5 Businesses That Can Make Money Even in a Down Market
While the effects of the COVID-19 pandemic have been far-reaching and difficult for many across the United States, there are still some bright spots on the horizon for people looking for employment. Even during a tough time and an up-and-down market, there are businesses that continue to flourish, grow, and make money. If you’re searching for steady employment or considering a career change, then learn about five types of businesses that will generally always see success no matter what’s going on in the world around them.
1. Loans will be popular as people try to expand their businesses.
After taking a loss in a down market, other business owners will likely turn to investors or lenders to make up the deficits they’re facing. They’ll need hard money to work toward recovering, and if you are a traditional lender or able to provide hard money loans, you will likely see an increase in business as people come to you with their needs for finances. A hard money lender in Oregon and other states may have the chance to help others save their small to medium businesses from closing permanently.
You may also see an uptick in personal loan requests. While Americans have received some stimulus money, there are still several across the country who are struggling financially due to job loss. They may need a certain loan amount to help them while they work toward new financial goals.
2. Home remodeling and new construction continue to be popular.
Even during a pandemic or recession, homeowners still find themselves needing to either upgrade or repair their homes. A kitchen may need remodeling after a dishwasher floods the room, or a bathroom may need to be updated to reflect current design trends. Either way, these property owners need the help of professional remodeling services and contractors like Tartin Wood.
New construction is also in demand, especially in places like Florida where people are moving in droves to the area and real estate is booming. Contractors will have their hands full working on investment property, commercial property, or residential property as real estate investors step in to purchase land or existing buildings. You may also see success by working on flipping homes or renovating them for profit as the real estate market continues its upward trend.
3. People will always need HVAC services.
No matter where you are located in the United States, you’ll likely be in a place where homeowners and business owners need HVAC repairs or replacements. The freezing winters in Minnesota mean that they’ll need working heaters, while the brutal heat of a Florida summer means they’ll need a working air conditioner. Companies such as Direct Air Conditioning, Inc. that provide quality services and have a good reputation will likely always have a booming business and see great success. Along with repairs, there may be an increase in duct cleaning requests as people look for ways to keep their buildings as clean and sanitized as possible to help prevent the spread of COVID-19. HVAC companies should have steady demand and growth. According to the Bureau of Labor Statistics, there should be about 15,000 new jobs added in this industry over the next several years.
4. Cloud-based businesses provide connection.
The pandemic has driven many people away from working in an office environment and is keeping them at home, working remotely either indefinitely or until further notice. While there are many perks to working remotely, employees can end up missing out on that connection they had in an in-office setting. Managers may feel like they are also missing out on opportunities to coach and help employees grow professionally when they are working remotely. This could be alleviated by implementing new systems that offer more of a chance for employees to connect with each other and for managers to reach out and check on performance goals. There are several types of cloud-based business software now that can help with these issues, such as virtual event hosting, document management software, video conferencing tools, and more.
5. Food and beverage stores will always be in demand.
Some people have taken to ordering groceries online through apps like Instacart, but even considering that grocery stores will still need to be open and running to accommodate those orders. Since more people are staying home and eating there more, they are increasing their grocery orders as well. If you’re considering opening a new business, then a food or beverage store may be a good idea for you. Liquor stores also saw an increase in business in 2020, and many people still remain hesitant to head back out to crowded bars or restaurants. You’ll also likely streamline costs in hiring, as technological advances are making it easier and easier for people to check out on their own at self-service kiosks or even on their phones.