10 RECESSION PROOF BUSINESSES TO START THAT CAN WEATHER ANY ECONOMY (ARTICLE WRITTEN FOR CONTENT WRITING FOR INDIAFILINGS.COM LEARNING CENTER)

Things don’t stop changing just because we decide to stand still. External forces will always create uncertainty by mixing random events together and push us into different situations. Our ability to take stock of the chaos and react accordingly helps us to survive the storm. For entrepreneurs, there are two kinds of uncertainties that need to be dealt with – uncertainty on making strategic decisions for the company and uncertainty on how to manage the team. So here are examples of certain businesses which you can rely on to make your bucks worth investing...

A)   LIQUOR INDUSTRY:

Most businesses built around beer, wine and spirits do fine during a recession. Pricier beverages don’t fare as well, but middle and lower-costs liquors weather the down turns like a champ. If something is truly a habit – like wine with dinner or an evening cocktail – people do not quit no matter what the economic circumstances are.  So here lies great opportunity for budding entrepreneurs to make use of. Consider a liquor store or wholesale distributorship.

B)   COSMETICS:

While there are barriers to the Liquor industry, cosmetics are a much easier industry to get into. The cosmetic industry seems to be continuously developing, now more than ever with the advent of internet companies. About 17.3 billion U.S. dollars was generated by online shops and mail-order household sales in 2013. But whatever the motivation is, cosmetics weather recessions quite well. There are many ways to pursue a business here, from becoming a brand’s representative to selling over the Internet.

C)   MOVIE THEATERS:

 The film industry is one of the biggest, if not the biggest, player in the broader entertainment sector; it is considered a cornerstone of the industry. Movie attendance weathers economic downturns very nicely, although the entire industry has been in a slump recently. The big chains have a stranglehold on new releases. So why not consider a local indie theater that cashes in on the trend toward combining movies with meals? Who knows? Your new theatre could become a next big phenomena  in your locality!

D)   HEALTH CARE:

    Healthcare industry is growing at a tremendous pace owing to its strengthening coverage, services and increasing expenditure by public as well private players . During 2008-20, the market is expected to record a CAGR of 17 per cent .The total industry size is expected to touch USD 160 billion by 2017 and USD 280 billion by 2020 . As per the Ministry of Health, development of 50 technologies has been targeted in the FY16, for the treatment of disease like Cancer and TB . Again, many segments of this industry have virtually insurmountable barriers to entry. But with a huge aging Baby Boomer population, there will be opportunities in home health care services. There is also a rising need for peer-to-peer nursing service.

E)    SPECIALTY FOOD STORES:

         The specialty food craze has gone mainstream. And never before has the time been so ripe for you to take advantage of a trend driven by consumers who've done a righteous about-face on what they eat and who they buy it from. Health food, organic produce, and other specialty foods are no longer the exclusive domain of hippies and the counterculture. Interest in the market is now driven by masses of people who are concerned about what they are putting in their bodies, and this makes specialty foods a top industry for starting a company in 2014.  Smaller, boutique stores specializing in organic products should do well. This could be a scaled-down version of Whole Foods or you could create a line of products that you sell yourself or offer through other outlets, and this ties into the next idea.

F)    SWEET THINGS:

In the same way that we won’t give up alcohol during a recession, we refuse to put down our sweet treats. You might recall that the cupcake craze pretty much paralleled the last recession. That industry over-extended itself, but there are many independent cupcake bakers who are still doing fine. Give your dessert an organic, gluten-free or vegan twist and maybe you can cover two bases at once – specialty food and sweet thing!

G)   REPAIR SHOPS:

Rather than buy new, we repair our cars and major appliances during a recession. Check your local market to see how well it’s covered. If there’s a glut of HVAC repair shops, for example, consider moving to a fast-growing community to start your business.

H)   THRIFT STORES:

The resale industry experienced a comeback after the start of the economic downturn in 2008. The reasons for this included an increased need for households to sell unused items for cash and reduced quantities of disposable income that made it necessary for people to shop at cheaper outlets. In the same way that we keep our old appliances and cars limping through a recession, we tend to hit the thrift shops looking for bargains. So consider opening a thrift store if you are mad about cars and have a very good knowledge, skills and expertise on new as well as used cars.

I)        DEATH SERVICES:

Even in the worst recession two things are certain: Death and taxes. Again, with the aging Baby Boomer population, this is a growth industry no matter what’s happening with the economy. You could arrange for mortuary vans, Dead Body Freezer Box Services, arrange to make the process of getting death certificates hassle-free etc.,

J)     TAX SERVICES:

For some reason, accountants and tax professionals skate through the hard times better than most of the rest of us. I suppose people are more concerned about keeping every penny they’ve earned and at the same time the IRS is focused on collecting every penny possible – that creates the perfect conditions for boosting the demand for tax professionals.

SERVICE TAX REGISTRATION AT INDIAFILINGS.COM:

Service Tax Registration is a tax registration required for businesses providing services in India. Service tax registration is an indirect tax wherein the service provider pays the tax and recovers the same from the recipient of the taxable service.

You can easily obtain service tax registrations through IndiaFilings.com starting at an initial package cost as low as Rs.1899/-

SERVICE TAX RETURN FILING AT INDIAFILINGS.COM:

Persons or entities liable to pay service tax or having service tax registration must file service tax returns - Form ST-3 or Form ST-3A. Service tax returns are due half-yearly and the service tax return must be e filed. Service tax payment must be paid by entity electronically or manually on the respective due date. The due date for payment of service tax collected is determined based on the type of business entity.

IndiaFilings can help you file e file your service tax return online at very low cost starting from Rs.899/-  Our service tax experts can help you compute your service tax liability, e file the service tax return and keep you in compliance with service tax regulations. Use ReminDue, an online cloud compliance reminder service from IndiaFilings to get reminders for service tax return and service tax payment due dates.

For more assistance, get in touch with an IndiaFilings Business Expert. IndiaFilings can also help you do service tax registration or file service tax return  in India.

For more information or help starting a RECESSION PROOF STARTUP BUSINESS, talk to an IndiaFilings Business Advisor.