Recession-Proof Businesses You Can Start In Nigeria (Part 1)
Recession-Proof Businesses You Can Start In Nigeria (Part 1)
Recession isn’t something nice at all. It strains economies and businesses. It makes doing business difficult, and makes life hard for entrepreneurs and people all over the world. Whenever recession happens, people are kicked out of jobs and many people who are into business begins to lose profits – and if the recession persists long enough, many businesses can actually close down. Recessions are difficult times. Many people suffer economically and those who aren’t affected at first begin to get worry that they might be affected too – and except it goes away fast, everyone soon begins to feel the terrible impact of the economic downturn, individuals and businesses alike.
But for entrepreneurs who are smart, recession may actually be an opportunity to thrive and grow in an outstanding way. This is because business is all about solving problems – providing solutions – in exchange for money, and recession in itself brings a whole new set of problems on the scene which can become avenue for creating business opportunities for those who are in the line of (or those who would venture into) businesses which provide solutions to the natural problems created by recession. Such businesses are the ones that will be recession-proof, by default.
Today, we are once again facing the prospect of a recession as the world grapples with COVID-19 pandemic. While it may not be easy to predict the world is headed as a fall-out from the global pandemic, we are already witnessing massive closures, layoffs and lost profits, and the uncertainty of other things that may likely hit the economic terrain of nations, companies, businesses and individuals.
It is in times like these that many of us more carefully consider the stability of our current jobs and businesses. Meanwhile, no matter how much recession affects the economy, there will be businesses that will naturally do well simply because their nature is consistent with solving the problems that are predominant during recession. These businesses are what we refer to as recession-proof businesses. If you’re looking for businesses that will survive no matter the situation of the economy, we’ve got you covered with these recession-proof businesses you can start in Nigeria.
- Food business
Recession or no recession people must eat. There is no way you would explain to your tummy and the call of nature that there is recession, so no food. That ain’t gonna happen mehn! Discipline is not the issue here – if you like, be more disciplined that Robin Sharma, when the nature begins to call for food through your body, you’ll just have to respond and produce that food somehow. In fact, “I don’t have money” won’t be an answer, neither will it solve the problem. When a man gets into that zone, the one and only thing that will settle the quarrel – the only language your body understands at that time is FOOD. For this singular reason, recession does not affect food business – anything food. When people are broke, they’ll eat somehow. So, if you start a food business, especially if you are into the types of food items with a high consumption rate in your local environment, you are bound to be smiling to the bank during recession.
If the word “Food Business” seems too complex for you, here are some good example of businesses that fall into this category for your consideration:
- Bakery
- Catering Services
- Restaurant
- Fast Food and Snacks
- Meal Delivery
- Grocery Store
- Raw Food Stuff
- Food Farming
- Meat and Frozen Food
- Food Delivery Service
- Grocery Store
- Cooking Gas
The list is endless – but I am sure the list above is good enough inspiration to get you started. Meanwhile, you can also use the list above to derive your own concept around the food business which may not have been included on the list.
Recession-Proof Businesses You Can Start In Nigeria (Part 1)
- Events Management
Event management business is rarely affected by recession and economic downturn. Events are constant in life, really. I don’t know if you have thought about it. People won’t say there is recession and they stop doing wedding ceremonies because of that. People won’t stop burying their dead because there is recession. The list is endless – and if you live in Nigeria, there are all kinds of celebrations that people do – both the reasonable, legitimate ones, and the unreasonable, illegitimate ones. Very regularly, people and businesses promote positivity through various events and hire an event management team to construct a successful event. Event planning and management is a recession proof-business that you can do in Nigeria.
As a direct fallout of events, there are businesses whose services will be automatically required, and without which an event in itself will be incomplete. Those are the ones we are going to look out next
Read Also: How to Improve Your skills in Business Communications and Why it is Important
- Photography
An event will be incomplete without photographs. So, it’s only logical to know that wherever events are happening, photography will be needed. This is a kind of business from which you can earn anytime, even in the recession. With good photography skills, people will hire you for various events, and you can even earn through freelancing. We preserve the important events and people in our lives. The ceremonies of birth and birthdays, marriages and anniversaries, holidays and new houses are all recorded because they matter. Photographs are our personal story, a timeline of our lives filled with faces and places that we love. With the boom in advertising, media and the fashion industry, photography has emerged as a lucrative and thrilling career option to many people, old and young alike. Few vocations offer a larger variety of prospects than photography does. Photography is divided into many streams each generating numerous job opportunities. There are many ways to make money in the photography business. You can sell prints, offer your photography or retouching services, or teach/offer training. Depending on your personality and what you are interested in, you can monetize your skills in photography, even in recession.
Recession-Proof Businesses You Can Start In Nigeria (Part 1)
- Fashion Designing / Clothing Business
Apart from the food business, businesses that center around clothing or what people wear tends to be the next in line for massive patronage. This business comes with a lot of possibilities and readily offers many advantages. Fashion business can never go irrelevant and it is one the recession-proof businesses that anyone who is thinking of venturing into a “low risk, high ROI business” should consider.
The fashion industry is one of the most glamorous, most lucrative and wealthiest industries. Sadly, it is equally one of the most underrated and most ignored industry. This is because many people are ignorant and oblivious of the great potentials the industry holds, hence very few people are exploiting the wealth. Almost every individual is a direct consumer of fashion and fashion products. It generates job opportunities for qualified and unqualified, skilled or unskilled people all over the world.
As said earlier, recession is something really bad – and when it does happen, individuals, businesses, companies, households and even governments feel the effect. During recession, there will be limited flow of money in the system and many businesses will feel it. Although all businesses are likely to feel the effect in one way or the other, businesses that revolve around the most basic human needs and necessities will naturally survive in such a season.
I have brought you four major businesses that will do well in recession in this post, in the next post, we will be looking at a few other businesses in this category that you can explore when recession hits.
(To be continued).
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