9 Industries That Can Thrive When The Economy Takes a Dive

Luckily for a very long time the economy has been good to us. There’s a lot of room to thrive within our current economic landscape. There’s people today making millions of dollars a year by sitting around playing video games. There’s now people called Instagram influencers who you can pay to efficiently promote your brand. Right now, an entrepreneurial route is a popular route to travel down. Everyone thinks it’s cool to have “CEO” written in their Instagram bios. How many of these people will want to be in the business world when the economy takes a dive though? Sadly, it is impossible for us to live within economic prosperity forever. However, there are still a lot of industries that can perform well when the economy is going in a bad direction such as:

1. Grocery Stores: In a world where income is harder to generate grocery stores will begin to take business away from restaurants. This is because it is much cheaper to cook food at home then it is to go out and eat. People will do their best to save money when the economy is bad so they’re not going to go out and have an $80 dinner at some fancy restaurant. (and that’s not even including transportation expenses and the tip.)

2. Anyone Who Helps People Obtain Jobs: When the economy crashes people start to lose their jobs, which is super depressing. When there’s less work the unemployment rate rises, and people become more desperate to find a job. Businesses will be looking for ways to cut overhead costs and may look to options like outsourcing, freelancers and independent contractors. Being someone who can connect freelancers and contractors with businesses will be needed. Resume writing services will thrive since more people will be looking to have professionally written resumes. Temp agencies will thrive in periods of economic downturns as well. 

3. Government Contractors: No matter how bad the economy gets one thing that is for sure is that the governments of the world will keep spending money they don’t have. So, if you’re in the business of obtaining some type of government contracts then you’ll probably still do well.

4. Storage Facilities: In the event of the economy crashing people will most likely lose the homes that they own. Moving your house into a much smaller apartment is almost always an impossible task. Therefore, people who have too much stuff to fit in their new apartments will be looking either to sell their stuff or to put it in a storage locker of some kind. 

5. Pawnshops: People will be in desperate need of money and many will turn to the idea of pawning their stuff. This will leave room for pawnshops to get great deals an excessive number of items that will come by their shops. People will be looking for loans and the only way some will be able to get one is by putting up collateral and heading to a pawnshop for some quick cash with hopes of buying the item back at later date. 

6. Credit Services: The more desperate people are for money the less they will care about how high the interest rates their getting is. This leaves credit agencies an opportunity to make some big money. Collecting the money will be difficult though and also a reason why it’s a good time to work for or own a collection agency. Auto repossession services will also be needed when the economy takes a dive.

7. Moving Companies: A lot of relocation of people will be taking place when the economy goes to shit. Even though people will want to save money a lot of them will still gather up some cash to avoid physical labour. It’s human nature to avoid hard work and take the easy option.

8. Mechanics and Repair People: People will not be willing to buy a new fridge or car when on a very strict budget. Therefore, this will lead people to fixing the things they already have when they break. It’s nearly impossible to go buy a brand-new car when you’ll barely be able to afford the repairs on your old one.

9. Selling Things that People See as Necessities: There will still be items that people need to buy to maintain things like health and proper hygiene. Toilet paper, medicines, tooth paste, and soap are all things that people will continue to purchase in bad economic times. 

So, when you see the economy starting to take a dive and you’re heavily involved in one of these industries don’t panic too much. There’s a chance your business will succeed more than it was when the economy is good. Best be prepared though because these times of economic prosperity are not going to lasts forever.