I have been asked to address the popular topic of recession proof self-employment ideas by some readers. Which self-employment ideas would be untouched by the recession?
My friend just emailed me from Moscow, where she's been for over 3 weeks waiting for her new passport. The processing time has doubled because some staff at the passport office have been made redundant. So we can rule out working for the soviet government as recession proof...
I was curious to find out if those self-employed in the food and beverage business, particularly cafes in London, have seen their business affected by the recession. Everytime I buy something from a cafe (not coffee-after researching my cupcake cafe idea, I've been put off buying my usual latte) I always ask the owner/staff if today was a busy day, which day is the busiest, what's their best-selling product and if there were less customers now in the recession. The answer to whether there are less customers is"no/not really" everytime.
My friend just emailed me from Moscow, where she's been for over 3 weeks waiting for her new passport. The processing time has doubled because some staff at the passport office have been made redundant. So we can rule out working for the soviet government as recession proof...
I was curious to find out if those self-employed in the food and beverage business, particularly cafes in London, have seen their business affected by the recession. Everytime I buy something from a cafe (not coffee-after researching my cupcake cafe idea, I've been put off buying my usual latte) I always ask the owner/staff if today was a busy day, which day is the busiest, what's their best-selling product and if there were less customers now in the recession. The answer to whether there are less customers is"no/not really" everytime.
Based on my observations, I have a theory that all businesses that operate on a cash basis for items costing less than £5 (USD8) are more-or-less unaffected by the recession and their customers continue with their usual pattern of spending. Also, the lower the overheads, the more robust a business is in a recession. Small businesses also have a better chance at survival by adapting quickily to the changes in demand due to the recession.
If you are looking at self-employment ideas in this recession then here are some suggestions:
1. Weekend market stall trader - low overheads for stall rental and public liability insurance, cash-based business. You can sell anything from food to books, to second hand objects. If you make your food yourself in the your own kitchen, then it's even more profitable- no middlemen. Sell something that has a high profit margin, i.e. something that costs you very little to make or get but the regular retail price for it is high. examples are coffee, second hand items which you restore yourself, gourmet olives etc. Best of all you can do it part time in the weekends. I know a lot of established shops that have started as market stalls. Christmas is coming so book that stall at your local market early!
Cont'd with #2 tomorrow...
If you are looking at self-employment ideas in this recession then here are some suggestions:
1. Weekend market stall trader - low overheads for stall rental and public liability insurance, cash-based business. You can sell anything from food to books, to second hand objects. If you make your food yourself in the your own kitchen, then it's even more profitable- no middlemen. Sell something that has a high profit margin, i.e. something that costs you very little to make or get but the regular retail price for it is high. examples are coffee, second hand items which you restore yourself, gourmet olives etc. Best of all you can do it part time in the weekends. I know a lot of established shops that have started as market stalls. Christmas is coming so book that stall at your local market early!
Cont'd with #2 tomorrow...
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