What good business to start in this current economy?

[Sammye3]

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?

When looking to start a business, it is important to start with a research and finding out what sells more in your country and also ensuring that you have the audience to sell out your products to.

You could look at retailing business, importation, private equity, real estate and many others.

All these mentioned and more would depend on your country of residence and the laws biding to certain import and export exercises and other fundamental laws too.

[blockman]

Depending on the economy and right now if it's with the most of us, we see that everyone is having a hard time. So pushing a huge capital might not be the best decision now and if you're still new to it. While those who have been in that industry will have no problem doing that as that's already their bread and butter. I think food business is also a good one but that's hard in my place because there's so much competition in it and I don't want to compete with the locals here. I'm also a foodie and I know how it's a good business but I am not a chef to have that business for this economy.

I think you don't want to get involved in any business because if you are willing to, I don't expect you to mentioned you don't want to compete, in this kind of life we are living now if you don't want to compete you will never achieve anything good because it is all about competition everywhere and again maybe you don't know much about business. Competing with local is actually a very good advantage because you just check your environment and see how things are being done, most people prefer to buy with people that are well organized and once you decided it, I am very confident that you will achieve a very good results.

Food business is a very good business which everyone must buy and no matter how the people surrounding the food business they must still have sell, food is the most important thing in life which human beings cannot do without it, so getting yourself involved in food business is the most successful business i ever see

I am willing but life is harder this time and I don't want to attract those customers of the same business near me. If I'll create a business, it will be different than theirs and so our community will have its own respective business that we'll have for each other. I know that competition will never be gone but it's about the empathy that I have since in our local neighborhood, we're not that a lot and the profits isn't that massive at all. So, I know how the market is here where I reside but if ever I do mine it won't be the food business anymore but maybe something like related to online.

[MRY]

I am willing but life is harder this time and I don't want to attract those customers of the same business near me. If I'll create a business, it will be different than theirs and so our community will have its own respective business that we'll have for each other. I know that competition will never be gone but it's about the empathy that I have since in our local neighborhood, we're not that a lot and the profits isn't that massive at all. So, I know how the market is here where I reside but if ever I do mine it won't be the food business anymore but maybe something like related to online.

The resort to online world in business is a great idea. There is no longer the need to be concerned with food competition with neighbors. In this manner, the society will be in harmony and contribute to the growth of one another. This is an excellent idea of which I do not hesitate to support as it is really an excellent thing to spread your riches without attacking that of your neighbor.

[blockman]

I am willing but life is harder this time and I don't want to attract those customers of the same business near me. If I'll create a business, it will be different than theirs and so our community will have its own respective business that we'll have for each other. I know that competition will never be gone but it's about the empathy that I have since in our local neighborhood, we're not that a lot and the profits isn't that massive at all. So, I know how the market is here where I reside but if ever I do mine it won't be the food business anymore but maybe something like related to online.

The resort to online world in business is a great idea. There is no longer the need to be concerned with food competition with neighbors. In this manner, the society will be in harmony and contribute to the growth of one another. This is an excellent idea of which I do not hesitate to support as it is really an excellent thing to spread your riches without attacking that of your neighbor.

That's true, although there's a lot of niche if it's about online. And I can think of many but I just can't start it yet right now. What I am interested in reading about is OPs conclusion on how he sees what kind of business he's about to start by reading everyone's thought about this current economy. While some countries are doing well, many of us who lives in a country that has corrupt leaders is having the hardest time. I don't know where OP is coming from but, it seems that many of us are on our own without having the need to ask for help from the government.

[junder]

Tiktok is booming. I think that being an affiliate on it is going to be a good business but that's not easy to start with.

We see some marketers pushing people to become affiliate in it because the commissions are good if you sell a lot.

If you have that talent to attract a lot of customers then you'll be printing money but of course that comes with a talent too.

My friend did what you said, he became an affiliate by marketing other people's products or companies by pioneering and now he manages to have a large income per day. With the beginning he spent his own capital to start but over time he got a lot of followers and his marketing videos were good, so now he is easy to get free products (samples) because maybe the company is quite confident in the account he has because it has a lot of viewers.

[Hamza2424]

There is nothing wrong with this because when you are managing multiple things at the same time, it is better to hire a good manager for your business. Good one that can lead your business to the moon height, not sea depth, haha. But before hiring any manager, I would recommend that we should learn every aspect of that business so that no one can betray us or steal our money.

Yep, hiring a good manager is not a piece of cake. You need to be a manager first in order to hire one, because I think if you want someone to fill your shoes, you need to be in those shoes first. Anyway, experts in business and finance fields could share better advice on it, but they will also say that do not work for money, put your money to work.

Hiring a manager who is not yet capable of putting their money to work but is ready to work for money and also ready to work with dedication is a huge blessing.

I disagree with this statement. You can also stand you low level bussnies as a successful empire, and it all depends on your way of managing businesses and strategies. You can scale both kinds of business into profits if you have good management skills of bussniess. And if you don't know how to scale a business well, then I can guarantee that you will always defeat on both kinds of business even it is a small or large business. Besides this, one thing is that when you are staring with small bussiness at initial stages, then the chances of losing money if loss, and if you are starting bussiness at larg scale with big capital, then the chances of losing money will be more. Big capital, big losses; low capital, low losses.

Yep, I also disagree with me haha. Bro, I never compared both in "profit," I only compared them in terms of "risk." Also, I said I don't believe this.

I just think without searching and finding more about it, and that thought was in that paragraph. So I value your point here as well, and I also believe that when we put more money on the line, the risk is bigger. But a businessman said that when you put more on the line, the chances of failure and risk are way lower. So that's what I was trying to understand.

[Cheema02]

I recommend a civil engineering construction high rise building contractor work and same apartments selling real state selling purchasing work

I like real estate and apartment business. But this advise of yours requires a lot of money and probably only for those contractors who have been in the business. If I have the money, I'll have my apartments rented but it doesn't have to be a high rise building because in my country, land is expensive and small portions are only available to be purchased. What I think you're saying is about flipping and become a build and sell construction company. As for me, I won't be selling what I've built if they are on a good location.

It's very rational point that location is very important for every field of life let instance for living we always prefer a good place which meets our requirements and also for business an accurate location is very important to run a business. If a have enough money then I prefer to buy a good apartment and then make a business by giving it on rent because in this form you get monthly and gradually income and your asset  still remains in your custody. Many individuals sell houses just after they built it for money but actually game is entirely different we give it on rent and make money gradually. So every one has not the ability to make a strong empire of real estate because house cost and land prices are so high so after purchasing a one apartment which is giving on rent gives you money back monthly and then this money should reinvest in another business to manipulate it. So if this strategies work then ane after one you build a colony and then a make a network.

[blockman]

I like real estate and apartment business. But this advise of yours requires a lot of money and probably only for those contractors who have been in the business. If I have the money, I'll have my apartments rented but it doesn't have to be a high rise building because in my country, land is expensive and small portions are only available to be purchased. What I think you're saying is about flipping and become a build and sell construction company. As for me, I won't be selling what I've built if they are on a good location.

It's very rational point that location is very important for every field of life let instance for living we always prefer a good place which meets our requirements and also for business an accurate location is very important to run a business. If a have enough money then I prefer to buy a good apartment and then make a business by giving it on rent because in this form you get monthly and gradually income and your asset  still remains in your custody. Many individuals sell houses just after they built it for money but actually game is entirely different we give it on rent and make money gradually. So every one has not the ability to make a strong empire of real estate because house cost and land prices are so high so after purchasing a one apartment which is giving on rent gives you money back monthly and then this money should reinvest in another business to manipulate it. So if this strategies work then ane after one you build a colony and then a make a network.

I agree, you won't create an apartment business in the top of the mountains. But guess what? due to airbnb, if you have some nice view there, it's still going to be explored by your targeted customers. And as for the build and sell, it's also a good business but really requires a lot of money for doing that. It's not suitable for many and that's why the contractors and likely the constructions companies or individual engineers and architects are the ones who are into that business. That is profitable for them but it takes them before a unit is sold.

[sunsilk]

Tiktok is booming. I think that being an affiliate on it is going to be a good business but that's not easy to start with.

We see some marketers pushing people to become affiliate in it because the commissions are good if you sell a lot.

If you have that talent to attract a lot of customers then you'll be printing money but of course that comes with a talent too.

My friend did what you said, he became an affiliate by marketing other people's products or companies by pioneering and now he manages to have a large income per day. With the beginning he spent his own capital to start but over time he got a lot of followers and his marketing videos were good, so now he is easy to get free products (samples) because maybe the company is quite confident in the account he has because it has a lot of viewers.

Nice, that's actually zero capital at first but it's the hardest. Because you'll get zero followers, zero reputation and no one will view your vids.

But thanks to the marketing if ever you've got some capital ready and you're already gaining traction, that's the way to go.

Good marketing is important in promoting other people's product and that's how you'll earn your commission from their products.

[Floczy]

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?

There is no such thing as "current economy" or at least I do not believe in such terminology.

I understand that if someone is passionate about creating something or wants to run a business off it, they should go ahead with it. If it is in line with the current needs of the world, one might see profits early on. But that carries its own risks as well. Something like retail store will never go out of market because people thrive on it, while a niche market might not do so well.

I would not think twice in starting my own casino because that is always going to be profitable.

Yes I do feel that casino is a very profitable business but sometimes my fear is what if it situation happens and someone wins a very huge amount of money like 10 million dollars in The range off short time, will that period not be significant loss for you? You know I actually do get confused on how these casino a works I know that on a long run they will be in profit but the profit will it be able to cover up for situations whereby someone wins a very huge amount of money? And most of the times to risk that individuals take are way lower than the rewards all this gets me confused and makes me question if casino is a profitable business 

[reagansimms]

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?

In the midst of a very challenging economy that has caused purchasing power to not fully recover, I think the most resilient businesses are those that offer basic necessities. I wouldn't force myself to start a business that requires a lot of capital and maintains prestige. The most suitable business from my perspective is one that has recession-proof criteria, healthy margins, and can be started without needing a special location.

These three criteria exist in hyper home services such as air conditioning services and on-call cleaning. The reason I chose this business is because air conditioners need to be cleaned regularly, the house must remain clean and fragrant, even though the economic situation is uncertain, consumers must prioritize these things because they fall into the category of needs, not desires.

This type of business does not require large capital, if the service is good it will get regular customers, thus making cash flow more secure. Initially I can start alone, if the number of customers has increased, I will recruit some technicians, so I can focus more on admin and marketing.