During a time when the international economy is facing one of its biggest downturns, does it make sense for entrepreneurs to start businesses? The counterintuitive answer to that question is ‘yes’. Not only do many startups thrive during times of financial crisis, but some are particularly good at delivering solutions that help other companies deal with problems like inflation, supply chain slowdowns, and recessions. One of the vital factors to starting a small business is determining what solution your business will provide, what problem will it solve.
Those who build transport companies occupy a uniquely powerful position during logistical crises, while medical billing agencies help consumers and healthcare providers who need to cut through red tape. Other potentially lucrative niches for today’s entrepreneurial minds include employment advisory services and commercial real estate agencies. All offer either a good or service that addresses economic woes of one kind or another. Here are more details about each one.
Transportation companies rely on fleet tracking solutions to help them pinpoint the location of every vehicle they own as it moves between points on a given delivery route. Even small, local companies use software to deliver real-time location data via GPS, so that fleet tracking is dealt with quickly and accurately. Entrepreneurs who open transport companies rarely have difficulty finding customers. The hard part of the operation is keeping up with demand and meeting the challenges of running an on-time operation. It’s also essential to choose fleet software products that are an appropriate match for your new company’s demographics and size.
Medical Billing Agents
Doctors, dentists, and behavioral health professionals routinely outsource their billing functions, and that means there are endless opportunities for enterprising businesspeople who want to start independent agencies. In cities of all sizes, billing agents have access to new healthcare professionals who are in need of excellent, accurate services.
Employment Advisory Services
When an economy sours, workers struggle to find jobs that pay well and offer long-term security. That’s just one reason employment advisory services are among the best kinds of companies to start during a recession. In addition to helping clients find jobs, advisors offer a wide range of services like interview coaching, resume writing, and how to negotiate with potential employers during salary discussions.
Commercial Real Estate
Commercial and residential real estate markets are unique in a number of ways. Both often run counter to general economic trends, and both make excellent business opportunities for fledgling entrepreneurs. The commercial side of the niche can be especially lucrative for people who are willing to devote time and effort to learning the trade and building up a list of clients over the course of a year or two.
That’s just one reason to continue in your current job while building a commercial real estate business. The good news is that the real estate market for commercial property is changing. New arrangements like space sharing and long-term rental price guarantees are bringing small owners into the fold. Some entrepreneurs in the niche serve mainly as brokers who buy up office space and then resell it or lease it to others. Aside from these owner-realtors, there are many different types of real estate business models in today’s varied business environment.