What is economic recession? The U.S. based National Bureau of Economic Research (NBER) defines a recession as "a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP growth, real personal income, employment, industrial production, and wholesale-retail sales." Recession usually comes with a lot of difficult challenges and pains for the masses but my reason for writing this note is not to remind you of the pains which you might be going through now but, to show you solutions and opportunities that are also associated with recession.

Every problem that man encounters in life is an opportunity also. For instance, when there is war, the victims suffer and die but the people that deal in weapons and other supplies for executing wars will be smiling. So, in this period of recession, while many people are crying because they lost their job, or because the high cost of living has overshadowed their meager salary, there are some people out there also who are really smiling and are actually celebrating this period as the best of times for them.

So, it’s all about how you position yourself for a period like this. Let me quickly remind you here that life is governed by some basic principles. Just as there are principles that govern prosperity, so also there are principles for austerity. These principles determine the way things work. If the way you position yourself is contrary to the way things work, you are sure to be affected negatively.    

You will observe that during period of economic recession, people’s ability to save or invest is greatly hindered and that is why so many people do not invest at such season. In fact, they are even tempted and compelled to spend up all their past savings and even eat up their seed.

I just want to remind you of the story of Isaac in the bible as recorded in Genesis 26; you too can reap 100% by investing in some top business opportunities that have the capacity to thrive during periods of recession. I will share four (4) of them briefly here.

While deciding on the best type of business to start during a period of recession, there are 5 major parameters that you must use to evaluate the type of business. In fact, we always advise our clients to go for businesses that satisfy these parameters because; such businesses will still thrive even in periods of prosperity, recession, depression, meltdown, etc. These parameters are as follows:
a.      CAPITAL REQUIREMENT: Think of ideas that you can start with very limited capital (as little as N50, 000).
b.     LOW RISK: Avoid opportunity that has high risk of losing all your investment. It might be very difficult to bounce back.
c.      NO OVERHEADS: Think of ideas with minimal overheads (like home based businesses, no rent, no salaries, etc)
d.     WHAT IS THE DEMAND LEVEL OF THE PRODUCT? If the demand level is inelastic, that means, whether prosperity or recession, demand is still high.
e.      Does the business need any special kind of skill or educational qualification?

Now let’s quickly talk about the top 4 businesses that can give you super profit during periods of recession.

1.     HEALTH AND WELLNESS BUSINESS: This is number one and will continue to be on the top list, whether it is period of recessions or prosperity. The Global Wellness Institute in their September 30, 2014 publication reveals that, the global wellness market was worth $3.4 trillion, making it nearly three times larger than the $1 trillion worldwide pharmaceutical industry. The study confirms wellness as one of the world’s largest and fastest-growing industries. Also, Deloitte, in their 2015 Global Health Care Outlook stated that healthcare spending is expected to accelerate, rising from an average of 5.2percent a year in 2014-2018, to $9.3 trillion. Moody's Investors Service, an international rating agency had also predicted that global demand for healthcare products and services will continue to grow in 2016.

The major sectors of the health and wellness business that are still experiencing great boom since 2010 are the Nutritional Supplements and Weight Management Products (108 percent increase to $276.5 billion).

2.     BEAUTY AND ANTI-AGEING BUSINESS: A living dog, the bible says is better than a dead lion. As long as people are alive, they want to look good and feel good. The Global Skin Care Industry is today worth US$115 Billion and it is estimated to be US$147 billion by 2020 that is about 27.8% increase. That is why this industry is a great opportunity for you to consider at a time like this because it is also recession proof.

3.     ENERGY DRINKS BUSINESS: Can you mention the number of energy drinks in our markets today? The number is increasing on daily basis; you name them: Kparaga, Monkey shoulder, Kerewa, Kogbela, Ibile, Durosoke, Dadubule, Action Bitters, Koboko, Ogidigba, Baby Oku, Pasa Bitters, Osomo, Alomo of higher class, among others. In fact, the consumption of these products seems to be higher in period of recession so, it is an industry that will continue to grow. Today, the Global Energy Drink Industry is worth over US$49.9 Billion and it is estimated to hit US$1 trillion worldwide soon.

4.     RECRUITMENT BUSINESS: The time of recession is usually characterized with high rate of job losses and unemployment. So, if you are in the business of helping people get a job, you are sure to be smiling to the bank even during recession. All you need is the skill, the opportunity is limitless. Many companies out there are seriously searching for skilled personnel that can help them drive their visions. Do you know the irony, while many young graduates in Nigeria are complaining that there are no jobs, many organizations are also complaining that it’s difficult to find quality and skilled personnel in Nigeria.

So, you can see that there are several opportunities that are just lying there waiting to be tapped even in this period of economic challenges. Remember that, these are businesses that you can start with as little as N50,000 another good thing about these businesses is that you can run them from the comfort of your home. The risk level is even almost zero.  

According to John F. Kennedy, “The time to repair the roof is when the sun is shining.” What really stops people in business is not the season or the economic situation but lack of knowledge. You will always be hindered or limited by what you don’t know. That is why, at THINKING MINDS INTEGRATED BUSINESS SOLUTIONS, we focus more on solutions than problems because solutions exist first before any problem.

You can be part of the growing number of youths and aspiring entrepreneurs that we have helped to become proud business owners. As I conclude here, don’t forget that, “As sure as the spring will follow the winter, prosperity and economic growth will follow recession” Bo Bennett. So, take advantage of our free consultancy and business support services today and turn this period of recession into great opportunity.  

To know more about the above mentioned opportunities and more, contact us at: THINKING MINDS INTEGRATED BUSINESS SERVICES
TELEPHONE:         08052833097, 09097917225
WHATSAPP:           08033291724

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