Small Business Boomers

You CAN “recession-proof” your boomer business - Part I

by Jean on May 9th, 2008

I’m still not sure we’re really in a recession. “Experts” have been talking about a recession since January. I figure by the time they decide we are in a recession, it will be over. But we do know that the only certainty is uncertainty. And business people don’t like uncertainty. So, what kind of business should you get into or invest in, and how do you run your business in uncertain times? Over the next few posts, I’ll give you some ideas and I’d like some of yours. For example:

1. Create a business in a recession-proof industry. That’s an industry in which people will continue to buy, even in a recession. The food industry is probably the most recession-proof I can think of. Everyone always needs food. Other essentials, like diapers, toilet paper, and other things that everyone needs that wear out and need replacing come to mind. Clothing probably isn’t recession-proof. I can do without buying clothing for a good while (well, not forever, but you get my meaning). What other industries should boomers invest in and have businesses in?

2. Find businesses that cater to customers who don’t care about recessions. I’m talking about the very rich, people with lots of discretionary income. They still want what they want, and they are willing to pay for it. “Concierge” services are an example. A new type of business, concierge services cater to the needs of people, finding hard-to-find items or providing very personalized services.

Next, what can you do to keep customers in uncertain times?

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POSTED IN: Business Improvements, Businesses for Boomers, Small Business Myths - Busted!, Small Business finance and taxes