The world is in a precarious state these days. From a worldwide pandemic, supply chain issues, a mass resignation, and a war in the “Ukraine” that may or may not end soon, things aren’t looking great.
In times like this, you might think – and rightly so – that it is time to start your own side hustle business. After all, can you even rely on a steady paycheck anymore? But how do you start? Are you afraid to take the first step? Do you even know what that step is? What if you fail?
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If you want to leap, having a game plan and knowing your options is step number one to leaving your comfort zone and earning extra income for your future security.
4 Best Side Hustle Businesses That Are Recession Proof In 2022
This article will cover four “Side Hustle Businesses” that can stand up to the perils of a worldwide recession and help you stay secure and stable down the road. Are you ready? Let’s go!
#1 Being A Handyman
Let’s start with the first side hustle business – “Being A Handyman.” Why is this a good “Side Hustle Business?” When the economy is terrible, people are more likely to fix broken things than buy new ones. It is cheaper for them to hire a “Handyman.” And If you have the skills, you can earn some extra money.
So, What is the next step? You probably have many questions about:
- How to start this business?
- How to be a Handyman?
- What equipment do I need?
- How do I fix things?
Whether you apprentice with someone with the experience, you take a course at your local college, or you start diving into YouTube videos and bug your local hardware store clerk. There are many ways to learn what you need in just a few weeks or months.
If you have a natural affinity for this type of business and like to be Hands-On, then you’re probably well on your way to starting.
#2 Flipping And Upselling
The second Side Hustle Business is “Flipping And Upselling Goods and Products.” It is another business that does well when the economy is terrible. It doesn’t just stay alive; it proliferates. When money is tight, selling used or refurbished items go through the roof.
Parents won’t spend $20 on a new shirt for their child if they can find a perfect second-hand one for $5. Almost all consumer goods do well for flipping during a recession, such as appliances and game consoles, but clothes for kids are definitely at the top of the list.
Many people like to buy and sell used items because they save money and are suitable for the environment. Also, the social stigma against used clothes has been turned around, and buying vintage, repurposed, and used items is becoming more popular. These numbers are multiplying and will continue to do so.
According to “ResearchGate,” the Compound Annual Growth Rate or CAGR growth rate of the multi-billion dollar second-hand industry is much higher than those of newly made items. It is valid in all areas, from clothing and furniture to cars and electronics, and it is expected to keep going up in the coming years.
#3 Being A Mobile Mechanic
The third Side Hustle Business to consider is “Being A Mobile Mechanic.” It is the same idea as the whole Handyman thing. During a recession, people are less likely to buy a new car, so they have to fix or take care of the one they already have.
Today, everyone is used to having everything they need to be delivered right to their door, so the idea of a mechanic coming to you makes a lot of sense. Even if you don’t know a lot about how to repair cars, you can always partner with a seasoned mechanic looking for work.
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Turo is the fourth Side Hustle Business that will do well even in a lousy economy. What is Turo? You can think of it as Airbnb for cars. Like a car rental agency, people use the Turo platform to book their cars.
During a recession, it makes sense that people will travel less. So it’s best to focus on renting your car to local people who need to get from point A to point B. Maybe their car is in the shop, and they need a reliable vehicle to run errands for the week.
My Last Words
A recession might seem bad, but it is just another opportunity to build something for your future. As you can understand, the best recession-proof Side Hustle Businesses are those that provide essential services to the public – such as plumbing, fixing things, and providing a low-cost alternative to new items that are too expensive.
The best time to start a recession-proof Side Hustle Business is before a recession hits. But the second best time is “Right Now.” You have control over your future, and starting a Side Hustle Business that can stand up to financial turmoil and global challenges is always a good idea.
It is just scratching the surface when it comes to Side Hustles. Check out our article, where I go into another group of “Side Hustle Businesses” you can do online from home.