Many people have suffered from the financial crisis caused by the pandemic, including small-business owners. Some businesses are more resilient than others to economic hardship.
Retrospectively, it is obvious that the economy was already in recession when it is declared. Companies are forced to their operations, which can lead to job losses. As consumers cut back on their spending, businesses see a drop in sales.
It would be extremely difficult to bounce back if the economic downturn continues. Businesses that have not prepared for this event are particularly vulnerable. We can’t predict the next recession, but who can? Perhaps we can all learn something from each other about proactivity, precautionary measures and how best we can thrive in times of a recession.
It is not easy to make a living in this difficult economic environment, in fact It can be scary. When times are tough, many people look for ways to tighten their belts and make ends meet. While some turn to government assistance programs or go back to school in an effort to improve their job prospects, others take a more practical approach and find jobs that can thrive during a recession. Here are six occupations that can provide financial stability and peace of mind during difficult times.
Transport Services and Commercial Freight
Packages are needed no matter rain, shine, and recession!
This is what separates transport services and other businesses. The boom in e-commerce during the pandemic period has made it possible for logistics and freight companies to be well-positioned on the international market.
During a recession, people still need to move. Migration is still happening as people are experiencing job loss, they need to reassess their circumstances and still need to move to cities that may have more opportunity. This is why removalists interstate professionals are in a thriving business during down turns as more and more people try to keep onto their current job positions, it creates a lack of opportunity for others and the supply of jobs dwindle causing more and more people to relocate their family and uproot in another state in search for better opportunity.
Delivery services, like utility and maintenance services, are helping industries stay afloat in times of recession. The freight industry has been positively affected by the global pandemic and social distancing. Delivery companies now offer simple tasks like grocery shopping. This means that the industry must adapt to the changes caused by the pandemic.
However, online transactions have allowed the industry to diversify enough to reap the benefits and make a profit. Shipping giants have the opportunity to save millions by leveraging fuel, which is a commodity that tends to drop in price during economic downturns.
Courier services will continue to prosper regardless of economic conditions. Consumers are bound to send packages, whether it’s for business or personal reasons. So, they are less susceptible to the impact of recessions because they can function and provide that special kind of assistance to customers’ needs. They are also able to target both the business-to customer (B2C), and the business-to business (B2B) markets, making them one of the most recession-proof businesses.
Healthcare Providers and Services
Everyone will fall ill from time to time. It is evident from the extremities of the pandemic of COVID19 that hospitals were over run while other non-essential services had shutdown. Even cafes and restaurants had to close. Even if finances are tight, people will seek medical attention if they are unwell. Because of its price flexibility, the healthcare industry is recession-proof.
To illustrate, the Occupational Employment Statistic (OES), which surveyed the nursing workforce in the United States during and after the Great Recession. The survey examined the period 2007-2010 and found that there was a decline in national employment of approximately 7,257,090 million jobs. However, nursing employment showed an increase of 7.6%.
Food and healthcare are two of the most important industries that can thrive in recessions. Even today, we have seen the response of the public health to the COVID-19 epidemic and the importance of healthcare providers during financial chaos.
However, we have seen that some medical industries, such as surgeries, were unable to prosper due to the current circumstances and emergency caused by the pandemic. We also salute the brave COVID-19 leaders who are fighting the virus today, particularly doctors and nurses on the frontlines.
During an economic downturn, it is important not to panic. Instead, plan well for how you will bounce back. Your business might be strengthened, simply by marketing it affordably. This unforeseen event can be avoided by actively strategising smart choices such as Digital Marketing.
Businesses need to be more focused on their core competencies. What are their most popular products? Which services are most in demand? Focus now on the core products and services of your business. This will help you generate more revenue.
Digital marketing can help you improve your recession-proof marketing strategies and reach more potential clients.
Children and Baby sector
Regardless of the economic status of the country, people will look to secure the staples of their lives, including baby’s basic needs, including diapers, milk, bottles and other items, are virtually unaffected by recession. You need to ensure your child’s safety no matter what economic circumstances you may be facing. Businesses that sell baby and childcare products are resilient to recessions and seldom fail.
Parents are often forced to keep their children at home for their own health and safety. Many parents now have to provide education and entertainment for their children. These effects of the pandemic have seen a dramatic increase in the number and purchase of books, games, crafts, and other children’s materials.
Even children’s clothes and toys are resilient to recession, for both emotional and practical reasons. The United States saw a 27% increase in sales of toys for children within a few months of the outbreak. Parents cannot ignore the fact their toddlers get bigger and will need larger clothes and shoes. A toy is not a “want”, but it will be a necessity for parents to keep their children happy.
Parents would rather spend less on their children’s necessities than cut costs elsewhere.
A second consequence of the COVID-19 pandemic is that long-term lockdowns have led to community quarantine and community quarantine. This has resulted in disrupted family planning, which can lead to unplanned pregnancies. When setting up a recession-proof company, it is important to consider childcare products.
Auto Maintenance and Utility Services
Businesses that are focused on utility, repair and maintenance will be able to thrive in recessions. People are returning to DIY and fixing things themselves, as it is happening. This is where the service industry comes in handy.
Things will eventually fail as time goes by. Proper care is required for automobiles’ so-called wear and tear parts. Plumbers will be required to inspect water pipes for leaks. These handymen are able to provide their services without any problems, even in the face of critical uncertainty. Businesses that provide tools and materials for car or home improvement also benefit from this.
Additionally, the current pandemic is causing new cases to rise all over the world. This means that coronavirus cleaning services and disinfection services are becoming more important as they prove useful for both businesses and individuals affected by the disease.
The utility services survived a period of uncertainty and continued to operate alongside new cleaning-related businesses. This is because such services are considered essential by the masses, particularly in light of today’s global healthcare crisis.
The bottom line is that everyone seems to be more concerned about hygiene because of the pandemic. This led to a rise in the demand for commercial cleaning services and cleaning equipment. This COVID-19 age has seen the cleaning boom as one of few successful businesses.
It’s important to provide quality customer service, as well as strengthening your business. It’s about providing the customer with what they need and when they want it. Prioritizing customers is all about prioritizing them. You’ll retain your customers and gain more customers if you provide customer service.
Your business should make them feel valued and visible. This will increase your market. Reaching more people equals more cash flow. This equation will ensure that your business can weather the economic downturn.
With relevant and effective internet marketing strategies available, there are many ways to drive traffic to your recession-proof company and hopefully increase cash flow. You just need to make use of these tools in order to develop and innovate.
With all this in mind, a recession is never a prosperous time. It is a time wear money is tight and our livelihoods are at risk. But it doesn’t mean that we need to react towards the next recession. If we can plan ahead and position ourselves to be in careers that are more susceptible to the recession then when the time for the next one comes we will be in a better position to handle it which may mean you do not have to move in order to find opportunity.