27 Lucrative Businesses to Start During The 2023 Recession
Last updated: May 18, 2023
The video by
Charlie Chang discusses 27 profitable businesses that can be started during a recession, including bookkeeping, content creation, social media management, and lawn mowing.
The video titled '27 Lucrative Businesses to Start During The 2023 Recession' provides a list of profitable businesses that can be started during a recession. The video goes into detail about each business and provides a game plan for starting them. The businesses range from bookkeeping to content creation to social media management to lawn mowing. The video emphasizes the potential for high pay and the freedom that comes with being an entrepreneur.
27 profitable businesses to start during a recession with detailed game plans and resources to learn more
Great time for aspiring entrepreneurs to start
Bookkeeping pays $19 to $30 per hour or more, certification not required but recommended, can work anywhere and outsourceable
Content creation has no ceiling when it comes to pay, monetize through various methods, potential is limitless
Social media management pays $14 to $35 per hour, need a solid understanding of social media, potential to build an entire agency and make six, seven, or even eight figures per year
Lawn mowing can earn $40 to $50 per hour, requires physical labor and equipment, opportunities for repeat business and referrals
Freelance writing can earn between $50 to $200 per script, research the industry, build a portfolio, outsource some of the work
E-commerce business has virtually unlimited potential for growth and wealth, choose a product to sell and research the market to find a niche, sell to the entire world and build equity in your business to sell at some point
Affiliate marketing is a form of marketing where businesses reward you for every visitor or customer that you bring, start on any platform, build an audience, attach affiliate links to earn a commission
Starting an agency requires determining your niche, deciding on a business model, hiring people, and marketing to get clients
Website development requires teaching yourself how to build a website, building up your portfolio, targeting entrepreneurs, and focusing on one particular niche
Graphic design is always in demand, estimated earning potential is anywhere between $30 to $100 per hour, continually build your skills and experience, offer your services on platforms like Fiverr or Upwork
27 Lucrative Businesses to Start During The 2023 Recession - YouTube
27 profitable businesses to start during a recession
Detailed game plan for each business
Resources to learn more about each business
Great time for aspiring entrepreneurs to start
Pays anywhere from $19 to $30 per hour or more
Certification not required but recommended
Start by taking free online courses and leveraging knowledge
Post work on freelance websites to gain more opportunities
Pay can vary wildly based on experience and demand
Outsourceable and can work anywhere
No ceiling when it comes to pay
Find a marketable niche with a large enough audience
Create a reasonable plan for creating content
Stay consistent and passionate about the topic
Monetize through affiliate marketing, selling courses, AdSense, and sponsorships
Potential is limitless
27 Lucrative Businesses to Start During The 2023 Recession - YouTube Social Media Management
Pays between $14 to $35 per hour
Need a solid understanding of social media
Build knowledge base and skill set through courses and experience
Approach small businesses and advertise your skills
Plenty of freedom in the work you can do
Potential to build an entire agency and make six, seven, or even eight figures per year
Can earn $40 to $50 per hour
Requires physical labor and equipment
Great for those who enjoy working outdoors
Can expand to other landscaping services
Opportunities for repeat business and referrals
Can start small and grow over time
Lawn Mowing Business
A lawn mowing business has a low startup cost and is easy to get started.
You need capital to buy the proper equipment, including a lawnmower, string trimmer, leaf blower, and protective gear.
You can start by reaching out to neighbors and local residents to see if their lawns need trimming.
You can manage several clients at the same time by scheduling operations.
You can legalize your lawn care business into a legitimate operation, especially when you start hiring others to help.
A freelance writer can earn between $50 to $200 per script with plenty of room to grow.
You can research the freelance writing industry and learn from successful writers.
You can take an online course to help improve your grammar and syntax and learn how to write for different businesses.
You can spend one to two months learning the whole process of writing for a specific niche.
You can build up a portfolio and reach out to potential clients to offer your services.
You can outsource some of the work and train people to write with the same style.
An e-commerce business has virtually unlimited potential for growth and wealth.
You need to choose a product to sell and research the market to find a niche.
You need to choose an e-commerce platform to sell on, such as Shopify or Amazon FBA.
You need to make sure your product is different from others and not viewed as a commodity.
You need to build reviews, work out your logistics, and get started.
You can sell to the entire world and build equity in your business to sell at some point.
Affiliate marketing is a form of marketing where businesses reward you for every visitor or customer that you bring.
You can start on any platform, such as Instagram, YouTube, or TikTok.
The first and hardest step is to build an audience with your content.
You can attach affiliate links to the descriptions of your videos and earn a commission for every viewer that clicks on that link and buys something.
The money you can make from affiliate marketing is highly variable and largely depends on the size of your audience.
You can learn from successful affiliate marketers and build your own business and skill set.
Provide value and be consistent with that value.
Find a niche that is not too competitive or where you're highly knowledgeable.
Join affiliate marketing platforms like Share Sale, Commission Junction, or Impact Radius.
Make content that aligns with those products or services.
Earning potential is pretty much unlimited.
Starting an Agency
Determine your niche and specialize in something.
Decide whether or not you want to make your agency remote.
Decide on a business model for your agency to run on.
Start hiring people to help you or work for you.
Marketing and getting clients is the hardest part.
Get on social media and offer a lot of value to your target audience.
Teach yourself how to build a website.
Build up your portfolio.
Use platforms like Webflow, WordPress, Squarespace, Hostinger, or Wix.
Target entrepreneurs, YouTubers, or Twitch streamers.
Focus on one particular niche and get really good at that.
Outreach is needed, but as you build up your client base, they will refer you to others.
Businesses always need graphic designers to design logos, flyers, advertisements, emails, and any other form of marketing.
Estimated earning potential is anywhere between $30 to $100 per hour.
Continually build your skills and experience in this realm of business.
Once you get the hang of things, this business can do extremely well.
Offer your services on platforms like Fiverr or Upwork.
Focus on building a strong portfolio and getting referrals from satisfied clients.
Build your portfolio by learning and practicing graphic design skills.
Focus on a particular niche and find your first clients.
Deliver to your clients and get word of mouth referrals.
Graphic design is a high-value skill that can be done remotely.
Graphic design can turn into a full-time agency if you have enough clients.
Study the best thumbnails on YouTube to learn what makes them perform well.
Build up your own portfolio and offer free value to potential clients.
Thumbnails are extremely important for YouTubers.
You can start on Fiverr or Upwork to build up your portfolio.
Charge between $5 to $100 per thumbnail.
Thumbnails have a lot of potential as more people join YouTube.
TikTok Video Editing Agency
TikTok is one of the biggest social media platforms in the world.
Identify people making long-form content and offer to make them short-form videos.
Charge $30 to $100 per TikTok video.
You can fulfill this yourself or hire editors to do it for you.
As more businesses build up their social media, the demand for TikTok videos will increase.
TikTok video editing is a great way to get into the content industry.
Buying and Selling Domains
Businesses and companies will always need websites for their businesses.
Every website needs a domain name that is simple and memorable.
Think of niches you're familiar with to understand the value of certain domain names.
Check the availability of domain names on GoDaddy or Namecheap.
Compare the price of your chosen domain name with other similar domains on Namebio.com.
Identify which names have potential, buy them, and secure the right buyers.
Website Remodeling and SEO
Website remodeling and SEO are in high demand during a recession.
Understanding web design and SEO basics is necessary to start this business.
Specializing in a specific industry and offering SEO services only for those types of businesses is recommended.
Assembling a portfolio of ideas for clients is important.
Focus on delivering high-quality services to gain returning customers and referrals.
SEO is a high-value skill that can be learned in a relatively short amount of time.
Copywriting is a recession-proof high-value skill that is critical to marketing.
No educational requirements are needed to become a good copywriter.
Online certification and completing a copywriting internship can help build a resume.
Offering free or discounted copywriting services to friends and small businesses can help gain experience and build a portfolio.
Starting on Fiverr and Upwork can help gain clients, but reaching out to businesses and fulfilling services on your own is recommended.
Copywriting can turn into a scalable business that resembles an agency.
Companies will always need people to sell their products and services.
Creating an agency to find and train setters to sell high-ticket products can be a profitable business idea.
Companies will often pay a placement fee of $5,000 to $10,000 per person for trained salespeople.
Teaching people how to become great salespeople and enrolling them in a course can lead to a ton of great salespeople that other businesses will want to have within their company.
Reaching out to businesses that sell high-ticket programs and offering to place your setters within their company is recommended.
This is a super high-margin business that can be done from anywhere.
Many companies and entrepreneurs need help with tasks such as scheduling appointments, arranging travel, making phone calls, and organizing inboxes.
Becoming a virtual assistant can be a profitable business idea.
Offering a variety of services and being organized and efficient is important.
Networking and building relationships with clients can lead to more business opportunities.
Using platforms such as Upwork and Fiverr can help gain clients, but building a personal brand and website is recommended.
Virtual assistant services can be offered remotely, making it a flexible business idea.
Hiring virtual assistants is a common practice for people who want to save time.
Virtual assistant is a low paying job but can be done from anywhere.
It is a great way to get into the online space and start making money from home.
You need to have skills like being good at Microsoft Office Excel.
You don't need to have a degree, just be hardworking and able to multitask.
You can charge between 15 to 30 dollars an hour in the States.
Freelancing on platforms like Fiverr or Upwork is a good way to make money online.
It is a service-based business that doesn't cost any money to start.
You can identify a skill you have and list it on a platform to start freelancing.
You can get creative with the services you offer, such as singing happy birthday for clients.
You need to create your own Fiverr or Upwork accounts and optimize your listings.
Freelance work on these sites can become a big source of income if you get selected for Fiverr Pro.
Developing, marketing, and selling an online course for a desirable skill is a lucrative business idea.
You need to identify a skill that you can teach and connect it to making money.
Create a video course and use a platform like Kajabi, Teachable, or Thinkific to host it.
The margins are extremely high, but it takes a lot of time to initially create the course.
You can pre-sell your course to test demand before investing time into it.
You can either create low ticket or high ticket courses depending on your preference.
Content creation is a broad category that includes writing, video production, and podcasting.
You can create content for your own brand or for other businesses.
You can monetize your content through sponsorships, ads, and affiliate marketing.
You need to have skills like writing, video editing, or audio editing.
You can start by creating content on platforms like YouTube, Medium, or Anchor.
You need to consistently produce high-quality content to build an audience and monetize it.
Handmade Goods Business
Create and sell handmade goods on platforms like Etsy, Amazon Handmade, or your own Shopify store.
Market your products on social media and reach out to friends and family for sales and advertising.
Look at what other Etsy sellers are selling and put your own spin on it to make it unique.
Focus on customizable and homemade products to stand out from mass-produced versions.
This is a great business to start from home and can grow into a successful e-commerce empire.
Renovate and Flip Business
Identify items that need fixing up or refurbishing, such as furniture or home appliances.
Buy these items for cheap on platforms like Craigslist or Facebook Marketplace.
Fix them up and sell them for a profit.
This is a great way to start making money quickly and can be a stepping stone to other businesses.
Couch flipping has become particularly popular in recent years.
Real Estate Photography and Video Business
Good visuals are crucial for selling homes, making real estate photography and video a growing industry.
Develop your photography and videography skills and create a portfolio.
Reach out to real estate professionals in your area and start off with lower-end listings.
Charge between $200 to $1000 for a good set of photos and videos.
This is a high-value skill that can lead to six-figure earnings if you become one of the best in your area.
Investing in Assets
Investing should be a source of long-term wealth building, not active income.
Buy and hold assets like index funds and ETFs for a stress-free investment strategy.
Avoid day trading or options trading unless you have extensive knowledge and experience.
Investing should be a part of everyone's income sources.
Focus on building wealth over time rather than trying to get rich quick.
Investing is a great way to earn income during a recession.
Platforms like Weeble and MooMoo can be used to buy and sell stocks.
Buying index funds is a safe way to invest money.
Investing in assets that are guaranteed to grow in the long term is a safe way to invest money.
Investing in stocks during a recession is a great opportunity.
Instagram Theme Pages
Instagram theme pages are common accounts on the platform.
Having thousands to hundreds of thousands of followers makes businesses want to advertise on these pages.
Creating a theme page involves identifying a niche or focus for your page.
Developing a plan or upload schedule is important.
Growing an Instagram theme page can lead to selling it in the future or selling advertising space on it.
Meal Prep Company
Meal prep is a great business to start during a recession.
Buying food in bulk and meal prepping in large quantities to sell to people is the basis of this business.
Looking out for any licenses that may be needed is important.
Creating a small meal prep company can create immediate cash flow.
Typical profit margins can be between $50 to $100 for a typical client that orders 15 meals per week.
User Generated Content
Companies are paying regular people to create content for them.
Building up a portfolio of content is important.
Typical rates range from $10 to $100 per video.
Working with companies that you align with and agree with is important.
Working for an agency can be a good way to get started.
Event Planning and Management
Event planning and management is a cool business that anyone with planning skills should start.
Picking a niche to focus on is important.
Looking at how successful wedding planners run their business can be helpful.
Creating and curating amazing events can lead to charging thousands of dollars.
No formal education is required for this area of business.
27 Lucrative Businesses to Start During a Recession
Event planning can be a profitable business, with high profit margins and the potential to charge hundreds to thousands of dollars per event.
Bookkeeping is a service-based business that can be started with minimal investment and has a steady demand.
Content creation, such as writing, graphic design, and video production, can be done remotely and has a growing demand in the digital age.
Social media management is a service-based business that can be started with minimal investment and has a growing demand as businesses seek to establish an online presence.
Lawn mowing and landscaping services have a steady demand and can be started with minimal investment, making it a good option for those looking for a low-risk business.
Home cleaning services have a steady demand and can be started with minimal investment, making it a good option for those looking for a low-risk business.
Watch the video on YouTube:
27 Lucrative Businesses to Start During The 2023 Recession - YouTube