Finimpact

Conclusion

Recessions are, by definition, difficult and stressful economic times. Starting a business during one might seem hard, but it can present a great opportunity to do so. If you’re in a fortunate enough position to have the opportunity to start a new company, try to take advantage of the opportunity.

FAQ

How hard is it to start a business during a recession?
Starting a business at any time is hard, but during a recession, it can be even more difficult due to economic uncertainty. Choosing the right line of business is essential.
What types of businesses are the most recession-proof ones?
Recession-proof businesses generally focus on needs rather than wants. Companies that sell staples like food, cleaning products, and other home goods tend to do well during recessions.
What businesses do poorly in a recession?
Companies that sell luxury goods or entertainment often do poorly during recessions as consumers look for ways to save money.
How long does the average recession last?
Since 1900, the average recession in the United States has lasted about 15 months.
Can you get rich during a recession?
Yes, it is possible to get rich during a recession if you’re lucky enough to be in a stable economic position even as the national economy weakens. If you can invest while the market is low or start a new company, you might be able to make a lot of money.

About the Author

 TJ Porter

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

More about me

Related Articles