Belt tightening is always bad news for small businesses. But small businesses do not suffer equally in tough economic times; while some will be hit severely, other small businesses will only experience a slight dip and still others will actually prosper.
So when you’re looking for small business ideas, whether because you want to invest in one or because you want to start a small business of your own, the state of the economy will play a significant role in your decision. Here are what I think are the best small business ideas for small businesses to start or invest in in tough economic times.
1) Auto repair
People are buying fewer new vehicles, which means that most people are either buying used vehicles or hanging on to their current vehicles. And, as older vehicles have an increased probability of needing maintenance and repairs, the demand for auto repair services is also increasing. You could implement this small business idea by opening a one person repair business if you’re a trained mechanic, hiring staff and opening your own multi-bay garage, or by buying into an auto repair franchise.Read More