Business in crisis – how to start and where to go?

As a rule, the crisis is characterized by a decline in the economy, mass layoffs of employees and the closure of various enterprises. However, for many, this period opens up new opportunities for creating and developing their own business.

Business in crisis: where to start?

Even in a difficult economic situation, you can start your own business. This requires start-up capital, original business ideas, and, of course, desire. First of all, it is necessary to conduct a market analysis, to study stable industry segments that work well in a stagnating economy.

Business at home during the crisis

There are many options for making money at home. Here it is important to connect your imagination and do exactly that field of activity that you like. Consider the most popular and highest paying options:

• Creation of your blog, which implies income from advertising.
• Creation of sites, the receipt of funds from which also depends on the promotion of advertising.
• Food production, namely semi-finished products, cakes, cupcakes, jams, marmalade and much more. In addition to the fact that ready-made meals can be made to order and sold via the Internet, it is also possible to create master classes on cooking various products and demonstrate them for a certain amount. Today, recipes for proper nutrition occupy a special place: low-calorie desserts, healthy salads, snacks and more. Since the development of this niche began relatively recently, it should be concluded that there is room for growth in this direction.
• Creation. DIY products are in great demand among consumers. There are a lot of options for making money on creativity: creating paintings, handmade soaps, bouquets of sweets and flowers. This category includes the creation of women’s and children’s things. In this case, it is necessary to choose a field of activity based on your preferences, skills and knowledge.
• Creating your own courses in meditation, cooking, psychology, foreign languages, business, accounting, etc. It is important to choose the area in which you consider yourself an expert. You can conduct training via Skype or in closed groups of social networks.

In addition to the above, there are still a huge number of options that will help you make money at home, regardless of the economic atmosphere in the country. 

Business in a crisis in a city

Regardless of the crisis in the country, relevant services for the population will always be:

• Repair of equipment and furniture. This also includes such a vacancy as “Husband for an hour.”
• Cleaning of apartments and houses.
• Care for retirees.
• Walking the dogs.
• Babysitting services.
• Tutoring.
• Opening your own hostel, as during the crisis people will save on hotels.
• Renting out an apartment or room.

Based on the above list, it is necessary to analyze the labor market, identify supply and demand for the city. For example, in small towns, not all services are in demand.

Business in crisis in the countryside

Agriculture is always relevant, regardless of the crisis. And there are a huge number of options for business in the village:

• Growing vegetables, berries and fruits for sale.
• Growing champignons and other mushrooms.
• Breeding of broilers, pigs, rabbits.
• Keeping goats, cows for the sale of milk, cottage cheese, sour cream.
• Breeding bees.

And the list does not end there, the villagers are constantly finding new ideas for the implementation of their business.

Moreover, in our time, rural tourism is relevant. Many city dwellers prefer to spend their holidays in a quiet village. Rest in the countryside is a budget option that will help you recuperate, recharge yourself with sunshine and fresh air, no worse than resort towns.

Profitable business for women in crisis

Women are provided with a huge selection of business areas that can be perfectly combined with a hobby. So, the most popular of them are:

• Beauty industry. The crisis is a crisis, but women in any situation want to look great, so specialists in manicure and hairstyles, cosmetologists, makeup artists and other creators of unearthly beauty will always be in demand. In addition, only the necessary equipment is required as an initial capital. To save money, the first time you can receive clients at home, which will allow you to gain profit in a short period of time.
• Design services. The original clothing, created individually, is also in demand. In addition, you can earn a decent amount by creating various jewelry and other accessories. This includes things for children: from toys to bedding. This field of activity gives a woman complete freedom of choice and flight of imagination.
• Freelance. Courier, copywriter, photographer, promoter, translator and even a driver for a female taxi – all this and much more provides this segment for earning money.
• Cooking. This area of ​​activity was discussed in detail just above. We will only add that for this work it is not necessary to immediately open a cafe or restaurant. For small production, home cooking is also quite suitable.

Online business during the crisis

The Internet provides ample opportunities for earning money in times of crisis. Thanks to him, you can promote your services and products, promote forums, portals, groups on social networks and sites. Here are the possible options for business on the Internet:

1. Creation of your own website. The main task is to make it interesting and useful. After the website traffic exceeds more than 1000 people per day, you can start earning from advertising. It should be noted that today it is advertising that is the main source for people who make money on the Internet.
2. Freelance. Since many organizations cut their staff during a crisis, it is possible to offer their services on a non-permanent basis.
3. Creation of an online store. Before starting this activity, it is necessary to thoroughly study the necessary information, since the proposed option has its own specifics.
4. Creation of online courses. When you own a baggage of knowledge in a certain area, you can start sharing it with others for a certain amount. This can be the provision of information in the field of psychology, marketing, programming, nutrition, etc.

Other types of business in crisis

We propose to consider other areas of business during the crisis, grouping them by industry:

Bulk Products

In order to save money, many buyers try to purchase products in large quantities. In this regard, a person with knowledge in the field of marketing can make money from this. To begin with, you just need to “calculate” the product that is in greatest demand among consumers and start wholesale purchases.

Accounting services

The owners of various organizations and enterprises that have remained afloat begin to pay attention to their financial affairs during a difficult period. That is why specialists providing accounting services are in demand at such a time.

Any business that saves small business money

Any business that saves the firm’s capital is a good idea. This can be the sale of inexpensive furniture, discounted office equipment, internet marketing, or other items to reduce the company’s expenses.

Food industry

As a rule, the crisis does not affect the food business. The main thing in business is to choose the right niche, set the optimal price that will be available to every customer.

Car repair

Nowadays, not many people can afford to change their car at the first breakdown. Therefore, drivers either repair themselves, having previously bought the necessary spare parts, or give them to auto repair shops. Thanks to this approach, owners, and employees of auto parts stores and related services are almost never affected by unstable economic times.

Jewelry business

Many people think that jewelry is a good investment for the future. That is why during the crisis, fearing losing the accumulated funds, people massively buy jewelry. According to some part of the population, this is the most profitable alternative to banking products that can be canceled. It should be noted that in this case, the greatest benefit from the increased demand will be received not by the consumers themselves, who are trying to save their savings, but by the owners of jewelry stores.

Security business

During the crisis, the main fear of the population is the loss of accumulated property. Manufacturers and sellers of safes can make good money on this. Those who have something to lose will definitely agree to an offer from companies specializing in safes and security systems. But before you start, you need to analyze the service market during the crisis.

Pharmacy business

According to statistics, during an unstable economic situation, the income of this business increases several times. There is a logical explanation for this – during stress, people start to get sick more. The causes of depression and stress during a crisis are usually: dismissal from work, lower wages. Hence, the number of people with diabetes, heart problems, and indigestion is increasing. Thus, visits to the pharmacy are becoming more frequent. The approximate amount of investments in the pharmacy business is about one million rubles. But in order to save money, you can start your business from a small pharmacy kiosk or open a franchise.

Funeral services

Regardless of the situation in the country, a person will always find financial resources for a worthy burial of relatives. That is why the demand for funeral services remains high at any time of the year. Due to the specifics, not everyone decides to engage in such activities. Working in this area, a businessman must have strong nerves and a clear mind. Despite the fact that the competition in the field of funeral services is rather high, this business is considered one of the stable and profitable ones.

How to correctly set prices for your services or goods during a crisis?

In times of economic instability, in order to generate income from an existing business, it is worth revising the prices of the goods and services offered.

Many entrepreneurs take the Pareto principle as a basis, which is as follows: 20% of the effort gives 80% of the result, and the remaining 80% of the effort gives only 20% of the result. Thus, in this case, it is worth concentrating directly on 20%.

In addition, a businessman should observe the proposals of competitors, be able to apply methods to attract and retain customers. These methods include:

• Convenient payment methods.
• Acceptable price.
• Good quality.
• Positive reputation.
• The presence of bonus programs and promotions.

What kind of business should not be opened in a crisis?

This issue must be approached on an individual basis: to analyze the supply and demand of a particular city, as well as to identify the percentage of competition. For example, it is better to abandon the idea of ​​opening a travel agency during a crisis, since at this time few people will be able to afford a vacation abroad. It is also not recommended to open a store if there is already one nearby with a similar product. Thus, it is only through careful analysis that unsuccessful business ideas can be identified.

Tips for Doing Business in a Crisis

As a rule, the strategy for the success of a new project is conventionally divided into internal and external. The first option is to find new opportunities and attract customers. That is why, when opening a company, the first and important step is to draw up a business plan, which spells out further development prospects.

The second variant of the strategy provides for the optimization of production, the use of new and improved technologies, the reduction of costs and fixed costs of the business, as well as the creation of new goods or services.

In addition to the above, strategies include:

• Search for permanent partners.
• Savings (choice of optimization process or cost reduction).
• Job cuts.
• Outsourcing certain types of activities, which will help reduce the cost of accounting, legal and personnel services.
• Conducting production and financial analysis of the organization, as well as making the necessary adjustments to the work.
• Consideration of a more budgetary option for renting premises.
• Hiring a staff member specialized in effective business management in times of crisis.

A business can be organized at any economic time – be it favorable or radically vice versa. For a successful start, in fact, you just need to decide on the direction – choose the niche in which you, as a specialist, feel confident.