to start and provide their services.
Likewise, tax and accounting services will also continue to thrive as usual. Regardless of the economic situation, business owners will often need their assistance to comply with their legal obligations.
During a recession, many will avoid unnecessary spending. Instead, priority will be on the essentials, food, clothing, and shelter. For this reason, one of the most thriving businesses in recessions are grocery stores. Most will prefer to spend less and cook at home than spend more on dining out.
Aside from food, many will look for cheaper alternatives. Because of this, discount shops and bargain stores will attract more buyers. Today, many make use of online selling platforms, which can offer customers lower prices of products.
Another business in the UK that you can start despite an economic crisis are home-based businesses. Not only will you save funding from rentals and other expenses, but you will have much freedom as well. Some of the most in-demand services are virtual assistance, web building, software development, marketing, and graphic designs. Today, industries such as healthcare and healthcare, are also starting to make use of online platforms.
Delivery and Logistics
People and businesses will always need to send and receive parcels and packages. The truth is, more mortar-and-brick shops move on to online platforms to save on rent, especially when an economic downturn strikes. Just about any industry requires some form of logistic services. For this reason, delivery and logistics can thrive even in crises. However, in some situations, like the COVID19 pandemic, international freight and delivery were heavily affected. Local delivery services, however, remain strong and thriving.