What businesses do great in a recession?
I asked the question
Given where we are in the economic cycle it’s no surprise that everyone’s thinking twice about how they spend and it’s definitely tough market conditions for startups who rely on funding rounds to stay afloat but it got me thinking.
What businesses do great in a recession?
I decided to ask the bootstrappers. They pride themselves on not relying on external funding or a big exit event. Yes they might grow relatively carefully and cautiously compared to high growth startups but they’re built to last.
Products and services that help with cutting costs
Lenders offering a credit line with favourable terms
Everyday goods and services that are cheaper than the competition
Services providing repairs
Health & Beauty and OnlyFans have shown resilience
Restoration businesses
Pawn shop type businesses
💡Growing profitably by streamlining operations
There are some interesting tools for creators in this space such as Dubsado, Suitedash that can help you do things like automate sending invoices, email scheduling and customisable forms. These are good but what if you’re in high volume boring & highly regulated sectors like logistics, healthcare or pharma - you’d want more control over actions, the other business models you can tap into through API’s and how your data is structured.
Are you a coach or serviced based business? One of the automations you could consider is nurturing email sequences to get new customers closer to achieving their goals. So after you’ve done a webinar you don’t have to touch your systems again, you can just show up. After the call , automated generated emails go out to help you gather additional information in preparation for the understanding call. Saves the monthly cost of a virtual assistant - it adds up.