5 businesses that are strong in economic crises
True entrepreneurs do not let them stop the fear of changing economic situations. However, they must be more careful when choosing the types of businesses with constant consumption that tend to better withstand financial shocks during a recession.
Here is a list of the industries and businesses you can consider.
Most of the companies built around beer and wine withstand moments of crisis well. The most expensive drinks tend to suffer, but medium price liquors are maintained.
This is due to a basic principle: people do not leave a true habit just because the outlook has darkened. They simply adapt. That is, if they really like it, they will continue to watch football with a cold beer. Consider a liquor store or a distributor.
It is much easier to enter the beauty industry than the alcohol industry. When the situation becomes difficult, putting on makeup and moving forward can encourage many people. No matter what the reason, cosmetics withstand recessions well. There are many ways to enter the business, from distributing by catalog (such as Mary Kay) or selling online.
3. Movie theaters
Tickets to films often thrive in difficult times. It is difficult to compete with the big chains because they have the rights to the most important premieres, but why not consider a room specializing in independent films that takes advantage of the tendency to combine films with dinners? This can be successful in a small locality.
4. Specialized food stores
Today there are many food trends and boutique specialty food stores can become very popular in certain markets. For example, you can create a line of vegan products and sell them online with home delivery.
5. Sweets and desserts
In the same way that people do not stop drinking because there is an economic crisis, they do not detach themselves from the things they like to eat. A few years ago, when the United States was in a severe economic slowdown, cupcakes fashion was firmly established. You can combine this idea with the previous one and try sugar-free, vegan or gluten-free desserts.