Market analysts have been predicting it for some time, but I don’t think anyone expected it to go down like this. America is facing a recession perhaps the worst since 2008.
With the nation in the clutches of the COVID-19 pandemic, many people and businesses will face financial ruin.
I read a post I would like to share: “Never again will I put my family in this financial situation.”
If this statement resonates with you, the time to act is now.
Instead of running for the hills, level up, and take action.
I became self-employed with a lead generation business back in 2014, its definitely one of the strongest recession proof businesses because I can generate leads for industries that are necessities. (plumber, roofer, electrician, etc)
It also gives you passive income, that tree care site above has been paying me $2000 per month since 2015.
Click here for more info on this business.
Anyway here are fifty-seven of the most recession-proof businesses that thrive for 2020 to consider.
American permeates the 'foodie culture.'
We enjoy spending money on culinary experiences and convenient meal options.
Consumerism is the crux of these businesses' success.
A decrease in customers and overall spending will result in many restaurants facing financial strain-even foreclosure during a recession.
With less money to allocate for non-essentials, Americans will forgo fine dining experiences and opt for simpler, low-cost options.
This change in spending habits, while crushing for some, results in a positive outcome for several facets of this industry.
Here are a few culinary exceptions of recession-proof businesses that thrive during a recession.
1. Coffee Bars
People love their morning cup of jo.
For most, the habit and addiction run deep.
Despite limited funds, the majority of Americans will find a way to purchase their morning coffee.
As creatures of habit, Americans will find alternate ways to save a buck.
Coffee shops also offer free WiFi and a social environment to help weather a financial crisis.
Coffee shops willing to adapt, improve, and think outside the box will not only weather the economic storm but may thrive as a result, according to this publication.
2. Fast Food
The average American family spends around $1200/year on fast food and take-out.
The quick convenience and relatively low-cost options make the fast food industry generally impervious to economic downturns and one of the best recession-proof businesses that thrive in a recession.
With industry sales over $863 billion in 2019, the key to surviving an economic storm is to know your audience.
Fast food establishments should be prepared to understand the consumer's mindset and spending habits and offer the following:
This article offers additional information and explains why fast food restaurants need to provide convenience and socialization to stay afloat during a recession.
3. Pizza Delivery
Little can compare to the cheesy-gooey goodness of a pizza.
Over 40% of Americans consume pizza at least once per week.
By tapping into the consumer's emotional need and craving for comfort-foods, pizza delivery places are one of the recession-proof businesses that remain relatively stable during hardship.
93% of American's eat pizza at least once a month, with 17% of restaurants being pizzerias in the United States as per this article.
Fresh toppings, the perfect crust, and a price point that won't cripple an already financially strapped family are a few reasons why this market generally remains unscathed by floundering finances.
4. Grocery Stores
Measured by revenue, the grocery store industry is valued at over $678 billion in the United States.
During a recession, customers tend to curb their spending habits, but consumer staples have to be purchased somewhere.
This necessity results in a market that is generally recession-proof.
Grocery stores that have private lines that sell at a discounted rate will fare better than those that do not offer this option.
Private brands are a crucial element impacting your store's unique shopping experience and overall quality as per this post.
5. Vending Machines
Vending machines could be the solution for more than foodstuffs during financial strife and maybe one of the best recession-proof businesses that thrive during a recession.
This $7.5 billion industry has seen its fair share of bumps as consumers turn to healthier alternatives and shun the sugary mid-afternoon slump snack.
But what if?
Vending machines stock healthy options in addition to the confectionery and soda pop they have built their existence upon?
What if they are stocked with retail items or consumer staples?
Low overhead costs, strategic product placement, location selection.
American's like the quick and easy.
They also want minimal cost-especially when they are trying to trim spending.
There is a global shift surrounding vending machines as more countries are adopting a retail methodology around their use.
If companies are willing to embrace and implement change, they will see fortuitous financial outcomes, as evidenced in this publication.
With malls closing their doors and the increase of online sales, vending machines could be the next trend for more than a candy bar and a can of coke.
The home ownership rate in the United States is approximately 65%.
With this ownership comes the reality that there is always a need to reinvest or spend money on one of your most significant assets.
From home improvements and property management to cleaning and general maintenance, the list of consumer goods and services required to keep up a residence is never-ending.
For many Americans, unfortunately, a recession equates to the risk of foreclosure or, at the very least, refinancing.
There are, however, a percentage of homeowners that have invested wisely.
Armed with the capital required, they take advantage of lower product prices and contractors struggling to keep their businesses afloat.
Several home enhancement industries weather financial downturns and may see an increase in their ROI during a national recession such as the ones listed below.
6. Repair & Renovations
The average American spends approximately $10,000/year on home improvements.
While a recession is not the best time to leverage equity, for people with a bit of capital, it is an opportune time to invest in home renovations and repairs.
Contractors out of work and the prices of materials see drastic reductions in cost.
If a project adds value to their home, they will be willing to stay where they are and spend to enjoy their current home until the inevitable upswing of the housing market as per this article.
This article offers additional insight into how wise home renovations during a recession are not only a worthwhile investment but provide homeowners with added value and increased revenue when the economy recovers.
7. Home Improvement Stores
When a recession hits, it is not the ideal time to think about selling your home.
Instead, it is better to ride it out until you can recoup or profit from a sale as opposed to losing valuable liquidity.
This strategy compels money-savvy Americans to engage in home improvements and add value to their home while they wait for a more market-friendly time to sell.
Eager to take advantage of retail sales and high-quality contractors for low price points, homeowners take advantage of a chance to secure the best deal.
This style of spending accelerates the sales of the already $184,000+ revenue-generated income of the home improvement industry.
Here is an article supporting the suggestion that home improvement stores are one of the recession-proof businesses that thrive during a recession.
Do your research and determine which home improvements will increase the value of your home.
Big-ticket expenditures such as a deck, addition, roof, or bathroom upgrade are a few of the wiser recommendations, but this post offers ideas on updates worth the investment.
8. Property Management
Property management is a $88 billion industry whose primary focus is to manage residential and nonresidential real estate for property owners.
Structurally impervious to economic turn downs due to the counter cyclical demand trends, when the nation is in dire financial straits, home ownership is one of the first markets to collapse.
This decline, in turn, creates an upswing for the property rental market, hence the continued demand for property management.
Rent needs to be paid no matter how broke people are is the bottom line.
It's a business folks not a charity.
Real estate investors do not typically have the time or inclination to manage their assets and rely primarily on the services of property maintenance companies.
This article offers some solid advice on protecting your property management firm during national financial and economic strain, supporting that this is one of the recession-proof businesses that thrive during a recession.
9. Cleaning Services
The cleaning service industry achieves revenues over $46 billion annually and is expected to see a growth rate of 6.2% by 2022.
The demand for residential cleaning services continues to rise, and while there is controversy about this market being recession-proof, consider these facts:
How the Cleaning Services Industry Is Recession-Proof:
Wealthier individuals will maintain their cleaning service-they can use it as a tax write-off, see the value of trading time for money, view it as an investment, and have the financial means.
When a recession is imminent, domestic cleaning companies unprepared or unwilling to transform to the current economy will cease to exist, opening the market and creating an opportunity for certain domestic service providers.
With the decrease in service providers, it will be challenging for homeowners to locate reliable cleaners. Financially stable businesses will reap monetary rewards and thrive from a recession.
People lead hectic lives.
If there is a way to scrape together the funds to retain their cleaning providers during financially uncertain times, people are willing to continue to outsource their house cleaning.
An added service that cleaning businesses can offer to make an extra 500 per week is cleaning foreclosed homes, although they're a bit trickier to bid, they do offer an incredibly profitable opportunity once established.
Here is an interesting article suggesting that a recession is an ideal time to consider launching a cleaning service targeting a wealthy client base and capitalizing on economic turndowns.
10. Rental Agents
When the economy goes down, the demand for housing inevitably goes up.
'Tis the nature of the beast.
With more individuals requiring home rentals, there is an increased need for rental agents.
Rental agents perform duties related to a rental property and are responsible for managing, lease renewals, tenant approvals, and filling vacancies as per this article.
People will always need shelter.
If unable to carry their mortgage due to financial hardship, renting is typically the viable alternative.
Rental property, in general, tends to remain unscathed by a recession. While the economy does not directly impact the real estate market, it does ride the cyclical wave.There is no such thing as real estate recession-proof investments, as per this publication. However, specific properties fare better than others, and family rentals are at the top of the list.
11. Property Stagers
We advised that selling a home during a recession is never the ideal investment strategy, however, there are circumstances where it is not an option.
During a seller's market, tapping into the buyer's emotional connection is the key to success as per this Canadian-based article.
When the buyer feels a sense of attachment, they are more likely to follow through with the entire process and finalize the sale.
Home staging highlights your home's most exceptional features and results in quicker sales and best prices.
The challenge of selling a home during a recession is real and property stagers excel in this area.
As the housing market becomes increasingly competitive, home stagers may thrive as a result of the repressed economy suggesting this is one of the recession-proof businesses that thrive during a recession as per this post.
Businesses that provide essential services are generally safe from collapse.
Resilient and stable industries that Americans depend upon daily don't cease because the nation is facing a financial crisis.
These industries are also optimal niches for lead generation-the epitome of a recession-proof business.
Lead generation not only provides leads for these essential business owners but guarantees you a steady passive-income stream each month.
Lead generation is without question the number one choice when it comes to recession-proof businesses to consider.
Studies report that children twelve months to four years thrive in a daycare environment with age-appropriate stimulation, routine, and structure paving the way for employment in areas such as:
- Daycare Facilities
- In-Home Daycare
- Nanny/Au Pair
- Childcare Worker
- Early Childhood Assistant
Even when money is tight, most parents opt to maintain their daycare or childcare placement.
This not only alleviates parental stress but provides a level of consistency in the lives of young children.This article offers further insight as to why continued childcare is imperative despite financial hardship.
13. Elder Care
The other side of the coin is the 'Silver Tsunami' which has necessitated a plethora of recruitment for positions in the field of eldercare.
Many seniors opt to live at home for as long as they physically can but require assistance with daily tasks which in turn creates jobs such as:
Senior Companion-Personal Care Attendant-Assisted Living Personnel-Personal Support Workers and VONs
Seniors no longer able to remain in their residence find sanctuary in long-term facilities- hospices, and retirement villas.
Hence the demand for:
Geriatric Professionals-Nursing Staff Support Staff-Orderlies-Janitorial Staff-Cooks and Recreation Coordinators
Check out this post, which delves deeper into why elder care is so important and a job in this sector will see little to no impact from economic stagnation.
14. Death Care
Death care-most specifically, cemetery and crematorium services has to be the most recession-proof industry available.
No matter the economy, people die.
While most funeral, cremation, memorial, or celebration of life events are pre-planned, when the unfortunate hour arrives, family and friends of the dearly departed have no choice but to commit to addressing the situation.
Financial downturn or booming economy makes no difference to the deceased.
When we stop to contemplate what constitutes a recession-proof business, essential and static services are at the top of the list.
But what makes an industry impervious to a reduction in business activity?
There are five instrumental components necessary for a business to survive economic downturns:
They sell consumer staples.
They provide a basic repair service.
They offer an authorized product or service.
Their clientele is protected from economic stagnation.
They supply specialized equipment or commodities.
15. Logistics & Freight
Recessions may impact consumer spending, but goods need to be moved, and shelves need to be stocked.
The logistics industry in the United States is valued at nearly $12 billion and encompasses a profoundly integrated supply chain network.
Each piece of this massive conglomerate puzzle links producers to consumers through a variety of transportation modes.
The planning and execution of goods is a well-planned process and does not slow down for a sluggish economy, as supported in this article.
16. Water-Sewer-Trash-Utility Services
Specific industries, such as utilities, waste management, water, and sewers, are recession-resistant businesses.
This is based on the premise that Americans cannot survive without these services.
You could be broke and would still need someone to collect your trash and heat your home.
These recession-resilient industries successfully maintain a stable flow of income and generate revenue despite economic inactivity or decline and have three key similarities which include:
These types of services are non-negotiable and directly impact an American's quality of life.
This article is more stock market-focused but does share some valuable information on why these industries are considered recession-proof businesses that thrive during a recession.
The medical and healthcare industry covers a vast expanse of employment opportunities.
The reality is that this profession is one of the highest recession-proof markets in America.
Illness does not self regulate during a recession.
People will continue to get sick even when faced with financial hardship confirming that the healthcare system is acutely recession-proof.
Here are a few roles within the healthcare organization that tend to thrive during national economic stress.
17. Medical Services
Healthcare and medical services spending in the United States is over $4 trillion and will continue to rise due to the increased aging growth of the population and rising costs.
- Direct Care
Traditional medical services such as doctors, nurses, hospitals, and outpatient clinics providing direct care for patients will be little affected by economic downturns.
History suggests that a recession may force people to postpone elective surgeries, as demonstrated in this article.
Health is a vital aspect of our lives, and people are willing to pay for necessary services no matter their financial situation.
During a recession, there is typically an increase in outpatient demand as it is a more cost-effective and consumer-friendly option.
- Alternative Wellness Options
Americans are taking a more active approach to improving their quality of life and have embraced activities promoting physical and mental well being.
Globally the wellness industry is valued at over $5 trillion and encompasses everything from chiropractors, yoga, and naturopaths to massage therapists and acupuncture to alleviate stress, anxiety, or depression.
People don't automatically change their spending habits during a recession.
They just become more particular about where and how they spend their money.
Americans are looking for the most value, and wellness facilities are perceived as giving you the best bang for your buck as per this post.
As a result, the majority of Americans will continue with spending on their wellness lifestyle.
Pharmaceutical companies with drug patents can also be clumped into this category.
Certain medications such as insulin are considered inelastic in demand and will be purchased out of necessity despite economic strife.
18. Mental Heath & Addictions
Recessions exacerbate stress and cause even the most rational person to crumble under the weight of financial strain.
For many, the services of mental health professionals are an outlet and crucial coping mechanism.
Be it for an ongoing diagnosis, marital issues, substance abuse concerns, or the need to speak to an objective and reassuring third party, the mental health, and substance abuse industry is little altered by economic demise.
Jobs such as:
Recession-Proof Jobs in Mental Health & Addictions:
There have been studies performed confirming the fact that recessions have a negative and long-lasting decline in mental health for individuals lacking support from professionals or sociodemographic groups, as outlined in this publication.
American's have a better understanding of the necessity to nurture their mental and emotional well being, specifically during times of financial hardship.
Changes to government funding will aid in people's ability to access these services.
However, those already accessing professional intervention are likely to continue with the service during a recession.
Service Based Necessities
A recession-proof business is within the realm of an industry not impacted by economic demise.
Considered a consumer staple, these goods or services are items that American's cannot afford to live without.
When the economy heads south, these are some of the recession-proof businesses that thrive during a recession.
19. Discount Retailers
Granted, during a recession, people cut back on their spending, but that does not mean they stop spending altogether.
Retail therapy is a real thing.
During economic downturns, the challenge is to make the dollar stretch farther.
Thus individuals who might never have entered a Dollar Store or Thrift Store are now more inclined to dig for finds.
There is an economic term referred to as the 'Lipstick Effect, ' which essentially equates to consumers purchasing luxury items that have less of an impact on their finances such as an expensive lipstick, craft beer, or a smaller electronic gadget as further described in this publication.
Discount retailers also have the edge over their mainstream counterparts in that they can provide staple consumer goods at a lower cost.
Staples such as hygiene products, food and beverages, household goods, and particular items people are unwilling to eliminate from their budgets, confirming that this is one of the recession-proof businesses that thrive during a recession.
Listed below are a few of the facets of this industry that tend to take fiscal dives in stride:
Automotive Repair & Maintenance
The aftermarket repairs for vehicles 8 years or older are worth $77.3 billion in the USA with cars 0-4 years equating to over $20 billion as per this post.
Americans depend on their car, and if you cannot afford a new one-you have little choice but to invest in the old to keep it on the road.
Recession or no.
If you cannot afford your car loan, you will be saying adios to your four-wheel friend.
Unfortunate for thousands of people, but the economic jackpot for repossession companies, who typically experience an upswing in profitability during a recession.
21. Appliance Service & Repair
Like auto repair, the appliance service and repair industry are one of the recession-proof businesses that thrive during a recession.
They don't make them like they used to.
When an appliance breaks, replacement models are a costly investment for the majority of Americans.
The American appliance industry is worth over $100 billion and on the rise with the introduction of smart appliances.
But these bad boys are expensive.
During financial strain, the general public is more inclined to fix the old as opposed to buying new, generating a steady stream of business for appliance service and repair technicians and business owners as outlined in this article.
With the rising costs of appliances, water, and utilities, many Americans are heading back to the old school methodology of keeping their clothes clean by utilizing the coin laundry business.
Laundromats are a recession-proof business that is little affected by economic downturns.
During financial struggles, people will forgo the more costly dry-cleaning counterpart and opt for washing and wearing clothes that have low maintenance or associated costs.
The coin laundry industry generates over $5 billion in gross revenue per year and is accessed by millions of Americans.
For many with limited resources, coin laundry services are often the only option to clean clothes.
Changes in consumer spending during a recession result in a profitable effect on the laundromat industry, as further explained in this post.
23. Wedding Planner
Weddings are both an exciting and expensive endeavor.
For most 'soonlyweds' budget is a constant bone of contention.
Recessions do not put the brakes on weddings, but they do impact the spending habits of American couples.
When the goal is to minimize costs, many turn to a wedding planner for full-service or day-of coordination.
While it may seem unprecedented to spend on a wedding planner, this professional service can save people money and undue stress based on their connections and experience.
The wedding industry has experienced significant shifts, but trends such as planning, increased budgets, and online options support that this $74,000 industry is recession-proof as per this post.
24. Pawn Shops
There are nearly 7000 pawn shops across the United States.
For many, these unconventional credit lenders are the difference between having hydro or being left in the dark.
They are servicing banked and unbanked Americans by offering non-recourse, short-term loans that do not affect credit scores.
Licensed and regulated, most pawn shops are family-owned and offer consumer credit by purchasing collectibles and issuing cash loans based on physical collateral.
Here is a publication further explaining the role pawn shops play during economic hardships that confirms this is one of the recession-proof businesses that thrive during a recession.
Entertainment & Indulgences
Emotional eating, self-medicating, numbing the pain.
No matter the euphemism, the end result is the same.
During a recession, the majority of Americans turn to their bad habits and guilty pleasures to get them through the day.
Think chocolate, liquor/beer/spirits, cigarettes/vape, marijuana/CBD, pizza, and candy/confectionery goods.
Affordable 'luxury' items that offer 'instant indulgence' to alleviate stress.
Listed below are a few of the top contenders considered recession-proof business that thrive during a recession.
25. Chocolate & Candy
Chocolate and candy are Americans Achilles Heel.
Revenue from the confectionery segment amounts to $277113 million in the United States and is projected to grow by 2.4% in 2020.
While not the most excellent news for a person's physical health, it is a potential landslide for businesses offering these sinful delights.
Even during a recession, people will find a way to imbibe their sweet tooth, and chocolate, in particular, is considered an affordable luxury.
Touted as a 'mood booster' chocolate goes a long way in lifting a person's spirits-a characteristic that serves us well during financial stress.
Americans make countless sacrifices during financial hardship, but the chocolate and candy industry will see little impact as a result of a recession as further outlined in this publication.
26. Cannabis & CBD
Cannabis and CBD can be considered recession-proof based on the following information:
User dependency and a non-negotiable lifestyle choice suggests that Americans will continue to purchase and use marijuana despite financial stress.
Numerous health properties promotes continued use even during financial hardship and can be perceived as an essential product for many individuals diagnosed with autoimmune or chronic illnesses.
A coping strategy for many, cannabis is used to assist with depression, anxiety, stress and sleep issues-all physical side affects of people faced with the financial challenges associated with a recession.
Americans' dependent on cannabis/CBD will continue to use and may even imbibe more frequently, suggesting that this industry is reasonably recession-proof as further evidenced in this publication.
27. Liquor & Beer
The age-old adage which has repeated itself during countless recessions is that Americans will drink in good and bad times.
Even with fewer discretionary dollars to spend, the nation frequently imbibes recession or no.
Be it the numbing effect or drowning their sorrows, alcohol consumption is little affected by financial declines in the United States.
A higher unemployment rate can also be cited as the culprit for the increase in alcohol consumption.
No job-no money to buy the things they really want-thousands of Americans turn to the liquid gold for a fleeting moment of happiness.
It would appear that during a recession, alcohol is one item, Americans cannot live without as per this post.
28. Vape & Cigarettes
Much like its alcoholic and marijuana counterparts, cigarettes and vaping don't even flinch during a recession.
Historical evidence suggests that during a recession when boredom and stress or anxiety is at a heightened state, people that smoke will actually puff more often as per this article.
The American tobacco industry is worth an estimated $48 billion with vaping close on its heels, registering at a value of just over $20 billion.
Americans are little fazed by the health risks associated with both habits.
Willing to find a way to purchase this commodity despite being desolate, suggests that cigarettes and vaping are some of the best recession-proof businesses that thrive during a recession.
29. Hair Salon
Measured by revenue, the hair salon industry in the United States is valued at over $47 billion.
Americans enjoy pampering themselves and take pride in their appearance.
When you allow yourself the occasional indulgence or 'unessential product,' the pressure and stress of riding out a recession melt away.
Specific services and price points may need to be altered to accommodate the stagnant market, but if you have a loyal client base, owners will see minimal adverse impacts.
Most Americans will still imbibe in services offered by the hair salon industry during a recession.
This article confirms that the market will undoubtedly find itself resistant to a recession.
30. Nail Salons
The nail salon industry in the United States clears a revenue of over $60 billion.
During economic hardships, 'a la carte services' such as manicures and pedicures remain unscathed by limited consumer spending.
A more cost-effective option than full-day spa services, it again comes down to a person's perception of value.
If the nail salon offers quality service that lasts, there is merit in frequenting the salon, similar to pre-recession schedules.
People like to feel pampered-made a fuss over-and having something to show for their money is an added bonus-even if it is only for a few weeks.
This post confirms that if a nail salon is willing to accommodate a client's budget, offer superior service, and create an experience that encourages consumer spending, they will remain financially unaffected during a recession.
The American cosmetic industry is valued at approximately $532 billion.
People enjoy looking their best, be it for themselves, work, or a social setting.
The cosmetic industry gives people the tools to look and feel their best.
Price points can be adjusted to conform with budget restrictions imposed by financial hardship but tend to stay loyal to their favorite brands.
For most well-established names with non-cyclical products, economic downturns will have little to no impact on their bottom line, as evidenced by this publication.
While it is true that a recession forces people to cut back on their spending habits, pre-COVD-19, there was only so much toilet paper you needed to buy.
Once consumer staples are purchased, Americans look for low-cost options to buy 'new' clothing, toys or home decor.
Retail consignment options such as thrift stores and bargain-bin establishments fare exceptionally well during times of economic strife.
Offering inexpensive and unique finds second-hand shops and retail franchises that appeal to restricted budgets are some of the number one recession-proof businesses that thrive during a recession.
Retail consignment typically flourishes during a recession due to several factors:
With a growth in sales of 35% during the 2008 recession, retail consignment boutiques not only benefit from consumers searching for the best deals but also from Americans looking to sell their belongings for cash.
Check out this article offering additional information on why the retail consignment sector will see little change in revenue due to a recession.
33. Online Video Streaming
When faced with financial stressors, Americans will cut spending wherever they can.
Great news for online video streaming and media services-bad news for cable companies.
Think about it.
What makes more sense?
Cutting out a $100+/month cable bill or a $13/month Netflix subscription?
Despite depressed finances, people still want to be entertained.
Online video streaming offers an affordable, stay-at-home luxury that Americans can justify paying for despite financial challenges.
Positioned to earn significant profitability during economic downturns, as evidenced in this post, online streaming is one of the best recession-proof businesses that thrive during a recession.
Financial & Business Sector
Uncle Sam will always come calling recession or not.
Taxes require paying, accounts maintained, and finances put in order.
The financial sector remains comparatively resistant to recession-excluding the stock market, bonds, and interest rates.
Listed below are a few of the resources and service-based industry's in the business and financial sector that tend to take economic pitfalls in stride.
34. Financial Planner
It's no secret that a recession and turmoil in the stock market go hand and hand.
But what about your secure assets-things like you 4019(k) or treasury notes?
During economic uncertainty, people with investments turn to professionals and seek expert advice from financial planners and analysts.
Looking for guidance on how to protect their assets best, financial planners see an upswing in clients and overall profitability as a result of a recession.
This article offers additional information and some interesting statistics suggesting that Americans working with a financial planner feel more confident about their financial situation than those who do not retain professional services.
When apprehension around the future of the economy is at the forefront of everyone's mind, the demand for financial advice and direction escalates.
Economists are like the fortune tellers of the fiscal world.
Their ability to forecast economic trends during financial hardship creates significant demand in their services.
People are anxious to seek advice and insight into current situation and solutions to recovery.
American's do not like financial uncertainty and want to ensure that their savings or investments are well secured in times of national economic strife.
Economists spend their livelihood analyzing everything from interest rates to global economies to the stock market and are well-versed in their ability to predict a recession.
Check out this pre-COVID-19 article, which indicates that the evidence supported a recession by 2021 at the latest.
Economists could not have predicted the pandemic, but they were on point with regards to a global recession.
This skill and expertise drives up demand and confirms that this is a recession-proof business that thrives during a recession.
36. Accounting & Tax Services
Imperative for both business and homeowners, during a recession, accounting and tax services help individuals find ways to cut costs and minimize spending.
The formula for surviving a recession.
Crunching numbers as a profession have resulted in the accounting and bookkeeping industry achieving a value of $113 billion in the United States.
Accounting and tax services demonstrate the recession-proof characteristic as there becomes an increased demand for their services when the economy is going bust.
Accounting and Tax Services Save People Money In the Following Ways:
Professionals in the accounting and tax service industry are paramount in assisting individuals, and business owners ride out a protracted recession.
They may even save them countless dollars in spending and revenue as per this article.
Recessions are stressful.
In times of financial uncertainty, it becomes crucial that people understand where and how their money is being spent every month.
When you know your numbers, you can better understand what expenditures you are responsible for monthly and hone in on areas that you can cut back spending without adverse effects.
Professional bookkeepers generally see an influx of clients during a recession as businesses scramble to gain control over their financial security, as evidenced in this publication.
Bookkeepers can offer actionable plans and strategies to not only implement spending cuts but also discuss potential saving techniques.
Suggestions that could be the difference for many businesses and homeowners between biding time and going belly up.
Accidents and natural disasters don't stop for a financial crisis.
If history is any indicator, insurance claims tend to rise marginally during a recession as more people rely on resolving payment issues through an insurance claim as opposed to out of pocket.
Life, home, health, and automobile insurance are considered mandatory payments for the bulk of Americans.
Better safe than sorry, so while there may be fewer health and life insurance claims, you cannot drive your car or hold a mortgage without insurance.
Employment in the insurance industry is relatively extensive.
This article outlines job opportunities, the how and where to become accredited in several insurance-related positions.
Americans appreciate the necessity of having insurance.
Despite the financial strain, they continue to make payments and utilize services, suggesting that this industry is as close to recession-proof as it gets.
39. Staffing Firms
While not 100% recession-proof, staffing firms are an industry that benefits from fiscal peaks and valleys.
Numerous lay-offs during a recession may negate the need for temp agencies, or it may do the complete opposite.
It is more cost-effective for business owners to outsource work on a contractual basis as they eliminate the extra costs of holiday and sick time pay and benefits.
During a recession, some of the most sought-after employees are looking for work, and the cost of retaining their services is lower.
In times of economic downturn, staffing firms are relied on to secure reliable and affordable labor for business owners and tend to bounce back from a recessed state quicker than other industries.
Staffing firms are good indicators of where the economy is headed-seeing patterns of temporary workers rise and fall as further outlined in this publication.
40. Collection Agency
Contrary to popular belief, collections agencies are not waiting with bated breath for Americans to fall into dire financial straits.
This $13 billion market is closely monitored by the Consumer Financial Protection Bureau (CFPB) and faces numerous challenges regarding debt recovery.
Recessions drive the unemployment rate up, causing many individuals to fall into arrears concerning their consumer debt.
Forced into collections by business owners, increased collection rates, and outstanding credit provide an uptick for the collection agency industry.
But there is more to this story.
Just because a file is in collections does not guarantee that the debtor will be able to pay their loan.
When accounts face default, collection agencies do what they can to recoup losses for business owners, but it is inevitable that some debt will never be collected and will need to be written off as a loss.
Collection agencies tend to see an increase in business during a recession based solely on individuals' economic situation, and it is business as usual for this industry as per this article from 2016.
Information confirming that collection agencies are one of the recession-proof businesses that thrive during a recession.
41. Loan Officers
The flip side of a recession is business and homeowners looking for a way to borrow funds while they ride out the depressed state of the economy.
Loan officers evaluate, approve, or reject loan applicants based on several identifying factors-primarily individuals' financial situations and the ability to repay the debt.
Should you access the services of a loan officer during a recession?
This information suggests that the industry will see continued profitability during a recession, as evidenced by this publication.
Extra cash can tide a person over economic downturns and may result in loan officers seeing an influx of applicants.
Whether they are approved or not is another story.
If history is any indication of things to come with a looming recession, one thing is for certain-the pet industry will not suffer.
Americans are pet-obsessed and treat their fur babies as the most treasured members of their family.
Now considered a consumer staple, Americans don't bat an eye to hand over dosh to care for their four-legged counterparts.
42. Pet Food & Supplies
Americans are consumed by their love for their pets and do not mince with spending when it comes to their precious four-legged friends.
With national spending on pet supplies seeing an annual growth rate of 7%, the 85 million pet owners across the United States may spend more on their animals during a recession as per this publication.
With over 67% of our nation's population proud pet parents, if you are employed or own a business in the pet industry, you can breathe a sigh of relief in the event of economic turn down.
The pet industry provides stability and a steady stream of income even when your stocks have hit an all-time low.This article confirms that the pet industry is booming and is one of the recession-proof businesses that thrive during a recession.
43. Pet Medication
Reported to be worth $12 billion by 2022, as per this post, the pet medication industry is growing double the rate of overall pet spending.
Pet owners may skimp on that diamond-studded collar and matching leash during a recession, but when it comes to prescription medication, all bets are off to ensure that their furry family member is well cared for.
Everything from flea and tick medication to prescription drugs dictates that this market is seeing the highest growth area in the pet care industry.
It is without question one of the best recession-proof businesses that thrive during a recession.
Proud pet parents want their animals to look good and are willing to pay for it-even during a recession.
Of course, there are the necessary grooming essentials such as toe clipping and coat trimming, but even when times are tight, Americans do not scrimp on spending at the groomers.
This Canadian-based article was published pre-COVID-19 but reiterates that there does not appear to be a slow time in this $9 billion industry and that economic upheaval has little impact on their business.
There are 312 million internet users in the United States, with over 90% of adults utilizing the internet in one way or another.
No matter your personal opinion or political views, there is no question that the current pandemic, record-high unemployment rates, and an imminent recession have negated life as we know it.
Our world has rapidly turned nearly 100% digital.
To stay connected, generate sales, or embrace learning a new skill set, Americans are now adopting technological alternatives.
Listed below are a few of the digital markets best recession-proof businesses that thrive during a recession.
For most American business owners, the telecommunications market represents a platform for effective communication.
Designed to assist with information sharing and effective communication between a business and the consumer, telecommunications represents now better than ever how business will be conducted in the future.
The telecommunications industry is valued at over $1.4 trillion.
The fixed network and mobile services market has continued to experience rapid growth in the last fifteen years.
The current global situation dictates that this market will not see a decline in demand any time soon.
Americans will continue to rely on telecommunications to stay connected.
Add the inclusion of mobile and wireless technologies, and continued advancement within the industry is certain as per this publication.
46. Teleconferencing & Video Conferencing Solutions
Teleconferencing and video conferencing have become 2020's new normal, but for many innovative business owners, this technology is nothing new.
Connecting individuals from all facets of a company, no matter where they are located, allows business owners to maintain effective communication and increased productivity in the workplace.
With the 'lock down' mandate came a massive surge of dependency on teleconferencing and videoconferencing that is hard to ignore as per this post.
This recession-proof industry is sure to see rapid growth during and after the pandemic due to these characteristics:
Recession-Proof Characteristics of Teleconferencing & Video Conferencing:
Improves Workplace Efficiency
Promotes Relationships Between Customers and Business Owners
Heightens Levels of Productivity of Employees
Maximizes Potential Sales
Offers a Personalized Approach to Marketing
Check out this article that expands on these key points and further explains why moving forward with technology will be paramount to business owners.
This industry is without question one of the top contenders for recession-proof businesses that thrive during a recession.
47. IT Service & Support
Working from home throughout COVID-19 has brought with it its fair share of challenges.
Attempting to juggle parenting, e-learning, and workplace demands leave little time for issues with technology.
As the shift to at-home and remote solutions grows, there will be an increased demand for IT service and support establishments.
Business owners across the board are refining and improving their technological components, opening up a host of possible concerns regarding system compatibility, security, and confidentiality, which will require the expertise of tech gurus.
Jobs in the IT Support and Software and Development will fare equally well.
They are the masterminds behind such programs as Python, Java, and Coda and are necessary to the sustainability of the online world.
IT service and support are one of the recession-proof businesses that thrive during a recession.
This is an industry that will see increased growth moving forward, as businesses implement technology and expand their online presence as further evidenced in this publication.
48. DIY Online Services
During times of financial uncertainty, Americans look for ways to reduce costs and minimize spending, but that does not mean that they stop living.
Instead, they turn to lower-cost options to receive products and services to meet their needs.
DIY online services such as tax services, home improvements, and gym memberships are some of the popular choices for saving a buck while still benefiting from the online option.
Streaming Beachbody on Demand, for example, is $99+/year-way less than the cost of a gym membership yet still relatively attainable for the majority of the population.
The DIY online services will continue to see expansion as per this post and may become the new normal for many.
49. Digital Marketing
If we learn nothing else from the COVID-19 pandemic, let it be that the future is digital.
Businesses have had to scramble to position themselves in their market and create an online presence.
Digital marketing as an employment opportunity has been a recession-proof solution for years, but 2020 has just added fuel to the fire.
Digital marketing has the attributes an industry necessary to be considered recession-proof, such as:
- It is cost-effective.
- It offers the ability to shift strategies and spending as necessary.
- It is trackable, so you know where you are spending your money.
- It engages consumers and has the potential to drive sales exponentially.
- It allows you to focus on your target market.
Check out this article for additional information on what characteristics make digital marketing so recession-proof.
As per this post, digital marketing is not only one of the best ways to maintain job security but is one of the best recession-proof businesses that will thrive no matter what the fiscal economy throws its way.
50. Online Courses & e-Learning
The digital market is universal-meaning that there are no restrictions on the number of people able to access your material.
Digital courses are a more cost-effective option than face-to-face classes.
There is the option to upsell to generate additional profits.
It offers the flexibility of time-people can work on the course when and where they want.
Accessibility-anyone with a device and an internet connection can access course material.
What and how you construct your online courses will dictate how recession-proof your product is.
Are you giving people the most bang for their buck?
During economic upheaval, individuals are choosy where and how they spend their money.
Online products that meet consumer needs will fare well and will be unfazed by a recession.
Know your target audience-do your research and over-deliver on your product as per this post.
51. Digital Media & Content Creation
They all have one commonality.
We have already discussed how the world is online-but how do you generate a presence and secure a captivated audience?
It all comes down to content.
Whether written, video, or audio, people enjoy engaging and informative content.
Think of content creation like fishing.
You need to hook 'em and then reel them in nice and slow.
Every day for the last five years, approximately 640,000 people worldwide have logged on to the internet for the first time.
That is a lot of newbies ready to be influenced by your website or digital platform, so your content needs to be on point.
Businesses that offer content services or digital media production, such as video editing and online streaming software, will see little impact from a repressed economy.
With more people than ever before access the internet, business owners must maintain their online presence.
This information suggests that digital media and content creation are among the recession-proof businesses that thrive during a recession as per this publication.
52. Social Media
American consumers do everything they can to cut spending and reduce costs during financial downturns.
The same is true for business owners who remain committed to achieving the highest ROI for the best price point.
The internet plays a vital role in business engagement and sales with consumers, and there is no more prominent digital player than social media.
Touted as the 'love child' of the web, social media has reached a global social penetration rate of over 49% as per this post.
For most American business owners, social media and networking strategies are the linchpins in creating consumer spending or declaring bankruptcy.
Social media has three main components suggesting that it is recession-proof:
Do not underestimate the power of social media.
This go-to online communication and networking platform is the lifeblood of many millennial and Gen-Zr's, and will only see expansion in the future.
This article offers additional information on these points and goes so far as to suggest that a recession would be a profitable opportunity for social media.
Recessions have a way of remolding industries.
Tightening spending habits and reprioritizing the value offered to consumers.
One thing is certain-Americans are loyal to brands and rely heavily on trust when consuming goods and services.
The influencer market is about to undergo some drastic changes as a result of this pandemic.
With the world in the grips of various stages of lockdown, travel, shopping, and lifestyle influencers may be feeling the pinch, but others will thrive from the looming recession.
Valued at over $9 billion, the influencer market relies on customer spending to earn its keep, and strategy is at the forefront of maintaining success and profitability as per this publication.
While there will be drastic changes to the market, influencers who are flexible and willing to embrace change will see a steady influx in profit margins.
Hyper-targeting and niche specificity are more crucial than ever during periods of depressed spending, as outlined in this article.
Influencers able to successfully access and appeal to their niche audience consumer successfully will not only not be affected by the recession, but may also thrive as a result of the economic downturn.
The online sales market is blowing up.
There is no other way to describe an annual growth rate of 14% over two years running.
Sales from e-commerce in the United States equates to over $600 billion with no sign of abating recession or no recession.
With low overhead costs- if you offer a product or service in high-demand-your e-commerce platform is essentially a license to print money as per this post.
The key here is niche selection.
Hone in on your target market and thoroughly research consumer spending habits.
Marketing is the other necessary piece to the puzzle in terms of profitability for e-commerce during a recession.
There is an ever-present need to maximize returns on ad spending during financial crunches.
To keep your ROI riding high, you need to diversify marketing campaigns and minimize costs-all well, still adding longevity and value to your clientele.
Deliver a superior shopping experience-over-deliver on value and customer expectations, and e-commerce will be a recession-proof business that thrives during a recession as confirmed by this publication.
55. Affiliate Marketing
Affiliate marketing is a performance-based strategy where business owners utilize affiliates to market their goods or services.
Affiliates, in turn, earn a commission-style income via links, paid ads, and campaigns, all geared to maximizing a business's brand recognition exposure, consumer engagement, and ultimately overall sales.
A closer look at the benefits for both business owners and affiliate marketers suggests that this is one of the recession-proof businesses that thrive during a recession based on the following information:
Benefits For Business Owners:
Benefits For Affiliates:
Businesses are more inclined to adopt this method of marketing during challenging economic circumstances for a variety of reasons.
Check out this article providing additional information on the sustainability of affiliate marketing.
Affiliate marketing performance-based and offers scalable ROI.
It is one of the lowest cost per action (CPA) techniques to access multiple media and digital channels and remains one of the most lucrative marketing strategies for business owners even during a recession.
With over 57 million freelancers in the United States and counting, this industry represents 35% of the nation's workforce.
A more economical and viable option for many business owners-especially in times of financial stress-the freelance industry is destined to see continued growth.
Micro-gigs and more remote work resulting from the pandemic is a wake-up call for many.
Why grind it in a 9-5, battle daily traffic nightmares, or payout costly benefits packages when the job can be done freelance style?
Of course, there will always be financial challenges if you do not have a well-oiled system.
But if you are strategic and monetize your skill set, freelancers stand to see little to no impact from a recession.
Here are a few suggestions to maintain profitability:
- Add income and pitch-pitch-pitch.
- Expand your repertoire of sellable skills.
- Business is business, so make sure your outstanding debtors pay up in full and on time.
This post further outlines tips on how to maximize your earnings and remain recession-proof.
IMO The Best Recession-Proof Business That Thrives During a Recession
Lead generation is without question my number one choice for recession-proof businesses. I cannot begin to express how eternally grateful I am for discovering this online teaching platform, which has granted me the ability to create a semi-passive income no matter what the status of the economy.
This skill set is so versatile we can choose to go into 400 different niches, capitalizing on industries considered essential when necessary. A simple rank and rent strategy that has forever altered the trajectory of my life and allowed me financial freedom and security.
57. Lead Generation
The skills I have learned with lead generation have enabled me to not only achieve financial freedom beyond my expectations but allowed me the luxury of working whenever and wherever I choose.
With the country gripped by COVID-19 and news reports becoming increasingly bleak, I am still providing my essential service companies with a steady influx of leads.
Providing continued business via simple websites that I built and ranked-leveraging Google with the arsenal of tools I was taught through lead generation.
Below is a picture of a website I made and ranked, which is still producing leads and providing me with an income each month.
This site is one of many, and I am still building, ranking and selling leads despite the current pandemic
In addition to that, I am discovering new business opportunities everywhere.
With deals closed on the daily-during a national crisis.
In a time that will be remembered in history, I can still collect a semi-passive income every month I just needed to switch gears.
Now I am creating lead gen sites for essential services that are in demand.
This is the beauty of lead generation.
You can build sites for any commerce you choose.
Lead generation is flexible.
During a recession you just pivot to industries immune to financial stagnation and provide leads for those business owners.
Above is a photo of checks sent to me by the same company month after month for one of my lead gen sites.
Just one 'lil reason why I don't stress over looming recessions.
I no longer need to worry about the crumbling economy as lead generation is a completely recession-proof business and my number one choice for creating economic security.
With lead generation, I have achieved financial freedom and the ability to care for my family without concern.
The time to act is now my friends.
This lead generation opportunity is unparalleled in the digital realm.
All you need is a laptop, commitment, and the ability to trust the process.
Inevitably what goes up must come down.
While you have no control over interest rates or the DOW, you do have the power to take control over your financial situation.
The future is in your hands.
By gaining the skills and education necessary to achieve employment in a recession-proof industry, you provide yourself and your family a semblance of financial security in uncertain economic times.
Countless other recession-proof businesses that thrive did not make the cut this time, but if you have a suggestion worthy of mention, please feel free to leave it in the comments.