Is this recession due to corona pandemic would affect your business!!
Today we people are working in some kind of professional sector in order to earn our living. Money is the greatest source of living for all of us today. Having a good income leads to a reputation for you in society and family.
If we talk of having a good income then we need to have a good source of it. And there are lots and lots of areas in which we can get the source of living. And Business is one of them.
Business is a very good and fruitful source for money, and many successful people recommend it. It is a difficult sector of work to put your hand in, but the results you get are mesmerizing.
Today, I wanted to ask a question, Will your Business survive this recession?
It is a period of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.
So, as we talk about Corona Virus today. We should also note the point that the world is going through a recession. Though it is on a smaller scale today, it is a Recession.!! And our source of living needs to survive it.
Let’s talk about this recession and find out which businesses would get through it well and good. Let’s dive into it.
Today, we have many businesses. They all have good customer reach and are satisfying their customers too. From movie theaters to event managing, we get so many categories of businesses.
Let’s see, the businesses which are either not affected or minimally affected with this recession.
Some recession proof business list.
1. Healthcare Providers
This is the only industry or field of business that is most recession-proof. This is a sector that is the most needed on, people would stop falling sick. There will be patients having some or the other kind of problem, hence this is a must needed sector. And in this period of crisis, the healthcare sector is the only one everyone is approaching.
This sector is seeing more investments and the influx of people have been increased too. Thus in this recession period, this is the safest sector of business.
2. Automobile Repair and Maintenance
Almost everyone today uses some or the other kind of automobile today. We require these things for various important reasons. It may be for traveling or moving things from one to another place. We need automobiles for all the things.
And these things require proper maintenance and good care. So that’s why we have service centers and repair shops. And this sector of business too is a must needed one. No automobile will run for a long time without the requirement of service or maintenance. So this is also and recession proof sector.
No matter what the economy is like, people and businesses need to pay taxes. The government does not show mercy on people not paying taxes. Even in times of recession governments rely on tax money for working.
Accountants are seeing increase in their sector as people with small businesses are approaching to them. People & small businesses need some help from the professionals. So that they can save some tax and also make use of all the tax benefits.
And thus this sector is also a recession proof sector.
4. Insurance Companies.
Insurance is a must needed thing in today’s world. It maybe of an individual or family or even of your business they all need an insurance. And as of this natural crisis, everyone is thinking about getting an insurance. Insurance companies are seeing an increased growth in their business. Thus we can say it is an recession proof sector.
5. Entertainment Sector
This is a very much flourishing sector. Everyone today is seeking entertainment in their busy lives. Places like Movie Theaters, Drama Sets, and television industry are the main pillars of this sector. And who minds watching the movie? Every time we make a plan for the movie, we see everyone joining the club.
So this sector is an evergreen sector. Whatever be the case of GDP this sector will see a very minimal effect in itself.
6. Food Industry
The most basic need of ours is Food. For food, we go into this vicious cycle of earning money. And then how can we even think of food industries shutting down? Food industries like healthcare are one of the most important ones. A person can live without entertainment and insurance, but cannot live without food.
Food industries cover up a big part of the business and are one of all time running industries. Hence, whatever and however be the GDP graph, but these industries would not be affected.
7. IT Sector
IT sector is a vast sector of business. Every sector need and depends on the IT sector. And the platform you all are reading this blog is of the IT sector. And it seems that this sector is also recession-proof and would not have any noticeable effect of the recession.
In fact, we are observing the influx of people in this sector, as this is one of the most promising sectors of jobs for people today. Thus, it has no negative effect of the recession on it.
So, folks, these were some industries and sectors of business that I believe would not have a great impact of recession over them. And these sectors would survive all recessions that would ever come.
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