If you are tired of your 9 to 5 hectic job, and looking out for a way to explore your strengths and skills, starting your own business is a smart move. Having your home business venture brings several advantages, such as flexible working hours, efficient work/family balance and enhanced quality of life.
Unlike jobs, business opportunities give you a sense of independence and financial security, which helps in building your personality. It saves you from the dirty office politics- which is one of the major causes of chronic stress related disorders.
According to the recent survey, approximately 70% of Americans would prefer to work for themselves rather than doing a nine to five job, and as per the statistics, this number is constantly rising. However, it takes more than a desire and idea to start your first business.
Launching your own first business requires great determination, quick thinking and careful planning. The key is to determine the type of businesses that do well when the economy heads south. Here are top five recession proof business ideas that have sustained a recession or depression.
Senior home care business-
Whether there is recession or not, people just keep on aging. Even with the advancements in medical science and technology, people cannot fight the effects of aging, which leaves many elderly people homebound or unable to carry out daily routine activities. That's where a senior home care povider plays his vital role. A senior home care is a recession proof business idea that can successfully thrive even in bad economy.
Senior home care is provided to elderly people who are getting old and want to age at their place. Home care services are dedicated in providing quality care to elderly people. The services include assistance in bathing, getting dressed, washing hair and other personal chores. They also help in toileting, exercise, ambulation, errands like grocery shopping or picking up prescriptions.
As the number of people aging will increase, the demand for care providers will also increase. Senior care providers usually charge between $18 to $35 per hour. It is the most rewarding business opportunity for those who want to bring smile on other people's faces.
Beauty salon business-
If you know how to use your creativity, skills and knowledge to make people look gorgeous, starting your own home salon is a good idea. A good beautician or a hairdresser highlights your strong features, thus making you look beautiful. In today's modern lifestyle, looks play an important role in everyone's life.
Beauty and hair salons offer a great way to make people look as well as feel good. And both men as well as women can spend ample amount of money to look beautiful and young. Beauty salons can be easily set up at home. Also, you can start selling the cosmetic range to the clients. Therefore, beauty or hair salons are going to have a very successful future.
Virtual assisting services-
As the downsizing of economy continues, most businesses are opting for virtual assisting services. These services offer full administrative staff support at a cost-effective pricing. Several small and mid businesses are turning to virtual assisting services to reduce their overhead costs.
With the help of a virtual assistant, business owners can focus their time and effort on something productive rather than administrative tasks. Also, it reduces the headache of handling an entire admin team and their related issues.
Virtual assistants perform administrative and daily operations tasks such as data entry, maintaining records, marketing assistance, making phone calls to clients, and other functions. Virtual assistants can work from home, and have flexible hours. They can do multiple jobs at one time. Hence, they can survive recession.
Even in the worst financial situation, parents do not ignore their children's education. Most parents are aware of the fact that education plays a vital role in shaping their kid's life. Therefore, starting your own home education institute is a great idea for those who have knowledge and are willing to transfer to others. It offers you the convenience of setting up your own home institute and watch it grow big.
Education business offers opportunity to cross geographical boundaries and teach students overseas. Many parents prefer online tutions as they are less pricy than home tutions. Education business has ample opportunities and is a successful recession proof business idea. Even in the worst financial situations, your business can survive.
Food and beverage business-
Another industry that is protected from the effects of recession is food and beverage. Whether it is good or bad times, people eat and spend on quality foods and beverages. Today, the food and beverage businesses continue to expand and evolve in order to meet the ever-changing demands of consumers. You can start your own home based food and beverage business by focussing on offering healthier meals.
Also, in today's fast paced lifestyle where both partners are working and making meals at home becomes a tedious job, eating out is the convenient and time-saving option for couples.
However, eating in restaurants on a daily basis can turn out expensive, and can be harmful for health. Therefore, most people are turning to healthier and tasty options that come at reasonable pricing.
You can start your home based food and beverage meal business where customers can collect their food, or you have the option of delivering these packaged meals directly to offices or homes. Consider alternative menus that are delicious as well as healthy.
There is nothing more satisfying than building something of your own with your leadership, ideas and abilities. Being self-employed gives you a sense of achievement, and not to forget- a sense of physical as well as mental well being.
The above mentioned home based businesses have long term potential, and are not attached to the inconsistent taste of consumers or the effects of recession. These entrepreneurial opportunities or recession proof business ideas remain viable even during an economic crisis.
These business ideas will give you the opportunity to explore your enterpreneurship as well as passion without shelling out large chunks of money.