Which business is best to start in times of crisis
Starting a business during a crisis can be tricky, but it also opens up opportunities to meet urgent needs or adapt to shifting circumstances. The "best" business depends on the kind of crisis—economic downturn, natural disaster, health crisis, etc.—but there are some general trends that tend to hold up. Businesses that thrive in difficult times frequently concentrate on the essentials or address immediate issues. Think about what people can’t do without: food, shelter, health, or security. For example, a small-scale food delivery service could work well if supply chains are disrupted or people are stuck at home. Meal prep kits that are shelf-stable or sold in bulk might also work because of their low overhead and high demand. You might be able to capitalize on a market where people prefer to repair what they already have rather than purchase something new if you have skills in repair, whether it be electronics, automobiles, or clothing. On the flip side, low-cost entertainment tends to spike when wallets are tight. People who are looking for a cheap way to escape can find it in streaming platforms, gaming, or even a specific niche like DIY craft kits. Another solid option is digital services, such as online tutoring, freelance tech support, or virtual fitness coaching. They’ve got minimal startup costs and can scale fast if you find the right audience.
Innovation is also sparked by crisis. Look at what’s scarce or broken at the moment. During power outages, portable solar chargers or battery packs could be a hit. In a health crunch, PPE production or telehealth support might fill a gap. This is supported by data: during the recession of 2008, luxury goods fell while discount retailers and repair services saw increases. E-commerce and remote tools both exploded in response to the pandemic.
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I completely agree with the idea that in times of crisis, people prefer to repair rather than buy new. I myself started by adjusting and fixing clothes by hand, without even having a sewing machine, and yet I've had demand. It's impressive how opportunities arise even in difficult times.