The market is riddled with uncertainties at the moment, but there is no doubt that we are facing – or will soon be facing – a crisis. The economy is no longer growing as rapidly as it used to, and businesses are beginning to struggle to stay operational. Lockdowns and physical distancing are not helping either.
However, some businesses (and industries) thrive in a time of crisis. As a global recession becomes imminent, we are seeing prominent industries holding steady and supporting local economies. Which businesses will benefit from a global recession? Let’s find out, shall we?
The travel industry is suffering from the negative effects of a global recession, but the same negative effects cannot be seen in the rental property market. Long-term rentals are still in high demand, especially with people trying to adjust their living standards.
Becoming a landlord and offering affordable rentals to customers are steps that you can take to capitalise on this early trend. You can easily pick up an HMO insurance policy and start offering rental units to multiple occupants. In fact, more landlords are getting HMO insurance from top insurance companies to expand their business models and acquire more customers.
Financial markets are also suffering badly from a global crisis, but not all financial services are in low demand. As people struggle to make ends meet, maintain a healthy cash flow, and invest wisely, the demand for financial advisory services is also on the rise.
Once again, this is an industry with low entry barrier. If you have the skills, experience, and certifications to become a financial advisor – both for business and personal clients – then now might be a good time to enter the industry.
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This is also an industry that grows rapidly as demand soars. Opening a consulting firm that specialises in debt reconstruction or personal financial management, for instance, is a great way to generate new revenue streams in a time of crisis.
Sticking with the need to save money and be better at personal financial management as a theme, we also have discount stores and online retailers with plenty of special offers benefiting from the global crisis. Discounts are already attractive enough in normal times, so imagine how many more customers discount stores can acquire when everyone is trying to save money.
There are several ways businesses in this industry can offer better deals. They can specialise in certain items and lower their inventory costs. Manufacturers and wholesalers also need to move their merchandises quickly, so they are more likely to offer products at reduced prices; this is where discount stores can really lower their costs.
There are other businesses that will also thrive in a time of crisis. Grocery stores, food delivery services, and home maintenance service providers are among those businesses. The market is changing and a crisis is imminent, so be sure to explore business opportunities that you know can thrive in a time of crisis to generate new revenue streams.
By Taylor Wilman