An economic recession is a perfect example of the saying: ‘When life gives you lemons, make lemonade.’ You might be wondering what this means; it’s a saying that when something unexpected happens, don’t get sad about it—get motivated. Use your rage to fuel your desire to succeed and improve your situation.
If you’re reading this article, chances are you’re a small business owner interested in earning a decent amount to meet your needs. With your primary source of income affected by an economic recession, you’re looking for ways to supplement your income through side hustles.
But the good news is that some businesses find opportunities in adversity. An economic recession could answer your question of ‘how to make 10k per month‘ if you know how to take advantage of it. So how do you take advantage of an economic recession and make more money?
- Sell Staple Goods
First, you should consider selling staple goods that people need. Staples are items that people need to survive, such as food and water like bread, milk, and eggs—essentials that people always buy regardless of the economic climate. The best way to do this is to open a convenience store or small grocery store near where people live. These stores are never empty because people always buy their necessities.
In a research survey carried out by Hubspot, the essential groceries and foods were found to be typical examples of what people bought more than any other things—which accounted for 55% of all purchases. People still buy essentials even when stressed and worried about their finances. So, capitalize on this and open a store that sells basic household necessities.
- Leverage In Technology and IT
Technology and IT are recession proof business ideas. The 2020 quarantine caused by COVID-19 saw a boom in the technology and IT industries. Since physical interactions were limited during the pandemic, businesses turned to technologies to continue their processes despite the distance. It was also the time when the global economy was severely affected, forcing several companies to shut down and employees to lose their jobs.
The best thing about the technology and IT industry is that it will always be in demand, regardless of economic conditions. Capitalize on this by opening a store that sells the most popular technology and IT products. You could also offer repair services if you have the necessary skills. Or, if you’re already a business owner, utilize technological devices and social platforms to market your products.
- Do Freelancing
It’s another business opportunity where you can earn more than USD$10,000 per month and above by doing freelance work. Freelancing is a great way to make extra money in your spare time or while working on other projects. You can do freelance work, including writing content for websites and blogs, designing logos and graphics, editing videos or photos, making music tracks, etc.
You can take advantage of the recession to get more work and make more money. For example, you can start a blog writing that offers tips on saving money and making ends meet during a recession. Bloggers will pay you to write for them since people always look for ways to save money.
- Consider Teaching
During the pandemic, the two-month recession between February and April 2020 showed that teaching is recession-proof. According to Transition Abroad, the global economic crises that swept across the world raise questions about the viability of many careers. One profession immune from these concerns is teaching, which will always be in demand.
Examples of teaching jobs include:
- Teaching English as a foreign language (EFL).
- Tutoring students at home or in schools.
- Volunteering to work with disadvantaged children.
There’s a virtual world of teaching jobs available. If you’re looking for a career that’s both rewarding and recession-proof, then teaching may be the perfect option for you.
- Open A Healthcare Business
Healthcare providers’ services are often in high demand during an economic downturn. That’s because people always need healthcare services, regardless of the economic situation. As a result, healthcare jobs and businesses are often considered recession-proof. A pharmacy is one of the most viable healthcare businesses to open during a recession.
Conclusion
An economic recession can be dangerous for you and your finances, especially if you only have one source of income. However, many benefits of the economic downturn can help you avoid being negatively affected by it, including finding recession-proof income-generating ideas. It only takes a bit of effort to find ways to earn money through a side hustle. It enables you to boost your finances, allowing you not to feel the effects of this unfortunate event.
Source: https://www.cryptopolitan.com/how-to-take-advantage-of-an-economic-recession/