Great ideas and successful businesses are often born out of periods of economic hardship and recession. Apparently good old Woolworth’s was established in hard times in 1873, when Mr Woolworth decided to sell surplus goods, all for just 5 cents. (Woolies originated in the US - not here in the UK, which may surprise some of you - it did me.) The first UK store opened on 5 November 1909 in Liverpool and was a roaring success, selling items for thruppence and sixpence. Supermarkets are another example of success stemming from a recession.
So what would be a good business to go into now? Here are just a few ideas - you’ve probably got more to add to the list.
- Boiler installation and repair (a common topic of lift and restaurant conversation during the recent freeze).
- Wood-burning fuel stoves (demand is far outstripping supply)
- Take-away services
- D-I-Y products that enable people to cut costs
- Energy-saving products (we’re all trying to be greener)
- Online businesses - when you can get a website and business email for free (Office Live), you can set up a company with minimal outlay.
- Recycled products - juice cartons being turned into attractive accessories is one example. (Visit Shop recycle to find out more.)
- Anything you can do from home (visit Enterprise Nation for help and ideas).
Related posts: Have you got what it takes to start a small business?
Source: Microsoft Small Business