Are you concerned about how the economy is doing and how that may impact your career?
It’s not just you. The likelihood that the next recession will result in job losses worries many individuals. Not to worry!
Despite the 96% likelihood of a recession in the coming year (according to experts), there are steps you may do to improve your financial situation, such as launching a side business.
There are several excellent recession-proof side businesses that can support you when circumstances are hard. Enter the fray!
According to Eli Pasternak, the Founder of Liberty House Buying Group, “During a recession, many businesses will see a decline in sales, making the stock market a particularly risky investment. But housing will still be necessary for individuals. As a result, investing in rental properties may be a great, recession-proof side business for you to think about.”
Pasternak adds, “In the midst of a recession and the inevitable market shift, investing in and maintaining real estate properties will keep you profitable and secure.”
“Keep the investment property you’ve purchased and rent it out to generate monthly income. You can cover investment costs and mortgage payments with this rental revenue.”
Over 50% of adults say they depend on delivery services for their daily lives, which shows how widely used they are.
When a recession strikes, delivery side gigs like delivering food through Doordash or groceries might be fantastic options.
When times are difficult, these very easy jobs might help you make ends meet and they are free to start.
A vehicle and some free time are all you need to get started earning money!
With this type of part-time work, you could make more than $25 per hour depending on your city and the quantity of tips you can expect.
Gene Fitzgerald, the Head of Content Marketing at BOS recommends tutoring as her favorite side hustle for 2023 because it’s one of those businesses that never cease to mint money even in a dire economy.
“Not everything stops in the world just because there is a recession. School is one item that is still in existence, and as a result, many parents are still looking for tutoring or after-school programmes.”
“Although you may hire a tutor for your child at different price points and educational levels, parents who have even a small amount of additional money are unlikely to forego this service if it means their child can catch up in class or even improve their test scores to get into a particular institution.”
Being a babysitter is a great recession-proof side gig for folks who like kids, even though it may not be everyone’s cup of tea.
This can be the ideal side business for you if you enjoy spending time with children, taking care of them, and teaching them new things.
Even in tough economic times, there will always be parents who need someone to watch their children while they run errands or just rest. As a result, child care services will never become obsolete.
It’s often a fulfilling job because you can make a great living while engaging in gratifying activities like spending time with children. However, bear in mind that babysitting takes a lot of perseverance and dedication before choosing this side work. You need to be certain that you can handle this because you are responsible for someone’s wellbeing and safety.
Babysitting can be a full-time or part-time business that you can run alongside your day job, which is crucial during a downturn.
If you enjoy working with children and believe you are capable, go for it!
Teach a skill or hobby
Whether the economy is in a boom or a bust, people are always willing to up-skill themselves or learn a hobby that they’ve been wanting to for a while. If you’re a guitarist, you can give music lessons whether in your neighborhood or to the world online.
According to Martha Carlin, the CEO of BiotiQuest, “Just because businesses are spending less doesn’t mean everything has come to a halt. People are willing to learn skills and pay top-dollar for it if it means those skills are highly valued or can bring in extra income.”
“Therefore, if there’s a certain hobby or skill of yours that you’re particularly great at, start marketing it and teach it to people. For example, if you’re a great writer, then there are thousands of people who will want to hire you to learn your craft.”
It’s simpler than you may imagine to find a recession-proof business or side hustle idea, and there are lots of alternatives based on your skills.
It’s simpler than ever to side hustle and diversify your revenue streams, whether you tutor students or drive for delivery businesses.
So try to find work that works for you whether the economy is struggling or you just want to earn a little extra money each month!