A recession is a tough time for most consumers, but it’s also a great time to put your entrepreneurial skills to work.
During a recession, most consumers are trying to solve a similar problem: How do you keep more money and spend less? Certain types of businesses thrive in tough economic times, while others are more prone to decline. Aincluded bookstores, PR agencies, interior design services, staffing agencies and marketing consulting services.
Even if your side hustle is in an industry that isn’t on this list, if you can help your customers find newer or simpler ways to save money than the existing market, you can convince people that your value proposition is compelling.As a smaller side hustle, you also have the ability to be nimbler in reaching and serving your customers in creative ways that incumbents in your field now may not be able to afford.
I experienced this in my own business since launching in 2020 during the Covid-19 pandemic and going into this year. I scaled my company to $500,000 in net revenue thanks largely in part to competitive prices relative to my financial education services peers, and faster delivery than most people expected because I was still in the early stages.
A recession is a tough time for most consumers, but it’s also a great time to test out new skills as an entrepreneur. If you can make a business successful during a downturn, it’s only uphill once the economic environment turns around.
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