What good business to start in this current economy?

[püsür]

What I’m about to say applies, of course, to most sectors and at all times, but I think it’s even more relevant in the current economic climate. These are high-margin, high-volume businesses that are always popular. With a good location and a bit of luck, you can make good money in any economic climate. People will never stop buying coffee. The profit margin on a cup of coffee is quite high. The same goes for fast food. These businesses will always attract customers, no matter how bad the economy gets. In this economy, I think it’s very difficult to produce high-value-added goods and take risks.

[BTC FutureKing]

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.

Many people are worried about digital work because after the advent of AI humans are getting help and convenience but the fear is that most of the work is being done by AI. The interference in human creativity has decreased and human labor is needed that too with minimal effort due to which people are not interested in slow and important things.But we should also think that apart from AI all tasks require humans such as washing cars cleaning medical assistance etc.There are many tasks that only humans can do.Most people are preferring to spend more money instead of working hard and are doing business of providing services to others.Due to which the dominance of AI is felt a little less.

[Ab de villiers]

When someone talks about this question, they mostly think about what kind of work is there today that can be profitable and has less risk. And the most important thing is that we should start a job that is beneficial for people and has more chances of profit from this job because when something is good for a person, he will buy it more and this will give us more profit. For example, if inflation is high, people buy only the necessary things instead of buying unnecessary things. Therefore, online services according to the needs of life and businesses started with low capital can be considered relatively better. Decrease in people's income, ego or ego and high demand for something in the market, all these factors affect the business.

[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.

Many people are worried about digital work because after the advent of AI humans are getting help and convenience but the fear is that most of the work is being done by AI. The interference in human creativity has decreased and human labor is needed that too with minimal effort due to which people are not interested in slow and important things.But we should also think that apart from AI all tasks require humans such as washing cars cleaning medical assistance etc.There are many tasks that only humans can do.Most people are preferring to spend more money instead of working hard and are doing business of providing services to others.Due to which the dominance of AI is felt a little less.

I can suggest to start a business in industry that has queues. Since AI is taking jobs in digital market, and people who work digitally and remotely rely to much on AI, then any business that is "behind PC" is not good to start. Doctors, mechanics, mostly anything that require hand work - these are good directions for good business and most of them are easy to start. Mostly anything where you make a call, and they cant provide service today or tomorrow (because they have queues of clients) looks good to start. This indicates there is a demand and supply is low.

[Achalugo BTC]

When someone talks about this question, they mostly think about what kind of work is there today that can be profitable and has less risk. And the most important thing is that we should start a job that is beneficial for people and has more chances of profit from this job because when something is good for a person, he will buy it more and this will give us more profit. For example, if inflation is high, people buy only the necessary things instead of buying unnecessary things. Therefore, online services according to the needs of life and businesses started with low capital can be considered relatively better. Decrease in people's income, ego or ego and high demand for something in the market, all these factors affect the business.

You are right, one can be profitable in what they are doing if they have more sales of it and that will happen through the help of customers. That's why one has to start something that will attract customers, which will make them to come back for more and they can help to advertise your brand without necessarily paying for it, as it will give you more profit and impact on your life. So, before one can invest in anything that will be profitable to them, they've got to plan and understand the pros and cons of it before giving it a try.

[PVequalNRT]

When someone talks about this question, they mostly think about what kind of work is there today that can be profitable and has less risk. And the most important thing is that we should start a job that is beneficial for people and has more chances of profit from this job because when something is good for a person, he will buy it more and this will give us more profit. For example, if inflation is high, people buy only the necessary things instead of buying unnecessary things. Therefore, online services according to the needs of life and businesses started with low capital can be considered relatively better. Decrease in people's income, ego or ego and high demand for something in the market, all these factors affect the business.

The secret about business is that even though the economy is tough, there are people that will still do well in the business and make profit, some business don't care about the economy, if the economy is good they will do well and if the economy is bad, they still do well. So it's left for the person that want to start business to know the kind of business they will do and they are not going to regret.

The second important one is experience. If you are starting a business and you don't have experience, get it before you start the business or learn from other people that are into the business so you can know the challenges. It's better you learn the challenges than run it to one yourself.

[Ab de villiers]

You are right, one can be profitable in what they are doing if they have more sales of it and that will happen through the help of customers. That's why one has to start something that will attract customers, which will make them to come back for more and they can help to advertise your brand without necessarily paying for it, as it will give you more profit and impact on your life. So, before one can invest in anything that will be profitable to them, they've got to plan and understand the pros and cons of it before giving it a try.

It is a good thing to get the attention of the customer and we should also keep the product good so that people like it and come back again and again. More buying and selling will be good for our business because if we sell something artificially, it will affect the business as well as the society and one more thing I will add here more blessings in business come from honesty, not from profit because it is not good to earn more profit by creating artificial shortages of necessary things because many people are affected by this thing.

[SDS11]

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 nigeria economy right now, money is tight, but people still spend on food, transport, power, school, Health, and anything that saves them time.  The business I’d start is done for you services for SMEs example like POS and bill payment agent, delivery/logistics for vendors, flyer designs for shop. Why I’ll like to start the business is because thousands of small businesses are struggling but don’t have time/skills. You become their operations guy, no shop needed. You collect money weekly or monthly, recurring income. Need mostly skill, phone and legwork.

[Arenga pinnata]

Every country may have different conditions. However, I’ll focus on the situation in my own country.

To be honest, in my country, almost every business sector is already too crowded. As a result, it’s difficult to come up with innovations that others haven’t already thought of. I think it’s very difficult to break into sectors like food and beverage, services, retail, beauty salons, and many others anymore, because the competition is already too intense. Since the COVID-19 pandemic, I’ve seen massive layoffs that have led to an uncontrollable surge in the number of small and medium-sized enterprises (SMEs). In fact, on just one street in my country, you can find many vendors selling the exact same products.

Consequently, the only sector that still holds potential is the online market, even though competition there is just as fierce. At least, it’s primarily young people entering this sector, and its practicality allows us to start making money without a large initial investment.

An example of a business that I think is still quite viable right now is providing content creation services, such as editing short videos or similar tasks. This is because many people are now entering the content creation world, but many seem to lack the skills to edit content or gather content materials. This is where we can step in. I have a few more ideas, but I think this one example is enough.

[fredericktaylor]

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.

Successful in business, it is very important to first gain proper knowledge about that business and gradually expand your knowledge. Another thing is that it is relatively better to invest all the money in different places instead of investing it in one place because the chances of making money increase in this. In addition, awareness of risk is very important because you will have to face any bad situation while doing business, so it is very important to always be prepared to deal with bad situations in advance. When doing business, there are both losses and profits. Therefore, by patiently following the right rules and managing the business, it becomes much easily for the investor to survive for a long time.

[Unknown Op]

Successful in business, it is very important to first gain proper knowledge about that business and gradually expand your knowledge. Another thing is that it is relatively better to invest all the money in different places instead of investing it in one place because the chances of making money increase in this. In addition, awareness of risk is very important because you will have to face any bad situation while doing business, so it is very important to always be prepared to deal with bad situations in advance. When doing business, there are both losses and profits. Therefore, by patiently following the right rules and managing the business, it becomes much easily for the investor to survive for a long time.

Many people are doing different kinds of businesses and few are successful, while others are not successful because they have no skills to turn the loss into profit. You can face losses from profit and you can convert losses into profit if you have required skills. Many people have money to start their business but they have no time to learn practical business because they want to earn money in a day and they worked in the foreign country, and they want to establish their own business because job is very tough for these people who did work in the our of city and they have reputation in the country. The people who are not successful get success because of their hard work and their smart work. If you have money in your pocket, then you should invest your money as you can and you should monitor all activities in the work place.

[Solokan]

To start a business in today's economic climate, I think the most important thing is knowledge and skills, and capital is definitely essential However, if I have a large amount of capital, I would like to open a shop or stall that also offers cash withdrawals and deposits. That's basically it. In my area, it's still rare, being a rural area. I think that kind of business is currently trending, as many people are trading or as they say, engaging in the digital world

Of course, this varies from place to place as situations and conditions vary. What's certain is that if you have capital and knowledge, any business is easy

[fruktik]

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..

You can find a detailed business plan online, with everything laid out step by step. Naturally, you won't be able to copy and implement it exactly, but at least you'll have a foundation to build on.

At one time, I really wanted to start my own small business and started implementing the idea, but everything didn't go according to plan due to sanctions against my country. This is a force majeure circumstance that couldn't have been foreseen. When starting any business, you need to plan for all possible risks from the start.

[SPIDERMAN008]

When someone talks about this question, they mostly think about what kind of work is there today that can be profitable and has less risk. And the most important thing is that we should start a job that is beneficial for people and has more chances of profit from this job because when something is good for a person, he will buy it more and this will give us more profit. For example, if inflation is high, people buy only the necessary things instead of buying unnecessary things. Therefore, online services according to the needs of life and businesses started with low capital can be considered relatively better. Decrease in people's income, ego or ego and high demand for something in the market, all these factors affect the business.

The more products you can sell in a business, the more profit you will get. If you sell a product, the profit is high, but if there are no customers to sell that product, then it is natural for that business to suffer losses. The point is that suppose someone starts a business for selling cars in a poor area. It is possible to make a lot of profit by selling a car. But that person is trying to sell cars in an area where no one will buy a car in the next few years. If the people in that area do not have that ability, then he will not make a profit in this type of business. Again, there is no guarantee that if the demand for a product increases, there will be more profit if you sell that thing. Because in areas where the demand for a product is high and the need for it is also high, there is more competition in those areas. As a new businessman, it is difficult to create a position to make a profit quickly by running a business in such competition. when doing business or investing in any section, you should understand your own situation and justify the sector in which you are investing money well.

[Pablo-wood]

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?

Capital, location and ability to network and connect to potential clients for me is a determining factor for some someone thinking to start a business in our present society and economy. Capital mustn't be money sometimes influence and social mingling can be a massive capital.

For a social person I think digital products can come in handy which might just require starting small and progressing with time and for a reserved person a physical investment that will just keep them at a spot doing their business but that will only hinder growth and  limit opportunities.

[B-BossMan]

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?

Capital, location and ability to network and connect to potential clients for me is a determining factor for some someone thinking to start a business in our present society and economy. Capital mustn't be money sometimes influence and social mingling can be a massive capital.

For a social person I think digital products can come in handy which might just require starting small and progressing with time and for a reserved person a physical investment that will just keep them at a spot doing their business but that will only hinder growth and  limit opportunities.

I agreed with this, and I must say that with all these surveys before starting a business, trust me things will go well as usual. My friend once had an experience about one business he invested his money into and later not succeeded as expected. The biggest lessons I learned there was, never jump into a business you don't have any ideas on or known the risks attached to the business. Before even thinking of the business, look for suitable and conformable location that will not affect your sales, surveying the locations effectively and make sure its up the required standard, and make a cordial relationship with the people in that environment, then prepare your capital and buy goods that's is needed in that area, as a start up business person, you don't need to rush everything at once and use all your capital for all the goods that's not needed much. Putting more emphasis on the demanding goods and be double the purchasing. There are alots of business you can start with small amounts, but you just have to be self disciplined.

[Oshio-man]

Can I have your thoughts or ideas on this? What business is good to start in this current economy?

I don't know the exact amount of fund you have to establish a business, but if you are talking about bitcoin investment I will advice you to have what you can afford to lose in bitcoin investment because that is what will make you to have the knowledge of bitcoin investment before investing you funds, I know that some newbies like to start with altcoins investment but I will encourage you to start with bitcoin which is the king among other cryptocurrencies and you will earn what will make you to continue to invest in bitcoin.

[Cossyblack]

You are right, one can be profitable in what they are doing if they have more sales of it and that will happen through the help of customers. That's why one has to start something that will attract customers, which will make them to come back for more and they can help to advertise your brand without necessarily paying for it, as it will give you more profit and impact on your life. So, before one can invest in anything that will be profitable to them, they've got to plan and understand the pros and cons of it before giving it a try.

To attract customers isn't a problem,you have to do a business background check on the location that you want to setup the business then you have to look at the market to see what peopl in that area likes to buy the most. For instance if want to setup an executive lounge,you have to build it in an urban area particularly in the GRA axis in that city because the people that lives in that area is rich and they can afford your service. The mistake some business CEO make is that they will setup a good business in a wrong location. Imagine a CEO running an expensive lounge in a rural area, he is not going sell because the people in that environment won't be able to afford what he sells and his business will suffer. So to attract the right customers for your business, you need the right location and customers will patronised your business.

[liasbaa]

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 financial constraints and low capital, then a floating tea shop will be a profitable business. You will make your own tea and can provide light snacks for customers. If your financial condition is fairly good, then you can start a grocery store business. You can profit financially by selling all kinds of daily products here.

Or you can start by researching which business is more profitable in the context of your country. The important thing is that to earn money, you need discipline and a mindset of hard work. Besides, patience is one of the biggest capitals of any business.

[knowngunman]

In nigeria economy right now, money is tight, but people still spend on food, transport, power, school, Health, and anything that saves them time.  The business I’d start is done for you services for SMEs example like POS and bill payment agent, delivery/logistics for vendors, flyer designs for shop. Why I’ll like to start the business is because thousands of small businesses are struggling but don’t have time/skills. You become their operations guy, no shop needed. You collect money weekly or monthly, recurring income. Need mostly skill, phone and legwork.

You have got good recommendations here that are really profitable but of course every business comes with challenges. POS is one of the most lucrative business now for Nigeria youths but to be honest, it's over populated now. The surest way to make it now is to have a secured place in a very busy area where transaction flows and make sure you have enough capital on ground. To get such location now is very difficult because almost every key locations have been occupied with multiple agents. The available options now are in less developed and less secure areas where both your money and life is in danger. Flyer design is not longer a hot cake since the coming of AI. If there is any one that lose their jobs so fast to AI, it's the graphics designers.