It makes sense to cut down on expenses in order to survive the ongoing recession, which in turn impacts negatively on business owners. A lot of Nigerians are burdened on the survival strategy to adopt so as to cope with salary cuts, loss of employment and change of work status from full-time employee to independent contractor, among others.
Meanwhile, entrepreneurship consultants have urged Nigerians to identify some recession-proof jobs or businesses that will always sell despite the state of the economy.
Some of the businesses, according to them, provide essential products and services that have competitive edge over others in their industry. Such competitive advantages may be based on effective pricing, excellent customer service and superior expertise.
An entrepreneurship consultant and marketer, Mr Abiodun Esho, explained that there are some of the recessionproof business ideas you can start making money with even if you have a white collar job, or if a business set up you were running folded up. He opines that you can opt for these businesses because they hardly get hit no matter the situation.
FOOD AND BEVERAGES
Not surprisingly, people kept eating and drinking during the last recession years because they had no other option. Nevertheless, your decision to start an eatery must be carefully conceived and implemented. After all, just like in any other business, there are plenty of risks to consider.
Making your restaurant’s theme a fit for today’s healthy lifestyles may be a good place to start. A restaurant that promotes healthy eating can do well in recession times because people will identify with the need to reduce consumption, stay healthy, and cut down on unimportant purchases. The “stay healthy” theme will also work well for a restaurant that serves organic food products or another that targets vegetarians or meals with fewer calories. But in case you don’t fancy running a restaurant, then you might as well consider starting a food catering business.
Regardless of the poor state of the economy, you can bet that the every lady will always try her best to look gorgeous. A man will grumble and mumble about how unnecessary spending on beauty products is but the memory of how beautiful the woman he loves looked during an unforgettable date will be enough reason to make his thin wallet a tad poorer.
The impressive sales volumes of nail polish and mascara over the years is an apt example of a cosmetic business’ viability.
SELLING BEER, WINE AND LIQUOR
During recession, don’t expect people to stop drinking when times get tough. They will simply ignore the pricier options and guzzle the affordable stuff.
With the recession biting hard on the economy, men tend to gather with fellow male folks to discuss the way forward. This is mostly done in public places while drinking. This makes wholesalers of beer, wine and liquor to enjoy good business. Restaurants, bars, and the like, also tend to see a rise in sales of wine.
REPAIR SERVICES PROVISION
Whatever the economy looks like, there will always be business opportunities for repair experts. Your broken window panes will be replaced, your leaking roof re-tiled, your car’s gearbox replaced, or your blocked pipes and/or sinks unclogged. You will always have to pay someone to make things right.
If you have the training, skills and equipment required for offering repair services in or more niches, you might as well set up shop now. Using word-of-mouth, you should soon get a few clients; make a good reputation by offering top-notch services and then keep growing.