What good business to start in this current economy?

[JoyMarsha]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

What amount are we looking at, I mean the amount you have. Is it a little or big money? I want to let you know, that in any business, you can start up small, you grow the business little by little, and over time it becomes big.

I want to add what others have said about location, that plays a major role in your choice of business. The businesses I want you to look into, are businesses that sell all the time without seasons. Businesses like food stuffs business, clothing line, pharmacy, selling gadgets and their parts, barbing saloons, betting shops, etc.

[Majestic-milf]

Location is what can make business to flourish and the demand. There are some people that has set up a business that is demanding but the location is wrong nd they end up not going far with the business and there are people that has good location but the type of business they set up is not demanding and they couldn't make plenty of sales for their business. You will have to balance between location, the demand of your business and how to make sales as possible.

Sometimes you can make this conditions and have bad economy, you can have a running business customers will be patronizing you but as as soon as the economy becomes, it becomes a major problem, you wouldn't be able to continue the business again because bad economy affect everybody even if you don't add money to what you are selling to business. A country that deals with high rate of inflation is likely to have collapse of businesses no matter how good the business looks.

All these are valuable points you raised here but in business, you'd have to be flexible and work with the ever-changing demands of the business. If the location isn't suitable but the business is good, you can create an online presence where you can continue serving your customers. You can also pay dispatch riders to run delivery for you. I know that's more cost incurred but it's better than losing them and also, if you've created a relationship with your consumers, I believe they'd want to make the sacrifice to come where you are.
 Secondly, inflation is a problem every country faces, only that some are affected more than others, and as a business owner, understanding this will help you navigate your way around things. Your customers are aware that things are always changing price and that's why customer relationship matters a lot cause this can make things more simpler.

[EarnOnVictor]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

No one can reasonably give you the idea when you didn't state your country and the amount you budget for it. It could even be better if you add the industry you are looking at, perhaps, the range of industries. There are enough of business ideas; the lack of capital is causing issues for people.

[icebar]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

I used to say earlier that if we start a business with all the necessary things that are needed to meet the basic needs of people, then that business will be the most profitable because people will definitely need basic things. However, if I want to take a decision based on the current trend, then I would definitely consider e-commerce business as the most profitable. Those who do these things online can achieve something good in a short time. But in most cases, online-based businesses are improving rapidly. However, it is true that the overall situation of a country, especially the area you are in, determines which business is suitable there. If it is a poor country, then it will be difficult to expand the e-commerce business. If a business can be started by knowing well about the needs of the common people, then it will definitely be profitable.

[Versatile_choice]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

It all depends on the country you're coming from, I can only give you my opinion/idea that's if we both are in the same country. And even at that, it still under probability because you might be coming from the interior part so there are some business that is moving over here but if you take it to that part where you came from, it may not move as it is moving over here.

However, there's this business I know that even though you take it to anywhere, you will become successful and that is provision store. Yes due to the high rate of poor people in the society our main focus is how we can feed our wife's and families you barely see someone talk about building a house or something like that if not food. So those who are selling food stuffs are making it.

[tabas]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

I won't choose the business who are already profitable, I'll choose the ones that hasn't have much competition. Because this is what's happening in this economy lately. Whatever is profitable, it's being copied and also done by the others. So, the competition becomes tougher and you'll have to downsize or do some adjustments just for you to keep afloat. Competition is good but sometimes it's the main reason why a business is being killed. Price decrease for the products or services just to get those customers that they think will be loyal to them.

[Issa56]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

If you have a local board, it’s better you visit your local board and ask a question like this. People will find it difficult to answer a question like this because we are from different parts of the world, and what works in a particular country might not work in other countries. If you are from my country, I will have recommended some business, but I don’t think you are from my country, I can’t really recommend anyone.

[abhiseshakana]

Based on my experiences, the correct question should be what business is most suitable for you to run and what the market needs most. Before choose my first business my first consideration always my capability because opportunity without capability to execute it will be ended with high cost learning or normally we say lost risk. After that check our financial capacity  because cashflow important in business, some businesses go bankrupt not because of losses but because there is not enough fresh money for cash flow, made cashflow projection for a year will help decide whether we have sufficient capital to start business. The last consideration is market need because every business need customer. When there are clear opportunities and demands, we can start our business, the scale depend on our financial condition.

My small 10 years old daughter has start her own business selling japanese dessert, and it has been running for almost 2 years. she start selling her lunch to her classmate and has big demand in her school and now has her own small dessert store.

[Odogwu-Blockchain]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

I am believing you are starting the business with $1000 as a budget, in any country you are, you should start buying and selling marijuana or cannabis with it from, it's certainly a good business if you are not doing drug at all, you should be selling it around the neighborhood and make a cool profit that can let you restock whenever it finishes again and again.

I know you might see it to be risky because you might be caught up with the Fed but that's not a problem. If you get to close a deal with the with someone connected with the police, that's an added advantage.

[CryptopreneurBrainboss]

Can I have your thoughts or ideas on this? What business is good to start in this current economy? If you will start a business, what will it be and why?

A good business should be one that serves the need of the public and as a result the public rewards you with money for solving their problem so before deciding what business is a good business you have to look at your surrounding and try to observe what is lacking in your surrounding and then you provide a service for that and that's the way you can get a very good business to start. Why I say you should look at your surroundings is because what works in another city might not work in your city and if you use the eyes of those starting business in a different city to start that same business in your city it might not favour you since communities have different habits so just observe what is lacking in your own community and what the people really needs then provide a service for that and you get a good business.

[Uhwuchukwu53]

This question is basically dependant on location of the personality, Apart from individual capabilities in capital focusing mainly on economic effects on human that deprived then from certain expenditure,the best business is stomach infrastructure business which are consumables because no matter how hard any economy could be humans must daily find what to eat and be feed so such business thrive in most fallen economy than others business like clothing including building materials may not strive where citizens are finding it difficult to have daily square meal. For instance in my formal resident I have closed neighbors who do African pancakes popularly name akara and pap business,this neighbors see daily income that double clothes business I do business if the economic hardship of the citizens they focus more in feeding than clothing, I draw inference in this experience in every hard economy feeding items and goods strive more , though others may but haven't subjected myself for more verification of such.

[Minor Miner]

Almost every business sector can be profitable and offer opportunities for success.  And the choice of which field to enter will depend on our knowledge, capital, experience and demand in the area where we plan to do business

Business is similar to investing. Every industry and every asset has its own opportunities and potential. The choice of where to start, and whether it becomes profitable or not, depends on how we manage and take advantage  of the opportunities within that field.