What Businesses to Start in a Down Economy

Posted by Bambang Haryanto on July 19, 2009 in Profitable Business Ideas · 0 Comment

With empty storefronts, going-out-of-business sales, bankruptcies and rising unemployment littering the local landscape, it takes a brave soul to start a business these days. But many successful entrepreneurs say that, in retrospect, they were lucky to have launched their businesses in tough times.

So while one kind of business may suffer under harsh economic conditions, another may thrive. In a shaky economic scene, the most recommended are problem-solving ventures.

BusinessWeek columnist Tom Taulli over at a blog post picks a few industries that are growing or expected to grow in today’s crisis situation. His picks include education, vocational rehabilitation services , repair services, and elderly & disabled services.

In another article, the New York based Business Week Writer Stacy Perman revealed 9 businesses that are booming during the recession. Among those businesses are debt business, mortgage and foreclosure rescue, repairing instead of replacing services, alcoholic beverage, safe business, repo business, thrift stores, pawnshops, and private detective agencies.

Perman underlined that a downturn economy was not only causing massive layoffs, bankruptcies, the collapse of financial institutions, and a severe credit crunch, but has also injected life into a slew of small businesses that are thriving either in spite of or because of the economic downturn, giving new relevance to the old adage that one man’s misfortune is another’s opportunity.

Looking for more ideas? A slideshow in Inc.com may inspire you about what business you could start today. In the slide you will find a few kind of industries that are growing or expected to grow. Their picks include everything from niche lifestyle businesses (candy, yoga) to growing new industries (green building, health technology, iPhone apps).

Image by: Crimethinc