Which small businesses do well in a recession?
Small business owners face unique challenges during a recession, but today’s rapidly changing consumer preferences and safety regulations have made entrepreneurship significantly more difficult. Thousands of companies have closed as a result of the pandemic, downtime and low sales.
Some have made it successfully Pivot a small business to meet new customer needs. A recent study found that 54 percent of Americans would switch to a new business with contactless payment systems.1
But which industries have managed to be successful in today’s challenging environment? Some are more resilient and can weather the storm than others. Read on to find out more about seven small businesses that are thriving today.
1. Online grocery store
The online food industry has recently hit Record numbers how more people avoid restaurants, Store and home cooking experiences. The industry includes pickup and delivery services that are popular with people looking to save time and / or stay away from business.
While running an online-only grocery store can be difficult or inconvenient, existing grocers who can add an online ordering component can have an advantage.
2. Professional cleaning services
The demand for professional cleaning services has recently increased as more businesses, healthcare facilities, schools and public buildings adapt to increased cleaning and safety protocols. These companies vary, but are usually hired to travel repeatedly to a specific company, building, or facility for cleaning.
While the relatively low overhead costs and high demand may tempt business owners to start their own cleaning services, health and safety are of the utmost importance. read this OSHA guidelines Learn about the latest cleaning industry health recommendations to keep your employees safe.
3. Courier and delivery services
Brick-and-mortar businesses that don’t have the funds to deliver or ship goods may lose out on potential sales. However, courier and delivery service companies can help support the increased demand for deliveries and help other local businesses stay afloat during difficult times.
While big name companies are capturing a large chunk of the goods delivery market, small businesses still have the opportunity to fill in the gaps when it comes to expressing local deliveries such as grocery, courier and restaurant deliveries depending on the location.
4. Online or private lessons
Online education is a great way to safely continue school remotely, but not an ideal learning environment for some students. And busy parents who work from home may also have children who also do daytime home education.
As a result, the need for quality online or in-person tutors has increased. While many students prefer digital sessions, some companies still offer face-to-face courses to suit different learning styles.
Similar to online tutoring services, telehealth is another growing industry that is capturing the demand for web-based services. Telemedicine professionals see patients via web camera instead of or as a supplement to conventional office visits. The license and professional requirements vary depending on the state and subject area.
6. Home health services
Home health care providers manage services in a patient’s home rather than in typical health facilities such as offices or hospitals. A home health care provider can be an alternative for seniors who prefer not to live in an aged or assisted living facility.
These companies must also comply with all local, state, or federal regulations, including safety and licensing requirements. Use this guide too Learn more about government licensing for home healthcare.
7. Digital fitness classes and equipment
Consumers may have an aversion to gyms, personal classes, and fitness centers in the near future, but many have found a digital alternative. While digital fitness classes have been around for a while, factors such as social distancing, limited activity, and spending more time at home are driving the digital fitness industry to rise.
Sales of fitness equipment such as weights, yoga mats, and other exercise enhancing equipment have also increased as more people customize their homes to suit their exercise needs.1
Because many of the industries on this list offer a digital customer experience, selling your product or service online allows you to reach customers who may not have visited your store. If you already have a website, there are steps you can take Improve your website’s SEO.
1Ludwig, S. (2020). 20 small businesses thrive during the coronavirus.
2Visa. (2020). The Visa Back to Business Study.
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