Seven Recession-Proof Businesses
The best recession-proof businesses sell a product or service that is necessary or legally required. This is to be contrasted with nice-to-have purchases or desires.
The seven top recession-proof businesses include:
- Health care – even during a recession, people get sick, have babies, etc.
- Tax and accounting services – preparing Business Activity Statements and tax returns for workers, investors, and business is necessary; it’s the law.
- Daycare and childcare – Children need care and supervision regardless of the economy.
- Supermarkets – people still need to eat (and it’s a lot cheaper than eating out or buying takeaways).
- Funeral services – people still die.
- Home hardware stores – consumers do more DIY when money is tight.
- Beauty services – demand is very inelastic, and these are typically deemed necessities in the minds of their purchasers.
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"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2