For the recent grads of 2020, choosing a career path serves to be a daunting task. College feels right, but what area of study should they choose? Even more so, adults looking to renew their skillset are having difficulty picking a subject of interest. The market needs recession-proof business ideas, and it needs it now.
What we’ve learned from the pandemic is that no situation remains static. All areas of life, as we know, change. From the realization of vulnerability and adjusting vitality, what can we do to become more stable? Where’s the best place to put our focus? Experts believe that long-term success requires training in, or serving, an industry with the least amount of uncertainty.
Pandemic causes problems with start-up businesses
Under established companies have always had a problem with overthinking. Additionally, since the onslaught of the pandemic, the detrimental wrath of analysis paralysis persists. For a business to thrive, it must be willing to pivot to the current societal needs, and it must pivot quickly. Recession-proof business ideas are out there. Savvy entrepreneurs are the ones that recognize them.
How student indecision fuels the fire
Students are the future and the next generation of CEOs. As much as we acknowledge the problems with a company’s overthinking, students fall into the indecision trap, too. Generation Z (born 1996-2010), and those sequentially after, have to be even more resilient than their predecessors. Some could argue that Gen Z missed out on learning blue-collar skills because they were over-enthused with the romance of the digital era. Only time will tell if it’s a notable disadvantage.
Still, all the same, nearly a third of students change their major within three years. Increased promotion of long-standing career paths, such as medical or technical, could negate a student’s desire to switch. Yet, incentives towards other industries, such as student loan forgiveness for educators and public servants, are left to be proven.
List of Recession-proof business ideas
Below is a list of business ideas that have avoided decreased demand due to market fluctuation.
– Courier and delivery services
– Health and senior services
– Technology and IT
– Cleaning services
– Baby products
– Convenience foods and beverages
– Online retail providers
How are these ideas be useful? Take, for instance, our article on small business survival. Rebounding entrepreneurs understood that demand for online retail did not waver. Instead of closing their shops due to social distancing, they capitalized on the trend and provided take-out kits. Some even flourished because of their adaptability.
The future of the economy
There are no guarantees within the economy; however, there are practices to ensure longevity. Regardless if you’re a student or already a business owner, keeping recession-proof business ideas and concepts at the forefront of our actions will prove victorious.