There are always opportunities to make extra money, even in a tough recession. Many people are looking at starting a home business. Here are some ideas for recession proof businesses to get you moving toward home business success and financial security– even during a bad economy.
1. The Entertainment Industry. People want temporary escape from reality when times get tough, so the entertainment industry does well in a bad economy. Movies, books and video games all do well in a recession, especially the used, resale and rental markets. Or if you are creative, you might try your hand at writing stories or creating video game software.
2. Candy and Sweets. People are willing to spend a little extra money on their favorite candies and snacks. Candies are cheap and sweet, and they can add a quick energy or a happiness boost to those who need it. If you can make tasty baked goods or candies, try asking local gift shop owners if they’d like to carry your products.
3. Skilled Maintenance and Repair Services. Many skilled repair services will continually be needed, no matter what the economy is like. Services such as: car repair, plumbing, electrical, roof repair, cleaning services, extermination and other home maintenance and repair services.
4. Pawn Shops & Thrift Stores. These are win-win recession proof businesses. People in financial need sell things to get a little extra cash. Other people are looking for bargains and are willing to used items in to save a little money. Another related idea to consider is starting a consignment shop.
5. Cosmetics and beauty. One of the businesses considered recession proof is cosmetics. Women continue to make spending money on cosmetics a priority, and they look for inexpensive ways to pamper themselves during tough economic times. Even in a slow economy, women still want to look younger and more beautiful.
6. Outsourcing. To save money many companies now outsource important services for their business. Some recession proof outsourcing businesses include handling the customer care section or the billing and accounting services of other industries.
7. Debt and Bankruptcy Services. Financial consulting, debt management, mortgage and foreclosure rescue services and other bankruptcy related services thrive in a recession and time of economic crisis. When people and businesses go bankrupt or start to lose their homes, they look for services that offer help in this area.
8. Home Products. Home products are something people need in any type of economy. A growing niche in this market is “green” home products such as cleaners and recycled paper products which are non-toxic and environmentally safe.
9. Health related businesses. Health and wellness based businesses are considered some of the most recession-proof businesses to get involved with. People still get sick, no matter what is going on in the economy. And when times are tough people stress out more and eat worse, leading to more recession related illnesses.
With the high cost of medical services and the distrust of the established medical community, many people are looking towards natural medicine and nutrition to help them avoid sickness. Add to this the huge population of aging baby boomers who are looking for ways to live longer and more comfortably as they get older, and you could make a substantial income if you have excellent health care products to sell.
Now is the time to take action to secure your financial future. Whatever recession proof business you choose, be sure you invest time and energy into researching and planing your business the right way. Even a recession proof business won’t be successful without good hard work done by a motivated worker.
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THE RECESSION HAS ENDED! HAS THE BULL MARKET ALSO? Oct. 30, 2009.
The Great Recession has ended. Halleluiah! It was the worst recession in many ways since the Great D. Just imagine. After four straight negative quarters the economy recovered in the third quarter. Not only did it recover, but GDP rose 3.5% in the third quarter, even more than the consensus forecast of a gain of 3.2%.
The relief is so great you can . . . . well, you can hardly detect it.
The stock market loved it – for about seven hours, with the Dow closing up 200 points on Thursday after the report was released. The market certainly deserved a day of celebrating that it had been right in anticipating the end of the recession by rallying all summer.
However, the market began declining ten days ago, as the GDP report time approached. And after only a one-day rally to celebrate the report, it turned back down with a vengeance the next day.
Was it a classic example of buying on the rumor and selling on the news, or perhaps of reality setting in?
Some quite savvy analysts began warning in May that the rally was getting well ahead of reality in its excitement, factoring into prices not only that the recession was bottoming, but that the recovery is going to be spectacular.
There have been warning signs lately, with economic reports coming out over the last month indicating the recovery might instead be problematic.
Even a peak behind the curtain to see how the GDP growth in the third quarter was achieved raises questions about the sustainability of the improvement, casting doubt on whether it can flow over into coming quarters, or even the current quarter.
For instance, consumer spending rose 3.4% in the third quarter, providing a good part of the improvement in GDP (gross domestic product). That was terrific since consumer spending accounts for 70% of the nation’s economy, and the economy can hardly be expected to recover without a big improvement in consumer spending. Unfortunately, the 3.4% increase in spending was accompanied by a 3.4% decrease in consumer income, not a sustainable situation.
The extra spending also showed up mostly in of big-ticket items like houses and autos, which produced a rebound in home-building, and auto manufacturing. However, we all know the catalyst for much of that spending was not normal, but due to the government’s ‘cash for clunkers’ program, and bonuses to first-time home-buyers.
Indeed, the bottom literally dropped out of auto once the ‘cash for clunkers’ program ended.
And unfortunately it was reported on Wednesday that new home declined 3.6% in September, even though the bonus for first-time home-buyers was still in effect. That was versus the consensus forecast that new home would rise 5% in September, and came on the back of the previous week’s report that ‘existing’ home fell 2.7% in August, the first decline since March, and the report that permits for future single-family home ‘starts’ fell 3% in September.
Third quarter GDP also got a boost from inventory building. Businesses had allowed inventories to drop at a record pace during the worst of the recession last winter, and began replenishing their shelves in the third quarter, encouraged by improving consumer confidence and rising retail . But that increased economic activity will not continue if the replacement goods don’t move off the shelves any faster than they have for most of the year. Whether they will or not will depend to a great extent on consumer confidence.
Unfortunately, the latest reports on consumer confidence are not encouraging either.
The Conference Board reported this week that its Consumer Confidence Index fell to 47.7 in October from 53.4 in September. On Friday Reuters/University of Michigan reported their Consumer Sentiment Index fell to 70.6 in October from 73.5 in September. The majority of consumers in the poll also reported that their financial condition had worsened in October for the thirteenth straight month, the longest decline in the history of the survey. It shouldn’t be a surprise, given the staggering number of people who have lost their jobs, and the surprising percentage of homes that are no longer worth as much as their owners owe on them.
What consumer confidence does not need right now is another substantial decline in the stock market, mutual funds, 401K plans, and IRA’s.
But in spite of the GDP report, or perhaps because of it, the market has returned to the decline that got underway a couple of weeks ago. Its focus is now on further down the road, which means wondering if the Q3 economic improvement is sustainable.
The important report in that regard may be the Labor Department’s employment report for October, next Friday, and whether it will show fewer job losses than recent reports.
Meanwhile, I hope the market can avoid a panic while waiting.
Short-term traders, including the big-program trading firms continue to dominate the market. When they reverse from selling into rallies to buying the dips, as they did in early March, it can make for an exciting and explosive upside reversal. But if they reverse again, from buying the dips, to selling into the rally attempts it can lead to panic, especially after an unusually large rally has investors confident that they will see only higher prices, and are unprepared for something different.
Sy Harding is president of Asset Management Research Corp, publishers of the financial website , and the free daily market blog, .
Sy Harding is CEO of Asset Management Research Corp., author of 1999′s Riding the Bear and 2007′s Beat the Market the Easy Way, editor of and
Many have voiced their opposition to investing today as the economy is still in a recession. However, smart ones know that the economic setback is actually an opportunity to make it big in real estate investing, especially through rehabbing or flipping houses.
is buying an undervalued property, repairing it, and selling it at a much higher price. Investors are taking advantage of the proliferation of undervalued properties across the country and are turning these old houses into new homes.
Flipping houses is indeed enticing, especially to those who love maintaining homes. Handymen, or those who like to do odd jobs on their own, will love this business. You get to repair a house and beautify it, which is something you like doing, and get paid for it handsomely. While others simply love rehabbing houses, it is the huge rate of return that really attracts people into this form of real estate investing. Those who are really good at it earn a $10,000 paycheck with just one project.
Another good thing about rehabbing is that it does not require a huge capital. Matter of fact, you can start flipping houses with little or no capital at all. This is possible through hard money financing, which unlike traditional loans, will be able to fund the whole project. Traditional lenders like banks only lend money to the property you want to rehab. If that property’s worth $90,000 then you’ll get $90,000 from the bank. You must then shoulder the repair costs needed to raise the property’s value.
Hard money financing, meanwhile, is based on a special formula. Lenders usually give out 70% of the after repair value (ARV) of the property. The ARV is the value of the property after you complete all the repairs and renovations on it. The 70% ARV is usually enough to the undervalued property and may even partially or fully cover the repairs.
What is important is that you learn the basics of this business first. Ask seasoned realtors and investors, read books and magazines about real estate, and find informative websites that can help you in your . Try visiting , which is a repository of videos, sound files, and articles discussing various topics related to real estate investing. The web site is ideal for beginners who know nothing about the business but would like to take advantage of the current market condition and make a fortune from rehabbing.
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We have heard a lot about the economic recession that is now world-wide and how it is affecting the people as well as industries, but will the slow-down in the economy negatively impact the production of cigars? Well, this is a question that you might not have asked yourself if you are a cigar smoker. There is a mixed bag of views and opinions on this issue, but its important to consider that if of cigars start to decline and manufacturers aren’t able to keep their employees the amount of cigars produced could be severely affected. Some say that the popularity of cigars is “recession proof”, but the recession has impacted the of cigars.
The tobacco industry is undergoing major changes, “including higher taxes, more regulations and a growing number of public-smoking bans that have made the social use of cigars rarer,” says recent story from the Richmond Times-Dispatch in Virginia. But despite all these difficulties the cigars lovers are very much optimistic about the future of cigars as a whole. As one cigar industry executive says” I think I would rather be a tobacco executive now than an automotive executive,” So it doesn’t look like the cigar industry is too scared of this recession. Even though federal taxes, smoking bans, and the recession have hampered of over the past several months, not everything is looking bad for cigar smokers. The Times-Dispatch reports are down 17%, but it also estimates that the cigar market is poised for growth, especially when the economy recovers.
Since the bulk of cigars sold in the U.S. are the cheaper machine made cigars, that segment of the market has the highest risk for a downturn. However, the premium handmade imported cigars are experiencing somewhat of a renaissance. 2007 was the second best year on record for premium cigar imports into the United States, despite many obstacles. This favoritism for the premium handmade imported cigars will continue to increase if the trade ban is lifted on Cuban Cigars. The cigar traders are telling congress that “if you are about to lift the ban from embargo, you need to ensure that we also will have access to Cuban tobacco in good time, so that we then can make Cuban cigars and compete with anybody else here in the marketplace”.
Luckily for the cigar smokers, the industry is not in a panic because of the recession. Remember, Cigars have survived the Easter Rising, two world wars, the economic depression of the 1980s and various smoking bans. There will always be demand for high quality cigars and there will always be people who want to treat themselves to a relaxing cigar. As one of the cigar shop owner says ‘‘a recession is not finality; it will lift and, when it does, you have to be ready. We will continue to offer the same service and, whether our customers get richer or poorer, we will still be here.”
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