Start a Profitable Business in 2023 - Recession Proof Business in a Booming New Industry
"Never Miss Out on An Opportunity Like a Good Recession" -Jack Welch
I launched my first online business in 2008.
During the sub-prime mortgage crisis and a time that was considered to be the worst American economy since the Great Depression.
Despite the massive economic downturn, when fortunes were being lost left and right, companies were downsizing, foreclosures were at a record high and the stock market was hitting 20 year lows, I was able to increase my income by 500%. Not only that, I was also seeing many friends, colleagues and mentors make absolute fortunes in the online business world. At the time, online business technology had evolved to the point where average people could create small fortunes, by selling other people’s products as affiliates. A true turnkey business.
This came at a time when more people than ever were looking for turnkey businesses and alternative ways of creating cash flow. Social media was also just gaining some early momentum, as well as search engine marketing, making it possible for an independent entrepreneur to compete with Fortune 500 advertising budgets for the first time in human history. It was a perfect storm that made it possible for people like myself, who had zero experience in business, very little start up capital and hardly anything to offer outside of a burning desire to change my life, a chance to win big in business. After hitting 100K in just my second year in business, which was a 500% increase from my previous year, I thought I was some kind of marketing genius. As it turns out that was not the case. I didn't realize it at the time but looking back it’s clear that I had some major market conditions working in my favor and my timing was impeccable.
What kinds of businesses thrive during periods of economic recession?
During a recession, businesses that provide essential goods and services, as well as those that offer alternative means of cash-flow, tend to thrive. Businesses that provide home-related services, such as home repair and maintenance, may also do well. Additionally, businesses that offer virtual or online services, such as e-commerce, online education, and telemedicine, may experience growth during a recession.
Here are a few different online business models that thrive during times of economic recession
- E-commerce: Online shopping has been on the rise for a while and is likely to continue to grow in popularity.
- Virtual and remote services: Businesses that can be operated remotely, such as virtual consulting, coaching, and mentoring can be in high demand as more people want help to work from home as well as to launch and grow profitable online businesses.
- Online direct selling and home-based businesses: These types of businesses tend to do well in times of economic recessions and uncertainty for several reasons including; Low overhead costs, cost-effective marketing, flexibility and diverse revenue streams.
- Renewable energy and sustainability: As more people become aware of the environmental impact of their actions, businesses that promote clean energy and sustainable practices may be well-positioned for growth.
- Technology: Advancements in technology are driving innovation across many industries, so businesses that can leverage technology to improve products or services may be successful.
Here’s my opinion and the business category that I am focusing on in as we venture deeper into the 2020’s
I believe an online direct selling business is one of the most flexible and profitable business any hungry entrepreneur can launch these days for the following reasons.
- Low overhead costs: Online and home-based businesses typically have lower overhead costs compared to traditional brick-and-mortar businesses. This means that they can operate with less revenue and still be profitable.
- Flexibility: Online and home-based businesses can be operated from anywhere, which means they can adapt to changing economic conditions and consumer trends more easily.
- Virtual and remote services: In times of uncertainty, many people prefer to stay at home, which makes virtual and remote services, such as e-commerce, online education and telemedicine, more in demand. Obviously in our post-covid world, more and more people want to work remote, which means working online and from-home.
- Cost-effective marketing: Online businesses can reach a large audience through cost-effective marketing methods, such as social media and email marketing, which can be more budget-friendly for small businesses.
- Diversified revenue streams: Online businesses can have multiple revenue streams, such as through e-commerce, affiliate marketing, and sponsored content, which can help to mitigate the risks of relying on one source of income.
- What I’m most excited about as I start my 13th year in business and we enter a new period of economic recession and uncertainty is this… Combining some of the major market factors listed above to create another perfect storm of business profits and wealth creation.
In my first list above, where I share the 5 business models that tend to thrive during times of recession I mention e-commerce. I’m not a big fan of e-commerce businesses because there is so much competition and you have sell so much volume to create life change income and results. But some people do very well in E-com obviously so whatever floats your boat.
However my current online direct sales business that I promote and recommend may be the only business that combines the other 4 factors, including virtual and remote services, online direct sales, renewable energy and sustainability as well as technology.
Imagine making $5K to $7K per sale by helping homeowners save thousands of dollars per year on one of their biggest and most necessary expenses. I mean, talk about a recession proof business right? The industry is renewable energy, and more specifically residential solar, which is currently a $150 billion dollar industry and expected to double by the end of the this decade. I believe that due to market conditions and timing, combined of course with entrepreneurial grit, ambition and desire, the solar industry will see thousands of brand new first generation millionaires by the end of this decade.
If you want to launch a recession proof business that has the potential to make you a millionaire by the end of this decade, if not much much sooner and combines some of the factors shared in this article, I invite you to checkout my all new High Ticket Sales Velocity Masterclass.
It’s a 25 minute video about my master plan to claim some serous market share in the renewable energy industry while capitalizing on other major trends including remote work, online business and technology.
The only way I will make it happen is by helping people like you launch your profitable high ticket business in the renewable energy sector. Launch your highly profitable, high ticket, recession proof business today with the help of my High Ticket Sales Velocity program.