There’s an increasing amount of talk about the USA entering a recession and the possibility that should it do so, it’ll drag the rest of the world with it. So it might be worth considering how recession proof your business is / will be.
It’s a sad fact that when a business fails it can often take one or more of it’s suppliers with it, so for those of you already running a business now is a good time to start implementing a proper credit control process.
Conversely if your business depends on a particular supplier it would be a good idea to consider what alternative options you have if they go out of business.
If you’re thinking of starting a business it might be worth considering how recession proof the business opportunity is.
Putting this all together there’s a few business opportunities that might well thrive during a recession, here’s some that spring to mind:
- Providing consultancy and training on credit control processes.
- Providing outsourced credit control and debt collection.
- Providing factoring.
- Providing credit insurance.
- Providing company credit checks.
- Insolvency practitioners.
- Private investigators.
What else would you suggest? Do you think a recession is likely? If so, what plans have you put in place to deal with it?
This blog is about business opportunities and ideas that I spot, think of or hear about and think are useful and interesting. It is intended to provide ideas and inspriation for you to help you find the right business idea for you to then grow it into a successful business.
[...] John Crickett presents A Recession Is A Business Opportunity | Business Opportunities And Ideas posted at Business Opportunities And Ideas, saying, “With all the talk of a looming recession, it’s worth keeping in mind that it also brings opportunities for those businesses that are prepared.” [...]