In this business climate everybody wants a recession proof business. It has been my experience that there are people making money in every economic climate. These are the people who adapt to changes around them to come up with profitable business ideas for the times.
Four Business Principles of a Recession Proof Business
If you want a recession proof business make sure you take into account the four business principles below. These principles take into account the demographics of a society, the psychology of people who are faced with less spendable income and still have a need to feel good about themselves; they take into account what kinds of products and services to offer in our economic climate; they also show you can multiply the effectiveness of your working hours.
- The importance of a huge and expanding market—focusing on products or services in a sector that is both huge and expanding.
- The importance of having a unique and consumable product or service—how these concepts are defined and why each of these factors are crucial.
- Timing the trends—the importance of getting in front of large trends and how to evaluate which industries are expanding or about to expand. You will also get some ideas of what will be the next big trends. As you are watching this point, remember that in a recessionary economy with so many people unemployed, a very large trend is to train people and help them to earn income.
- The different money earning situations and why time leverage is so important to getting more done. Watch for ways to create win-win situations and how these situations can lead to the best use of your time leveraging efforts. Watch also for the explanation of the time/productivity connection and how wealth is created by some people’s ability to see the difference between doing everything themselves and training and empowering others to be able to do things.