STARTING A BUSINESS IN A RECESSION

Having multiple streams of income is the way to go in this day and time, in order to be able to sustain a certain standard of living. In recent years, business owners have grown at a very high rate, mostly because a lot of people are tired of living from paycheck to paycheck.

Now that we are in a recession, starting a business is more risky and requires more planning than other times. It is
also a difficult time to start a business because funds are low, funding maybe sparse or unavailable and patronage
isn't guaranteed as a lot of people concentrate on bare necessities.

Therefore, the most pressing question in the minds of most people seeking new sources of income is what to do Knowing if you are an entrepreneurs or an investor is paramount. When you do, you will know what kind of business to invest in.

Below are four kinds of businesses that can be started in a recession.

 1. Craft business: DIY is fast becoming the way to go. Handmade or custom made items are usually more personal than mass produced items. They are usually very expensive but a crafty person, who pays attention to details, will be able to make handmade and customizable products that will be reasonably charged. One very key advantage to this is the running cost is quite low. This kind of business can be run from the home and material bought to fill orders as they come. It is also a great creative outlet.

2. Virtual assistant: a lot of companies are cutting down on employing full time staff and leasing out most of their work. Some require "secretaries " and social media managers, newsletter writers etc. The beauty of this kind of work is it can be done anywhere. All you need is a smart device and internet connection and organizational skills. It requires no capital to start. 

3. Childcare services: this kind of business is perfect for stay at home moms, especially ones with little children. Having a daycare facility for a small amount of kids on a daily basis is a great way to make some extra cash without a huge capital. It's also a very rewarding job because it's an opportunity to affect young ones for good. It's also a very viable business in t it can grow to become a crèche/ preschool as time goes on.

4. Indoor catering: a lot of people still find it difficult to cook for their families, starting a business that makes soups etc has been around for a while and it's still very very viable. All you need is the cooking skills, creativity and a handful of clients. This kind of business thrives on word of mouth and can quickly grow to become a very demanding business. The demand for good food is endless. 

There are obviously more businesses that can be started with little or no capital. We will treat them at a later time.

The relevance of social media in our day to day lives, has made reaching out to the ends of the world, a very easy thing.

One way to grow a home based business is to harness the power of social media. At a later date, we will be discussing social media marketing and its relevance to the small-medium enterprise.

Remember, start a business not just to make money, but to make a difference.

Stay blessed