Best kind of business in the Recession??

Bitsie

Well, just like hundreds of other people in this country, I have been let go from my job. I have been searching for another job since October and find it near impossible! So basically, had thought about setting up my own business.
I wonder first of all: Is it a good time to be starting up a business?
And secondly, what type of business would have a chance of taking off in a recession? I am a qualified architectural technician and interior designer but have had no hope getting any clients in these areas......:o

Wudyaquit

Only really niches are gonna make it in a recession I reckon, unless they're already established businesses. There's too much out there with companies fighting to survive, so you'd have to be very competitive to make it.
I saw the guy who set up Tony & Guy's hairdressing back at the height of the recession in the 70s on BBC's Working Lunch, so maybe luxury is still the way to go when times are tough. I definitely wouldn't be starting a business unless I had a passion for whatever it sold in the current climate - it's much harder to make an easy Euro and you really have to show people how you're giving them value if you want them to spend.

experiMental

Bitsie wrote: »

Well, just like hundreds of other people in this country, I have been let go from my job. I have been searching for another job since October and find it near impossible! So basically, had thought about setting up my own business.
I wonder first of all: Is it a good time to be starting up a business?
And secondly, what type of business would have a chance of taking off in a recession? I am a qualified architectural technician and interior designer but have had no hope getting any clients in these areas......:o

Do you like designing stuff?

Design and development of consumer products is a good business to be in. It's not financially rewarding and it's competitive, but a lot of practitioners of this business are not doing work of a decent enough standard, so if you are good, you will succeed.

You'll have to hire science graduates, though, to ensure that you're on top of things.

I'm a product design student, PM me if you want more info.

murphym7

I listened to an interview a couple of months ago with the owner of Supermacs and the owner of Copland suits.

They both started their business's during the 80's in Ireland and both have made a packet. Recession can open up loads of oppurtunities and money can be made for the oppurtunist.

Takes balls though.

Run_to_da_hills

Debt collecting.

Bitsie

well im certainly not expecting it to be easy thats for sure!! And dont have alot of money to do it either........hmmmm.....maybe i shouldnt do it then?!!

elgransenor

Bitsie wrote: »

well im certainly not expecting it to be easy thats for sure!! And dont have alot of money to do it either........hmmmm.....maybe i shouldnt do it then?!!

You probably shouldn't to be blunt.

You need real passion,drive and a ruthless conviction in what you want to do.

A few realistic posts on an internet chat room shouldn't have you second guessing yourself.

So I would say you are not ready yet.

CamperMan

Run_to_da_hills wrote: »

Debt collecting.

not much fun doing that sort of work.... not easy trying to get money from someone that simply doesn't have any..

CamperMan

repair work is a good way to start... as people stop buying new goods, they will start to get there old stuff repaired, shoes, washing machines, computers, old cars, TV's... whatever

Birdsong

CamperMan wrote: »

repair work is a good way to start... as people stop buying new goods, they will start to get there old stuff repaired, shoes, washing machines, computers, old cars, TV's... whatever

would agree with this, in my work the photocopier repair guy is in everyother day, probably would be cheaper get a new photocopier but nobody is going to sign that order.
they also say in a recession people will do extensions more than trading up, so their might demand for your skill - that programme Room to Improve on rte was along these lines

keefg

I was talking to my local butcher the other day and he LOVES recessions......because more fewer & fewer people go out to to restaurants and cook at home instead.

He said during the last big recession during the 80's his father (also a butcher) expanded his business and opened up 4 new shops and he plans on doing the same over the next 18 months.

janullrich

The only way to get going is to set up your own business! I'll make a success of mine. It will be damn hard work but it is the way to go.

Burial

Fast food and alcohol are the business that do well from a recession. (It used to be pubs in Ireland but I think the times have changed for that)

Good luck trying to open up anything to do with alcohol. As for fast food, you'll now have to compete with subway, mcdonalds, bagel factory, starbucks, etc.

There is NO definite business that'll do well in a recession.

The only thing good about a recession, is if your business can do well in a recession, usually you can expand quickly when times are good. (Hence Toni and guy and supermacs, etc.)

EcoBrats

I have recently started up my own business specialising in the sale cloth nappies, which I am a firm advocate of. Because using cloth nappies has the potential to save people so much money (as well as being the environmentally friendly) I thought the recession would be the ideal time to start out.

Still optimistic but with this idea had seriously underestimated how much time/effort I would have to spend just educating people.

I think the key to setting up any potentially successful business in a recession is identifying a need and fulfilling it. Make sure it is something that you already have some experience of and that you are passionate about.

And whatever it is you end up doing, make sure you make full use of the internet. I am constantly amazed at the number of businesses in Ireland that still have no web presence and seriously underestimate the consumer power that the internet provides.

Best of luck with whatever you decide to do in the future. Keep us posted!

madmik

CamperMan wrote: »

repair work is a good way to start... as people stop buying new goods, they will start to get there old stuff repaired, shoes, washing machines, computers, old cars, TV's... whatever

i would tend to disagree with this sinnce people are getting more savvy as the years roll by at serching out the cheapest new products online

in the majority of cases its easier to get a new product than repair an old one

asian retailers are gaining a bigger share of the european market and its impossibile to compete for companies paying irish wages+ operating costs

computers and laptops used to be always repaired but now the price has dropped to silly levels

have a look at this and you will see what i mean:

http://www.pricerunner.co.uk/cl/27/Laptop-Computers?sort=3

who would pay to fix an old item thats outside warranty when u can get a shiny new 1 with a full warranty for the same price or less?

recently a 42" lg pllasma screen tv broke in my mates house,it cost 1000 euro 2 yrs ago,quoted €400 to fix

replaced delivered for £349 pounds with full new warranty in xmas sale from uk

byrne0f56789

A business that requires product development.

Here are the reasons:
Rents are cheaper, wages are lower, there are more qualified people looking for work and opportunity costs are lower. Also, by the time you have perfected your new product and perhaps are making some profits the economy has flipped and is in an upswing. As a result, your company will be an attractive purchase.

Tipp-Boy

elgransenor wrote: »

You probably shouldn't to be blunt.

You need real passion,drive and a ruthless conviction in what you want to do.

A few realistic posts on an internet chat room shouldn't have you second guessing yourself.

So I would say you are not ready yet.

Hi - thats correct, now is the time to be realistic and realise opportunities exist to create a viable business. In times of recession it is often easier to set-up and small business than keep an exisiting one afloat. The aim is to keep costs low, work effectively and efficiently. By being trim you can actually under-cut the existing companies that have become bloated in the good times. I've applied those principles and it is working - we focus on core business and do it very well. I would encourage people to look around for opportunities and in some cases if you have a job perhaps start a part-time business from home (keeping costs low) and see how it develops - it may even be your saviour if you lose your job.

professore

byrne0f56789 wrote: »

A business that requires product development.

Here are the reasons:
Rents are cheaper, wages are lower, there are more qualified people looking for work and opportunity costs are lower. Also, by the time you have perfected your new product and perhaps are making some profits the economy has flipped and is in an upswing. As a result, your company will be an attractive purchase.

The OP has no money. So would have to get banks / VC's on board.

CDfm

discount store/pound shops do well in a recession