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This fails to impress when compared to the $168 billion players spent on video games in 2020. Consumer readiness to spend money on VR and AR entertainment may be the driving force that will take the technology to a whole new level. If you have an idea for one such app, we’d be happy to help you bring it to life.
Taking your skills to the recession proof business ideas market can make your business much more agile. By partnering with multiple income sources simultaneously, you reduce your exposure to a single business’s performance. However, it’s worth noting that freelancers do sometimes suffer during downturns in the economy. As contract workers, freelancers don’t have the same employment protections as full-time employees. However, while healthcare performed exceptionally well during the Great Recession, this doesn’t guarantee the same will ring true in a new economic downturn. With the insurance landscape now very different, many insurance holders are burdened with high deductibles exposing them to exorbitant costs.
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As the current pandemic shows, many companies are pivoting to provide much-needed equipment like respirators. And future recessions may create a demand for other medical devices or services. Would we recommend opening a restaurant, cafe, or bar in the midst of the COVID-19 pandemic? Rather, a less risky and investment-heavy option could be to sell your confections online and/or out of your home. Not only is this method more conducive to quarantine measures, but starting small will help you get a handle on market demand and your customers’ preferences. Freelancing in your field of expertise is always a viable, low-investment option, regardless of what the economy is doing.
What businesses will always be in demand?
- Food. Food is required for life and this means demand will always be high.
- Pharmaceutical. The pharmaceutical industry has experienced impressive growth globally.
- Healthcare.
- Education.
- Sin Industry.
- 6. Entertainment and Media.
- Professional Services.
Pandemic business venture today and beat out all the odds, and shine like a bright star. We are not just mentally but physically apart from each other during the pandemic. And for businesses who are relying on remote work, this is quite drowning. After COVID-19 took the world by storm, people, businesses, firms, etc., are on the move like crazy.
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Let’s peek behind the curtain, which offers a glimpse into entrepreneurs’ biggest enemies. As a business owner, you have many options for paying yourself, but each comes with tax implications. Maintaining essential technology increases productivity and allows operations to continue. Plumbers and electricians provide valuable work that continues through almost any type of downturn.
Instead, they’re more likely to seek out professionals who can offer help with tax preparation, accounting, financial planning and bookkeeping. Since people are likely to stay home and save money, they could also allot their limited budget on home improvement projects. This is especially the case for homeowners looking to sell their properties to combat financial struggles. Managing inventory can be slightly challenging when running a bakery since there is often a large overlap of ingredients between recipes.