Being an entrepreneur is surely a difficult task and there are ups and downs in business but thats up to you as it depends on how you take decisions, make plans, do market research, prepare the budget, etc. But the crucial part is how you decide and select the business opportunity.
Everything depends on the decisionsthat you take as it depicts the future for you tomorrow. So it is necessary to take decisions properly and the most important decision for an entrepreneur is what type of business to start to gain high profitability.
If you are planning to start a business then you must know that there is no business opportunity that guarantees of investment gain during recession period. But there are industries with low risk in which you dont have to take much pressure or tension during recession time.
If you want to put ahedgein your business at the time of recession, you can venture in these industries:
Education is a part of life and there is no compromise in it. Even at the times of weak economy people wont stop their children from getting the education. The knowledge and learning prepare you for tomorrow. Business in the education industry is a fruitful opportunity to invest in. There are myriad small-scale business opportunities in the education industry. For example coaching centre, play school, daycare, e-learning, skill development/training school, painting and art school, library, bookshop, etc.
Current Statistics: In India, the education industry is on a boom which accumulates a total amount of $ 2 billion at present and is estimated to reach $ 5.7 billion by 2020.According to a report by Department of Industrial Policy and Promotion (DIPP), Indias education industry FDI inflow stood at $ 1.42 billion from 2000-2017.
Indian healthcare industry consists a plethora of opportunities for entrepreneurs to venture in. In this developing industry more area for business keep on emerging and it does not seem that it will be going to stop in the future as well. You can explore for low-risk business opportunities in this industry to invest in. Some small-scale business ideas to venture in the Healthcare industry are Pharmaceutical Distribution Business, Childcare centres, Skin Care Center, Chemist Shop, Fitness Centre, etc.Current Statistics: Deloitte Touche Tohmatsu Indiapredicted thatthe Indian healthcare market, which currently worth around $ 100 billion, is expected to grow at a CAGR of 23 per cent and reach to $ 280 billion by 2020 with increase in digital adoption.
Food is a necessity in life as it is consumed to stay alive. A recession never affects business that much in food industry unless you are a brand or at large level. Some small-scale businesses even boom at the time of recession as customers used to go to big brands for food now prefers small places to eat. Starting a cafe and any business in the food industry is always a beneficial opportunity. Some of the business ideas that you can venture in the food industry are the restaurant, grocery store, frozen food, daily food products, etc.
Current Statistics: Indian food and grocery market are the sixth largest in the world in which retail is contributing approximately 70 per cent of the sales. Indian food processing industry accounts for 32 per cent of the countrys total food market.
If you are planning to venture in this industry then it is essential to know that there are risks during the downturn in the economy but majorly to big players. There are various small level business ideas to pursue like clothing retail, garments, tailoring, fabric store, fashion designing, etc.
Current Statistics: The Indian textile industry currently accounts $137 billion in 2016 and it is estimated to reach $ 226 billion by 2023 with CAGR of 8.7 per cent. Textile industry contributes 13 per cent of Indias export of the total exports.
Businesses catering in this industry is a safer option than others during the weak economy. Especially cosmetics retail and manufacturing will o reach always be in demand because in current scenario women are more interested to buy and use cosmetics in their daily lives. Business opportunities in this industry are cosmetic retail, salon, makeup boutique, etc.Current Statistics: The beauty, cosmetics and grooming industry is estimated to reach the market size of $20 billion by 2025. The Men Grooming segment CAGR is estimated to rise by 17 per cent by 2020.