What kind of business to do during a crisis

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Opening a business in a crisis has always been a topic for a lot of controversy. Some are of the opinion that it is better to wait out unfavorable times so as not to lose the remaining savings. Others, on the contrary, consider the crisis fertile ground for new ideas and solutions. Today we will answer the two most important questions: what kind of business is better to open in a crisis and how dangerous it is to do business during an economic downturn.

How the crisis affects business

The crisis is the most problematic time for small and medium-sized businesses. Investors are afraid to invest in new projects, and partners refuse to fully fulfill their obligations due to interruptions in revenue. In difficult times, you need to forget about super profits: the most important thing is to organize the work of the enterprise in such a way as to avoid losses. From this statement, just the same, the main feature of anti-crisis measures follows: to minimize losses and wait out the storm, keeping at a distance from the tornado called bankruptcy.

The word "crisis" drives many entrepreneurs into despair. At the same time, this phenomenon is a time of transformation and an excellent opportunity to take a fresh look at old solutions. Many of today's successful businessmen "rose up" during difficult times.

What dangers can lie in wait for a business

Most of all during the crisis, young businesses get: newcomers not only need to stay afloat, but also give their business a good start - find customers, attract investors, lay the foundation for future growth. What difficulties can you face in a crisis?

  1. Mass layoffs, as a result of which the labor market is growing inexorably, and purchasing power is falling.
  2. The decrease in the basic incomes of the population, there is a redistribution of funds to the most basic industries.
  3. Low incomes also change the psychology of the population. People spend less and think more about the future. It is better to keep an extra "penny" than to please yourself with some "buns".

However, if you look at these complexities from a different angle, you can see a lot of new opportunities. Consider a few considerations for starting a new business in a crisis.

  1. During an economic downturn, the income of ordinary wage earners drops dramatically. So why not try to ensure a carefree life by working for yourself, independently, without bosses.
  2. During economic upswings, experienced professionals are snapped up like hot cakes. But the crisis does not spare anyone, and those who were needed yesterday are out of work. Such people will easily agree to become part of a new business and help them succeed in it.
  3. The competitiveness of the market during unfavorable periods falls sharply. Older companies are tied to long-term commitments, which greatly reduce their flexibility. New enterprises do not have this disadvantage, they always have room for maneuver.

One more moment. During a crisis, the demand for many services decreases, as a result of which they become an order of magnitude cheaper. The cost of renting real estate is decreasing. Service companies are clinging to any opportunity to earn extra money, so there is always a chance to bargain and bring down the price even more.

Trends dictate demand. Where to invest in 2022

It is simply impossible to compile an exact list of industries that 100% will bring profit. However, several trend directions can be identified, on the basis of which the entire market will be formed and directed, at least for the next few years.

  1. Digitalization. Digitalization has penetrated all spheres of human life. Everyone wants to receive goods and services online and is ready to pay for it at any time.
  2. Manufacturability. Various devices and gadgets make life more convenient. A business that specializes in modern developments will always be popular with young customers.
  3. Affordable prices. During a storm, only those companies that can reach a larger number of customers remain afloat, and the cost of goods and services in this matter becomes a priority.
  4. Health and ecology. Every year the consciousness of the population increases. Conscious citizens are increasingly concerned about their health and the environment. Any offers marked "eco-friendly" will be in high demand.
  5. Attention to the needs of the people. In a crisis, a business focused on individual customer needs wins.

Based on the considered trends, there are several areas that have good prerequisites for organizing a profitable business.

  1. Food. A person always needs a regular and varied diet. But due to the fast pace of life, modern people do not have the time and desire for independent shopping trips and eternal cooking. Good business ideas in this direction would be the delivery of food or immediately prepared meals.
  2. The medicine. Health has always been and remains one of the priority items of expenditure. This topic is especially relevant in the current epidemiological situation. All over the world, there is a tendency not only to increase the costs of the population for treatment, but also to prevent diseases. This trend will only get stronger in the next few years. So you can always try to make money by opening your own medical center or diagnostic laboratory.
  3. Education. Knowledge is the best investment asset that will never lose its value. The snag of modern education is that state institutions still cannot create a real workable specialist. To always remain competitive, a worker needs to learn and improve his skills throughout his life. The desire of people to acquire new knowledge and skills is a good opportunity to earn money. You can open a multidisciplinary online school, take an online course for training in a narrower area (foreign languages, IT technologies, etc.), or teach other people what you know well yourself (trainings, master classes, webinars) .

There are much more current directions. The main thing is to look for new opportunities in any failure or problem.

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