10 Business To Start That Can Weather Any Economy!!

I don’t like to be an alarmist, but I continue to believe that we live in very unsettled economic times. There are some major unknowns that could push the economy south quickly and in a major way, such as:

• The price of Apple stock. If it tanks, it might be like a second Internet bubble bursting. (Although, in full disclosure, I did invest recently.)
• Who knows what’s really going on in China? The government has been making major moves to prop up many elements of its economy.
• The Euro. I don’t think we’ve seen the last of European leaders in panic mode.
• The end of quantitative easing. When the Fed steps off the gas pedal, what’s going to happen? This is totally uncharted territory.

I could probably drum up a few more goblins that would scare us, but that’s enough for now. Entrepreneurs and startup addicts won’t let these little threats stop them, but I think they will be looking more closely at the kinds of businesses that tend to be more recession-proof.

If that’s you, here’s a list of industries and businesses that you’ll want to consider.

Booze.

Most businesses built around beer, wine and spirits do fine during a recession. Pricier beverages don’t fare as well, but middle-of-the-road and lower-costs liquors weather the down turns like a champ. There’s an important principle here: If something is truly a habit – like wine with dinner or an evening cocktail – people do not quit no matter what the economic circumstances are. They merely adapt. Consider a liquor store or wholesale distributorship.

Cosmetics.

While there are barriers to the booze biz, cosmetics are a much easier industry to get into. I suppose when people are crying in their milk all day, they need some good cosmetics to put on their happy faces at night. But whatever the motivation is, cosmetics weather recessions quite well. There are many ways to pursue a business here, from becoming a Mary Kay representative to selling over the Internet.

Movie theaters.

Movie attendance weathers economic downturns very nicely, although the entire industry has been in a slump recently. The big chains have a stranglehold on new releases. So why not consider a local indie theater that cashes in on the trend toward combining movies with meals? Could be a big hit in your hometown!

Health care.

Again, many segments of this industry have virtually insurmountable barriers to entry. But with a huge aging Baby Boomer population, there will be opportunities in home health care services. I also think a peer-to-peer, Uber-like nursing service might be possible.

Specialty food stores.

Smaller, boutique stores specializing in organic products should do well. This could be a scaled-down version of Whole Foods or you could create a line of products that you sell yourself or offer through other outlets, and this ties into the next idea.

Sweet things.

In the same way that we won’t give up alcohol during a recession, we refuse to put down our sweet treats. You might recall that the cupcake craze pretty much paralleled the last recession. That industry over-extended itself, but there are many independent cupcake bakers who are still doing fine. Give your dessert an organic, gluten-free or vegan twist and maybe you can cover two bases at once – specialty food and sweet thing!

Repair shops.

Rather than buy new, we repair our cars and major appliances during a recession. Check your local market to see how well it’s covered. If there’s a glut of HVAC repair shops, for example, consider moving to a fast-growing community to start your business.

Thrift stores.

In the same way that we keep our old appliances and cars limping through a recession, we tend to hit the thrift shops looking for bargains. Spend some time binge-viewing old episodes of “Storage Wars” to see one way you can pull together an inventory for your second-hand store.

Death services.

Even in the worst recession two things are certain: Death and taxes. Again, with the aging Baby Boomer population, this is a growth industry no matter what’s happening with the economy.

Tax services.

Yep. You can ditto some of what I said just above. For some reason, accountants and tax professionals skate through the hard times better than most of the rest of us. I suppose people are more concerned about keeping every penny they’ve earned and at the same time the IRS is focused on collecting every penny possible – that creates the perfect conditions for boosting the demand for tax professionals.

And hey, even if we manage to dodge all the gloomy economic omens I referenced at the top, these are still solid startup ideas.

20 Reasons To Start Your Own Business

If you’re an entrepreneur you have heard the million reasons not to go into business: It’s too risky, you might go into debt, you’ll probably lose sleep, your social life is kaput, and the list goes on. But even with all these uncertainties, people are still attracted to the startup world. There are just as many, if not more reasons to take the leap and go start your own business.  Here are just a few:

1. Spare time. This one can take some time.  Initially you’ll work longer hours for less pay.  But if you do it right, you could start to master your schedule and the freedom that being an entrepreneur provides is awesome.

2. A story to tell. Whenever I tell someone I run my own business, they always want to know what I do, how I do it and how it’s going. I always am able to provide a tale or two, and the best part is that I get to determine the story’s chapters. (When working for a corporation, people most likely have less input.)

3. Tax benefits. For entrepreneurs (freelancers included), they have the opportunity to take advantage of some nice tax perks. Many can write off expenses like travel, food, phone bills, portions of car payments, and the list goes on. Also, certain startups qualify for government incentives. Make sure to ask your accountant about what tax benefits you may be eligible for.

4. Pride. When you build something successful, it’s a great feeling. You had a vision, were able to execute it and not can reap the benefits of saying “I did this.” On the other hand, it’s tough to be proud of the zillionth request for proposal you fill out for your employer.

5. Your posterity. If you’re a doctor, plumber or bus driver it’s hard to imagine you passing your career on to your loved ones. But if you own your own business, that’s something you can pass on to the next generation. And be proud of it, because you created it.

6. Job security. Have you ever been laid off, downsized, or fired?  If you have, you get this. With entrepreneurship the security lies in the fact you are your own boss. You run the show and don’t have to worry about getting let go.

7. Networking. Entrepreneurs are communal creatures.  We love to meet each other, swap stories, and learn from each other’s experiences. Your circle of friends and acquaintances always grows when you become an entrepreneur, as many founders need others to lean on to survive and talk about the challenges only known to them.

8. Doing good. While this isn’t exclusive to entrepreneurs, it’s definitely a perk. You control where your company profits go and if you choose, you can give allocate your financial gains to others. You can sponsor a charity, a non-profit or just personally give back to the community.  This is quite honestly one of the best parts of being an entrepreneur.

9. Novelty. We, as humans, love new experiences but rarely can you experience a host of new things from inside your cubicle. This all changes when you are running the show. Starting your own business will ensure you’ll always be facing new challenge and experiencing something new.

10. Mentorship. Having had mentors and getting to be a mentor have been some of the best experiences of my life.  Learning from the masters and getting to help those less experienced than you gives you such a sense of satisfaction. From my experience (and other’s stories) the entrepreneurial community is very willing to give back and lend a helping hand.

11. Becoming an expert. This point goes along with mentorship.  Regardless of what you do as an entrepreneur, if you stick with it, you’ll probably become very good at it. And this gives you a sort of soapbox, so use it. You’ll have the chance to be interviewed for your expertise, write about it and get to spread your message.

12. Skills. People ask me how I learned about SEO, social media, pay-per-click, PR and all the other marketing techniques I utilize. I tell them that I was forced to learn them, otherwise I wouldn’t survive.  The same way I was forced to learn how to build a spreadsheet, how to balance a budget, how to negotiate leases and countless other skills I picked up because I was the only resource I had. While developing new skills can be tough and takes times, it can pay off in spades.  These skills will be invaluable throughout your life.

13. Determination. Everything I’ve done as an entrepreneur has affected me in my personal life.  I used to be poor at committing to changes. But having been an entrepreneur for over a decade has forced me to become dedicated and determined to causes. (Now I can stick to an exercise plan much easier.)  I’m also better at being a father and husband because of that determination I learned.

14. Recognition. There are literally thousands of local, regional and national awards that recognize entrepreneurs in every field and industry. This shouldn’t be your only reason to start your business, but it certainly is a great feeling when you receive this recognition.

15. Financial independence. Let’s be honest, this is probably the biggest reason people get into business for themselves.  And that’s a good thing!  You should want financial independence.  However you define financial independence – retirement stockpile, unlimited cash potential or having the money to buy what you want —  entrepreneurship can allow you to achieve it. Trust me, money doesn’t buy happiness, but it does make finding happiness much easier.

16. Reinvention. I’ve started and sold several companies over my career.  And every time I sell a company, I’m presented with an opportunity to reinvent myself all over again. On the flip side, if I had received my law degree, I’d be a lawyer (not a lot of room to recreate myself). But as an entrepreneur, I get to be whatever I want to be.

17. Change the world. Everyone jokes that every entrepreneur says they’re going to change the world. It’s difficult to imagine how a cell phone accessory kiosk in the mall is going to change the world.  But there are those that do succeed.  Take a look at Elon Musk, Bill Gates, Sergey Brin, and the countless other entrepreneurs who really have changed the world in some small (or major) way.

18. Create jobs. There’s nothing like the satisfaction of knowing you’re responsible for the success of your employees.  Your ideas provided them the opportunity to earn a living, provide for their family and fulfill their own dreams.

19. Your brand. Being known for something is awfully enjoyable.  People may start referring to you as the marketing guy, or the retail maven or the software guru.  Whatever it is you’re recognized as, it’s fun to build that brand and earn that recognition.

20. Your reason. I’ve given you a list of why I think you should get into business.  But all that really matters is your reason to start your own business.  So, what is it?  Tweet out this story and add your reason.  Comment below and share with us why you did it.  I know it will be a good one.

(Originally Posted on Entrepreneur.com)

My Favorite Field of Start Up Businesses!

As a young entrepreneur I’m always on the lookout for the next new “thing” … the next company that I believe will quickly climb the ranks and trample all other ventures of its nature. The fact of the matter in business and in life is that most things aren’t going to work overnight, businesses take tedious hours of calculating and factoring various scenarios with success being the end result. My personal favorite and what I believe to be almost a guarantee 9 times out of 10, is the call center business. The reason the call center business is my favorite pick, is due to the low overhead. The low overhead allows for even the newest of investors a chance to start a company with a high ceiling of success if proper precautions are taken prior to the launch of the company. The advantage of call centers is your selling a service, what I mean is… the goal is to sign up as many people as possible. The only downside people often face is the lack of service since a good amount of call center owners primarily focus on the marketing of the company and not so much the back end business aspect of it. My take and reason for writing this articles is.. whether your a new investor or an old investor; a young investor or an old investor… this may be a field you want to look closer into. If properly planned an executed you can put your self in a position to make some serious residual income. If you have any questions or are in need of guidance feel free to email me (ryanchristianstevens@gmail.com). I hope this article has been of some help to you and best of luck on your future business endeavors.