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Monday, 28 November 2016

Economic Recession: 7 Businesses You Can Start Now in Nigeria


It is no longer news. Nigeria is in recession. As much as big businesses are shutting down, some others thrive. To start any small business during recession may be pretty difficult, but if you can survive, you will thrive as the economy bounces back. Here is a list of some businesses you can take up at this time of economic recession.

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Image: www.howng.com

1. E-books retailing: With major growth and improvements in digital technology, e-books is gaining popularity and breaking grounds than printed copies. Not so many people want to stock pile books to read them, and even they want to, they prefer books they can read on the go with their mobile devices and other gadgets. At this time, you can either write these books yourself or be a reseller of bestselling copies. As well, you can share insights on a particular subject matter. Don't be surprised to see people interested in what you write! There may be some challenges convincing people to subscribe and purchase, but if you are able to get stable customers, you will sure do well.

2. Online coaching: Don't you think there are people seeking your knowledge and expertise in a particular area of interest? Why don't you engage your social media followers through thought-provoking articles. One-on-one coaching is gradually fizzling out. People are on the look out for coaches they can chat with and be an helpful guide. But you need to be an expertise to be able to motivate other. You can engage your followers on social media through through thought-provoking articles and live videos on Facebook, webinars, podcasts and Twitter, among others. You can communicate with your clients through Messenger, Skype, Hangouts or even over the phone. This is a blessing for you at this time.

3. Resume-Writing Services: During a recession, unemployment is high. Companies are folding up. There are massive shake-ups in the civil service. Along with unemployment, underemployment (where people aren't working up to their potential) is also rampant. Everyone is looking to polish up their resume. There is a demand for experienced resume writers, another business you can run out of your home.

4. Auto Repair Services: An average man would not want to purchase another car during recession. That's the last thing he would want to do. Instead, he tries to keep his current car(s) running.

If you are an unemployed auto mechanic or if you are a business manager who wants to start an auto repair business, you're in luck during a recession. It's probably one of the best businesses you can start. Even when the recession is over, there is always a demand for auto mechanics.

5. Home Staging and Management: Many people have never heard of this business, even though it has been around for a long time. During this difficult economy and the bursting of the housing bubble, it has become more difficult than ever to sell a home.

A home stager has become vitally important. Simply put, a home stager makes your house look good and appealing to possible buyers. They know what buyers want and how to make your home appeal to them. If you are an interior decorator, this is a recession-resistant business for you.

6. Tutoring Services: Tutoring services is another job that is virtually recession proof. A lot of parents have withdrawn their kids from private institutions, and may need someone to keep them busy to keep up with academic pace. If your field is a popular field, and you know your onions, this is a very good time for you. Your tutoring services will be in high demand. More so, you can launch coaching centres and online tutorials.

7. Thrift Collection: Thrift? Yeah, thrift collection is a very good business during recession. You ask why? Not so many people can afford making cash deposits at the bank at this time. That's where thrift comes in. So many people prefer to keep their money where they can easily access it for use, other than running to the bank every time for withdrawal. How thrift collection works is that the 10% of the amount contributed monthly is your gain. And in this case, you can have as many customers as possible. This is a business you can start.

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