Edwin Dearborn

4 years ago · 2 min. reading time · ~10 ·

Blogging
>
Edwin blog
>
9 Businesses That Thrive During A Recession

9 Businesses That Thrive During A Recession

dd048f72.jpg

Recessions are scary times. Many people suffer economically and even more worry that they might, too. But for a select group of professionals, a recession may actually be an opportunity to thrive and grow.

Accountants

No matter what the economy is like, both people and businesses have to pay taxes and keep their finances in order. It can be even more important in tougher economic times.

Accountants are likely to experience an increase in business during a recession, since many people and small businesses may require the help of a professional to ensure they're making use of all the tax benefits available to them, and that they have a clear understanding of their income and expenditures as cash flow tightens.

At the very worst, some people may require the services of an accountant if they're forced to file for bankruptcy.

Healthcare Providers

If any industry can be said to be recession-proof, it's healthcare. People will get sick in good times and bad, so the healthcare industry isn't likely to experience the same level of cutbacks or job losses.

Financial Advisors

People who have substantial assets want to ensure that they're well taken care of, especially during a recession. Financial advisors often see an increase in work as people become concerned about the stability of their investments and seek guidance on how to protect their assets.

Auto Repair and Maintenance

In tough economic times, people are less likely to purchase a new car. Instead, they'll repair their old car. Auto repair and maintenance shops rake in the cash during a recession, when people will gladly fork over a few hundred dollars on repairs in order to avoid a monthly payment on a car loan.

Home Maintenance Stores (But Not Builders)

Many people will choose a do-it-yourself home renovation or upgrade rather than consider selling and moving during a recession.

Companies in the business of providing tools and materials for home improvement projects are likely to see an increase during a recession, as will many appliance repair service people.

New home builders, though, do not get in on the action. They are among the worst hit as bank lending gets tighter and home sales slump.

Home Staging Experts

It is more difficult to sell a home during a recession, but some people have to do it. People who specialize in home staging thrive as the housing market becomes increasingly competitive.

Home staging specialists might be real estate agents or interior design professionals, or both. A staging expert increases the appeal of a home by furnishing and decorating it to look its best.

Rental Agents and Property Management Companies

People who may not be able to afford to buy a home during a recession, and people who were forced to sell for financial reasons, still need a place to live. The answer, at least short-term, is a rental.

Rental agents, landlords, and property management companies can thrive during a recession when renting is likely to become a more appealing option, if not the only one available.

Grocery Stores

For many, dining out during a recession starts looking like an extravagance. Supermarkets often see an increase in sales as people choose to cook more meals at home and even entertain their friends at home more often.

Bargain and Discount Stores

People cut back on luxuries during a recession but that doesn't mean they never buy anything that isn't strictly necessary. There's even a tongue-in-cheek economic theory called the Lipstick Index that argues that sales of cosmetics will always rise during bad times because they're a relatively affordable luxury.

That said, a great variety of other cheap thrills can be purchased at bargain and discount stores. People who never step into a dollar store rethink their shopping habits when a recession hits.


Comments

Justin Shimoon

4 years ago #1

Thanks for sharing!

Articles from Edwin Dearborn

View blog
3 years ago · 1 min. reading time

I listened to an amazing podcast last night with The New York Times bestselling author, Simon Sinek. ...

4 years ago · 2 min. reading time

The stock market is in shambles. COVID-19 fears are shaking the economy. It might be time to find yo ...

3 years ago · 2 min. reading time

More than 30 million companies use LinkedIn for business. I can say with 100% certainty that your ne ...

Related professionals

You may be interested in these jobs

  • Epic Travel Staffing

    Travel Nurse RN

    Found in: Jobrapido US C2 - 11 hours ago


    Epic Travel Staffing Minneapolis, United States

    Epic Travel Staffing is seeking a travel nurse RN ED - Emergency Department for a travel nursing job in Minneapolis, Minnesota. · Job Description & Requirements · Specialty: ED - Emergency Department · Discipline: RN · Start Date: 04/15/2024 · Duration: 13 weeks · 36 hours per we ...

  • Sam's Club

    Stocking Team Member

    Found in: Lensa US P 2 C2 - 1 week ago


    Sam's Club Shakopee, United States

    Position Summary... · Why do people love shopping for fresh food at Sam's Club? Our members tell us one of the biggest reasons is our hard-working and happy-to-help fresh food associates. Join our freezer, cooler, and deli team and you won't just keep shelves stocked, you'll pla ...

  • Lowe's

    Seasonal Merchandising Service Associate

    Found in: Indeed US C2 - 1 day ago


    Lowe's Plainville, United States Full time

    What You Will Do · All Lowe's associates deliver quality customer service while maintaining a store that is clean, safe, and stocked with the products our customers need. As a Seasonal Merchandising Service Associate, this means: · • Being friendly and professional, and engaging ...