Most people wants to be a boss, or at the very least be a coll entrepreneur. There are various hurdles to this goal. Not just the difficulty in raising capital for venture, but also to produce an idea worth executing that would eventually be profitable for the company.
Here we will discuss 5 business ideas that would likely be resilient despite any form of downturn – of course there are no guarantees in life, and your profitability will also be dependent on the execution of your idea.
The Food and Beverage Business
Everyone’s gotta eat! Food and beverage will never go wrong in any economic condition. The challenge is to identify what kind of products you wish to sell, how to keep your cost low, and also what is unique and appealing to the already competitive market.
Restaurant business have high overhead costs and the expectation is high and complex. This may undermine your overall profit margin. It is also unlike that you will have a strong USP (Unique Selling Point); hence, it will be difficult to operate to maximize profit.
What is lucrative though, is to sell cheap street food items and target the masses. Its low cost, easy to prepare and fast to sell. Unless, well you have a USP, such as:
Medical and Health Care Business
Everyone needs health care, the problem with mainstream health care is that they are too expensive. But if you have the necessary skills to be a doctor or a nurse practitioner, its is not a bad idea to start your own clinic!
So what about everyone else? Businesses such as elder care, post-delivery confinement homes for mothers, dementia care, nursing homes, and many others are all viable business models that are resilient despite economical climate.
The challenge would be to ensure that the overhead costs are manageable, and you will need be struggling because of high labor cost.
Tech Business Ideas
Tech is rising, all or every knows. The supply for these skills are also not in short supply. Most people tries to create the “best” product and attempts to convince the VCs to dump money into their “million dollar” idea or a prototype. This is a DUMB approach.
If you could build a working prototype; it is unlikely you need anyone’s funding to scale. There are plenty of fund raising avenues available that you do not need to pitch. If you are still in idea phase; best to not talk to much until you produce a working prototype.
All in all you can rely on yourself to develop and good product and scale it yourself. For tech related applications often you can develop it from your bedroom with minimal resources but your personal hours.
If you can develop a product that helps people save money, helps people earn money, and provide convenience for people, you win!