What good business to start in this current economy?

[Berry2d]

Talking about business establishment,  at times there are some mistakes we make when getting involved in businesses which is investing in a particular business because you see others do it or told to do so.
Even with the existence of an unstable economic situation,  business should still be established with regards to the commodities desired within that location and not because of the reference.
Considering the criteria for business development,  I think the environment in question determines the best suitable business at that point in time.

[I_Anime]

Personally, it's not just about starting a business that matters but the ability to maintain it. Location matters too because you don't want where you'd not see sales in a week because customers can't access your business center as a result of bad roads or other things.
 Where I come from, the rising costs of things can discourage one from starting something but if I'm to suggest, you could go for the sale of oil, it's a commodity that's widely appreciated and can also fetch one good income.

Exactly starting a business is not the issue is maintaining that business is The main challenge, that’s why is advisable to do a feasibility study first before going into any business, many are usually in a haste to start up something , like some of the stuff you mentioned which are the location, transportation, and others . First your aim shouldn’t be the amount you are going to make focus on finding a solution to something , yes your business should serve as a solution.

[demonica]

There's a lot to consider when starting a business. For me, in choosing what kind of business to do, I'd prefer something that isn't just for a short time. Isn't just in demand because of the trend. Cause once the trend goes down, it'll also be the same for your business.

If not a "necessity", it'd be something that is still essential and will still be relevant in the long run.

For example, in the food industry, if you choose to focus on what's trending today, once the trend slows down, expect that your business will also slow down.

[Justbillywitt]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

[Halifat]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Immediately I saw this topic, what comes to my mind is food business, you are absolutely correct because people must consume no matter how the economy is,  food is most important thing which we cannot do away with, the only thing that usually happen in this case is to eat what you don't want to eat, because the conditions are not always the same. Food business is a very good business and again is always dangerous, it is dangerous because people often buy food stuff in credit, this is because they don't have money at that particular time and there was it, some people usually pay after getting money while some people don't respond because most attempt is very difficult to pay debt that you have consumed. But despite all this food business is very good, don't be discourage because every business have their own risk too.

[mobile]

There's a lot to consider when starting a business. For me, in choosing what kind of business to do, I'd prefer something that isn't just for a short time. Isn't just in demand because of the trend. Cause once the trend goes down, it'll also be the same for your business.

If not a "necessity", it'd be something that is still essential and will still be relevant in the long run.

For example, in the food industry, if you choose to focus on what's trending today, once the trend slows down, expect that your business will also slow down.

I think that just having a long-term demand of a product on the market  is not enough there are some businesses that are always in the market but the competition is so high that it becomes difficult for new ones to survive. So while choosing a business you should have your own skills, location, customer needs and the ability to offer something unique from everyone. Also I think trending business is not always bad if you can earn more profit from it in a short time then it is a very good business like the jersey business during the World Cup.

For me the most important thing is to find a problem and give a solution for it so that people always come back to you because the trend comes but if the customer has good trust in you they will always buy products from you then you will be able to maintain your position even in difficult times.

[Grace333]

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?

Seems like someone is trying to use their brains to gain free business tips
Well if your focus is on the current economy, what happens when the economy changes, are you gonna wait for it to return back to its previous state which usually may not happen or you quite and end up in loss. Anything you should put your hands into shouldn't be for a particular economy especially when you don't have other businesses or job as back up. Just like most persons have already said, you're asking the wrong question beside your economy might be different from mine so even if every body gives their ideas it might not favour you as well.

[Tmoonz]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Immediately I saw this topic, what comes to my mind is food business, you are absolutely correct because people must consume no matter how the economy is,  food is most important thing which we cannot do away with, the only thing that usually happen in this case is to eat what you don't want to eat, because the conditions are not always the same. Food business is a very good business and again is always dangerous, it is dangerous because people often buy food stuff in credit, this is because they don't have money at that particular time and there was it, some people usually pay after getting money while some people don't respond because most attempt is very difficult to pay debt that you have consumed. But despite all this food business is very good, don't be discourage because every business have their own risk too.

No doubt food stuffs business is a very lucrative one but however it also has it's ups and downs just as you have made mentioned above which is the vulnerability of selling in credits, alot of food stuffs owners are no longer to be found in that line of business because they couldn't withstand the pressure that comes selling in credits demands, in most cases these could come from family and friends of which they couldn't resist saying no to their request and while many times people are advised not to mix family with business but to be sincere this is always more easier said than done but whichever the case may be I would say business should come first as not everyone is good at paying their debt and if they bring down your business trust me they will all survive with you, we have to be wise.

[Roseline492]

No doubt food stuffs business is a very lucrative one but however it also has it's ups and downs just as you have made mentioned above which is the vulnerability of selling in credits, alot of food stuffs owners are no longer to be found in that line of business because they couldn't withstand the pressure that comes selling in credits demands, in most cases these could come from family and friends of which they couldn't resist saying no to their request and while many times people are advised not to mix family with business but to be sincere this is always more easier said than done but whichever the case may be I would say business should come first as not everyone is good at paying their debt and if they bring down your business trust me they will all survive with you, we have to be wise.

Yes credits selling is a challenge in this business so actually the kind of person that's best to engage on this business is someone who wouldn't regard or value friendship and family over the success of there business in terms of compromising to sell to them in credit all the time. Food stuff could be sold anywhere even if you are a stranger so actually avoiding a familiar location or residents is also recommended most times for the good of our business because there will not be a family or friendship barriers to the business. But however is important for us to learn how to make a decision in our business even if is going to change our relationship with people because if we can'not do it that means our discipline in business is weak.

[Female King]

No doubt food stuffs business is a very lucrative one but however it also has it's ups and downs just as you have made mentioned above which is the vulnerability of selling in credits, alot of food stuffs owners are no longer to be found in that line of business because they couldn't withstand the pressure that comes selling in credits demands, in most cases these could come from family and friends of which they couldn't resist saying no to their request and while many times people are advised not to mix family with business but to be sincere this is always more easier said than done but whichever the case may be I would say business should come first as not everyone is good at paying their debt and if they bring down your business trust me they will all survive with you, we have to be wise.

Yes credits selling is a challenge in this business so actually the kind of person that's best to engage on this business is someone who wouldn't regard or value friendship and family over the success of there business in terms of compromising to sell to them in credit all the time. Food stuff could be sold anywhere even if you are a stranger so actually avoiding a familiar location or residents is also recommended most times for the good of our business because there will not be a family or friendship barriers to the business. But however is important for us to learn how to make a decision in our business even if is going to change our relationship with people because if we can'not do it that means our discipline in business is weak.

If you are the emotional kind of person don't start any business in an area that you are well know because they are going to use you for granted and also make sure you never succed in your business, if go to some persons shop you will see it clearly written either on the wall that no credit today come tomorrow this simply means that they don't sell these goods on credit even though you go that tomorrow it will still be same thing. If you are not bold to tell people who comes to buy from you in credit no then your business is going no were.

[Adiljutt156]

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.

Avoiding competitive business is not a good strategy in certain cases strong competition is basically assignthat there is healthy demand of the certain product or service, it seems attractive if the business do not have any competitors but it could also indicate that there are not enough customers who have interest or the market is not so good for that business and it is not that profitable rather than looking for the market where there is no competition I would personally think that we should focus on a way to do something that is better than existing businesses that provide a higher quality better customer services or they should target a specific needs as large competitors overlook, there are different companies who are very successful today and they have entered the crowded market but stood out because they saw the customer problem more effectively as compared to the businesses were already present.

[Taricoins]

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 current economic situation of my country, the most important business is online business, online food business. Online food business in Bangladesh has gained so much popularity that now only if the delivery system is done properly and honestly, the business will be successful. Moreover, if the food business can be done next to the shopping mall or on the side of a crowded road, then it will also be successful very quickly. And if it is possible to establish a cosmetics shop properly in the present time, then it will not take long to become successful.

Depending on the capital the person as for the business plan, what am thinking to diversify is like an extension to the popular business in your country. In mine the idea is small scale logistics, the gap between food vendors and customers are alittle bit wide here, so providing and avenue to be a link between this two units brought up the idea. Vendors use my services in dispatching there products through my dispatch riders to provide for there customers.

[Mr_Brilliant$]

Talking about business establishment,  at times there are some mistakes we make when getting involved in businesses which is investing in a particular business because you see others do it or told to do so.
Even with the existence of an unstable economic situation,  business should still be established with regards to the commodities desired within that location and not because of the reference.
Considering the criteria for business development,  I think the environment in question determines the best suitable business at that point in time.

Thoughtful one.. Going into a business because there is actual demand for it, rather than because other people are doing it, is the better approach to business in my opinion too..

Something else I will add is that knowledge is also very important.. Before venturing into any business, it is important to know how it works, the risks involved, the market, and what you are getting yourself into.. because If you go into any business without proper knowledge, there is a high chance that you will end up making costly mistakes that could have been avoided..

[Cityhunter34]

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?

As far as I know, business is a personal decision, so I think the most important thing to do before starting a business is to make a decision. You must know what you want to do and have the knowledge before venturing into a business. Business requires a lot of work before it can stand on its own, which is why we need to be very careful with it.

Many people who started a business just because of what they saw others doing are now deeply regretting that they didn't do proper research. So there are many things to consider when choosing a business.

[Chilwell]

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 current economic situation of my country, the most important business is online business, online food business. Online food business in Bangladesh has gained so much popularity that now only if the delivery system is done properly and honestly, the business will be successful. Moreover, if the food business can be done next to the shopping mall or on the side of a crowded road, then it will also be successful very quickly. And if it is possible to establish a cosmetics shop properly in the present time, then it will not take long to become successful.

Depending on the capital the person as for the business plan, what am thinking to diversify is like an extension to the popular business in your country. In mine the idea is small scale logistics, the gap between food vendors and customers are alittle bit wide here, so providing and avenue to be a link between this two units brought up the idea. Vendors use my services in dispatching there products through my dispatch riders to provide for there customers.

It actually depends on the capital,  it will be a very nice idea if anyone will be opportune to start from this logistic, honestly it is a fantastic move and also profitable if anyone can have the opportunity. I know a lot of people who are running this business but from their appearance you will not see any improvement in them, but when it comes to seeing what they have gain or gather through this business, honestly you will be shocked, since then I began to respect them and have interest in that business.

I like this kind of business, because maturity of people will not know your plans and also how you are progressing, if you have a very good plan, it allows you to grow silently without anyone noticing your movement. The gap between food vendors and customer is still very high because not everyone are involve as a dispatch riders, on the other hand it absolutely stressful too, that is why a lot of people that are doing normal transportation business don't go into it, but to be honest the money is there.

[AmaGold70]

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?

So many things are involved in running a business, and their are also things you have to consider before going into any business.
First of all, I would start by saying, every genue business is good, but while choosing a business for yourself, consider your expertise or knowledge in such business, and if you lack good knowledge of that very business you want to do, learn before going into it.
Your area of residence also matters a lot, you have to sell what the people need, and not what you want. If you engage in any business lacking potential customers, you will rightly fail.
Your financial strength should also be considered, when you venture into a business, and you start eating from that business at the initial stage , the business will likely fail, but if their is is financial support from another source, and profit is being reinvested, the business will easily grow. However, there are many good business, and all depends on your ability to do them, such as selling food items as man cannot live without food, importation of goods, renting of equipments for events, etc.

[Marvelockg]

You can start selling food items that people consume everyday. No matter how hard the economy is, people are always going to feed. Selling a couple of those essential food items that you know people in your neighborhood always need on daily basis won’t be a bad idea.

Every neighborhood already have food selling businesses scattered around them. The influx of people in that business is really much and one could easily conclude that it's a woman kind of business that husbands open for Thier wives just to keep them around the house. doing real upscale of it is not always too easy and so, though it can be profitable, I'm not really a huge fan of food business.

If you're looking for a business that can just feed you, try to replicate what people around you are doing but if you're looking for what stands to last for long, solve real life problem.

[bakasabo]

Since people say that «AI is replacing human and taking their jobs» and people are used to comfort and become a little more lazy that they used to be, then providing a service will be a good business. Something that is easy to do and what you think people would wish dedicate so someone else because they want to sacrifice time/lazy/dont have instruments and skills. People dont want to struggle much and have their hands dirty. Cleaning, repairing, maybe something from tailoring industry - all those not hard to do services will be demanded.

[RockBell]

Talking about business establishment,  at times there are some mistakes we make when getting involved in businesses which is investing in a particular business because you see others do it or told to do so.
Even with the existence of an unstable economic situation,  business should still be established with regards to the commodities desired within that location and not because of the reference.
Considering the criteria for business development,  I think the environment in question determines the best suitable business at that point in time.

There are steps that need to be taken, such as conducting visibility studies and many more. The truth is that we don't expect a single person to run a specific kind of business, but what matters most, in my opinion, is what the business is about, and the environment of the establishment is another factor. We know that the unstable economy is affecting many businesses, but there is nothing that can be done, which is where adaptation comes in because it is crucial for business owners to be able to quickly adapt to challenges.

Knowing how horrible the unstable economy can be, many firms have failed due to the difficulties. It is crucial to find a way to keep all of this in mind and figure out how to get out of it so that when it starts to happen, it shouldn't be an issue. And when you start you will gain more experience in the process.

[Jubilee58]

Sometimes, the type of business you choose to do actually depends on the country you are coming from, like in a country where their is high rate of inflation, citizens give more priority to feeding than any other thing, so selling of food items will be a good business in such economy. But in a country where there is stability in the economy, every genue business might be profitable. Furthermore knowing your own strength, and weaknesses is also another factor to look at before going into any business, don't say because someone is doing well in a particular business, you want to go into such business too, no.

I have a brother who was doing cold room business, he was successful in that business because of his dedication, and strength in that business, sometimes, they would make supply for him at night, would wake up from sleep to receive his goods, and sometimes he would use his own vehicle to supply to his customers across various communities. So some people saw he was successful, and joined his line of business, but unfortunately to them, they could not succeed in the same business because they lacked his type of strength, and dedication.