Kavan Choksi Talks About Recession-Proof Businesses
In times of economic hardship, many businesses struggle to stay afloat. Recessions can be especially devastating, with widespread job losses and financial insecurity. But for a select group of savvy entrepreneurs, a recession can present a unique growth opportunity. These businesses can adapt to the changing economic landscape, finding innovative ways to meet the needs of consumers and staying ahead of the competition. While the road may be tough, with perseverance and a strategic mindset, these businesses may emerge even stronger on the other side of the recession. So, while it may be a difficult time for many, there's always hope for those willing to seize the moment and make the most of what they have.
Accounting firms
Kavan Choksi points out that individuals and businesses have to pay taxes regardless of economic conditions. Accounting firms are likely to have an increase in business during a recession. Employees and small businesses may require a professional's help to ensure they can take advantage of all the tax benefits available during tough times.
It is also common for the government to update or expand loan programs and financial regulations. Accountants can help people navigate these changes' new regulations and benefits for their finances.
Healthcare
According to Kavan Choksi, when people hear "recession-proof," healthcare is probably the first industry that comes to mind. It is the only industry that doesn't usually experience job losses. People will get sick in good and bad times.
Do It Yourself
When times are tough, DIY businesses increase. That was more notable during the COVID pandemic when social distancing was imposed, and businesses were forced to close. In addition, as people reduce spending and tighten their budgets, companies providing tools for home repair projects and maintenance will likely see increasing demand.
Grocery Stores
Kavan Choksi observes that eating out becomes more of a luxury during a recession. As people choose to cook more meals at home, supermarkets often see an increase in sales.
Car Repair and Maintenance
People are less likely to purchase a new car in tough economic times. Instead, they'll repair their current vehicle or ensure it's well-maintained. Car repair and maintenance make a lot of money during a recession when people are more likely to spend a few hundred dollars on repairs to avoid a monthly payment on a car loan.
For more about Kavan Choksi and his thoughts on global finance, business, and economics, visit this page.
Comments