South Africa is currently navigating its way out of a reported technical recession. This development has driven businesses and households into financial uncertainty. While this negative cloud is hanging over the country’s economy and investment climate, there are a number of economic ventures and activities which prove very lucrative during recession times. Here are some of them.
Auto Repair Services
Auto Repair Services are a sure guarantee to provide good returns during a recession. The last thing people want to do during a recession is to make a large purchase like a car. They try to keep their current cars running instead. If you are an unemployed auto mechanic or if you are a business manager who wants to start an auto repair business, recession time is the best.
During a recession, property value and prices often drop, it therefore provides a perfect opportunity to score a deal on an investment property. If you can rent the property out to a reliable tenant, you might end up with a steady stream of income that you can use while you ride out a recession. When the recession period is over, you can decide to sell the property at a higher price.
During recession times, business owners and individuals want to make sure they get the best possible refund without making any costly mistakes. Starting or running a tax accounting firm is therefore an ideal business idea during recession times.
Healthcare services will always be in demand regardless of economic conditions. During a recession period, the demand for healthcare services by businesses and households increases slightly due to the need for proper care for people’s emotional and physical well-being during troubling economic times.
Bulk Food Sales
When economic times are tough, many people buy food in bulk. This is even more prevalent among households and businesses in the hospitality industry who buy large quantities which they can use on a long-term basis. A good idea for a small business is therefore a bulk foods operation that services these bulk shoppers.
Debt Collection Agency
During a recession, businesses and households tend to struggle with debt repayments. A debt collection agency will therefore be an ideal and profitable business venture.
The business ventures listed above if well-established will provide profitability in uncertain economic times.