Interesting question. The economy is down, but does that mean we have to hide under our bads until someone bails us out? No Way. Then what’s the right business to start in a recession? After a little research I found some interesting information that may shed some light on the question. According to www.insidecrm.com, the following 14 businesses started during a recession: Hyatt Corp., Burger King Corp., IHOP Crop., The Jim Henson Company, LexisNexis, FedEx Corp., Microsoft Corp., CNN, MTV Networks, Trader Joe’s, Wikipedia Foundation Inc., Sports Illustrated, GE, and Hewlett-Packard Development Company LP. (Click here for article.) Holy smokes, what a diverse group of businesses! There’s everything from pancakes to computers there.
So, where should you begin? Well, Young Entrepreneur posted a poll recently that resulted that the #1 business that participants thought was best to start right now was an online business. (Poll) I couldn’t agree more. If not a completely online business, at least a business that is marketed heavily through the internet. Honestly, how many of us actually get in our car a drive around town to look for the best deal on a TV anymore? We get on the internet, especially during a recession. By time you drive all over town to find the cheapest price, you’ve already burned off your discount in gas. We’re all looking online for what we need.
Back to the answer, what’s the right business to start in a recession? Like I always say, “market your passion”. A great place to start is with a brainstorm about what you really love to do. Think of something you’re really passionate about. Then, find a market where you’re needed and fill the need.