Top 4 Businesses To Start During Economic Recession
Recession is biting hard into our lifestyles and this period in Nigeria calls for austerity measures. Industry experts say this is the best time to do business in Nigeria (well, it depends on the kind of business though).
We have noticed that the Nigerian economy of today is a cash-flow economy. This means that, making money daily is a necessity. An average Nigerian who makes money daily may not feel the heat as much as others who constantly wait for contracts and projects.
If you want to run a business during recession, there’s something you should do. Only embark on businesses that appeal to the average citizen’s chances of survival. Understand that people currently can’t afford the luxury that they used to and so, there will be an acute decline in patronizing luxuries. Offer something that they can’t do without. We have compiled our list of top businesses to venture into during this recession:
Restaurant/Food Business: The human body needs food everyday – irrespective of the economic challenges that you face, you must consume food regularly. This makes food business a very good one to go into. With a strategic location and not huge set up costs, you could get a restaurant started with good patronage.
Auto Repair Business: If you don’t fix it, you don’t move. In this period, cars are being used to their limits because they are pushed down the pecking order of priorities. Hence, suffering major complications that need to be fixed. Going into fixing of automobiles will serve as a good business because people have no choice other than to fix their cars when they get bad.
Transportation: If auto repair is quite stressful and require a lot of skill, public transportation will serve as an alternative. With the economy landscape of the country, people still need to go to their places of work/school and those without cars will make use of public transportation services. That’s when your business could offer value and make good revenue.
Affordable housing: Just as food and mobility is important, shelter is also a critical factor. Affordable housing for tenants will formulate to be an ideal business venture for Nigerians. Once there’s an affordable housing option, a switch is imminent and this means more revenue for your business.