The recent recession been experienced in Nigeria and several other countries in the world, has left thousands jobless, and even more thousands with pay-cuts. Businesses are losing millions of dollars in revenue, and the ripple effect of this negative trend is carried on to the workforce.
Since multitudes are affected by each industry’s ongoing downsize and bankruptcy calls, the next reasonable call of action would be to find suitable alternatives that are inflation proof. These would help businesses and would-be entrepreneurs start ventures that are both lucrative and resistant to recession vices.
Here Are 6 Recession Proof Small Business Ideas & Opportunities You Can Start Today In Nigeria
1). Become A Money Lender:
With the percentage that banks charge on both personal and business loans staying high, several smaller professional money lenders are springing up. People tend to seek more funds during a recession, and anyone with a large vault of cash to spare could take advantage of this business opportunity. A perfect example in Nigeria is RenMoney. Since the recession took a toll on the economy, instead of cutting their marketing expenses, they’ve increased it to reach out to the now larger population of individuals who seek some forms of loans, for a far lesser payback percentage than the banks charge.
2). Luxury Goods:
Recessions have a hard time affecting luxury goods, especially precious stones like gold. The international retail value of gold remains standard. No matter how an economy is hit by a recession, anyone who invests in these precious stones can always cash them out for a higher value based on the international standard. Trading in gold keeps your cash value secure. It’s important you watch the market trends to know when to buy and when to sell. This knowledge is key to success in trading gold.
3). Start A Home Rental:
With the ever growing value of real estate in Nigeria, renting out properties remain a lucrative investment. Investing in real estate not only secures your funds, but revenues generated from the rent establishes a standard revenue stream renewable yearly, or monthly. Real estate is one of the safest investments to venture into in times of a recession.
4). Sell On Online Marketplaces:
Selling goods and services on various online marketplaces during a recession is one way to earn a substantial income without paying any real rent. With the right products, large quantities, and a reasonable price, you could be making over 300,000 Naira ($1,000) a month. There are success stories on various online marketplaces like Jumia, Konga, Ebay, and more. Yours could be next.
5). Invest In Education:
When people are struck with problems, they turn to learn how to solve them. Equally, during recessions, people focus more in school, so they can graduate and make the best out of themselves. You could start a home lesson program, or a small preparatory school and take it from there. Make your fees fair, the educational standard great, and you’d gradually grow a great reputation which would in turn result in more students over time.
6). Invest In Health Care:
Since man’s biological form would always continue to be weakened by ailments, healthcare practitioners will continue to stay relevant. Starting a community health care center would keep an endless stream of income flowing in from diagnosis, medications, scans, and more. Health care services are recession proof businesses that remain highly relevant in any economic situation.