Top 10 Most Profitable Evergreen Business Ideas to start even during recession
The global economy is moving towards recession. It could be due to covid-19 or several other reasons. If you are aspiring entrepreneur you might think which business is best to start that can beat even during recession. In this situation, starting an evergreen business idea could be the best bet. However, picking up a profitable evergreen business is key. In this article, we would provide the list of Top 10 Profitable evergreen business ideas which you can start even during a recession.
Also Read: Top 10 Profitable Business Ideas to start
What are evergreen business ideas?
There is no specific definition.
Earlier when someone used to ask “which industry is evergreen” and the answer was pharmaceutical. Now things got changed. Evergreen business is where you can operate such business irrespective of the state of the economy (bull run or down trend or recession). These businesses are groceries, pharmacy, organic food, FMCG goods, essentials etc. Even if the economy would move into recession in the future, it might not have a major impact on such business.
Top 10 Profitable Evergreen Business Ideas to start even during recession
Here are the list of profitable evergreen business ideas to start even during the recession where you can filter based on your interest and the investment.
#1 – Grocery store
Grocery store includes all essential food products, vegetables, fruits etc., You can open such store in small or large scale depending on the size of the investment which you want to put in. If you can offer discounts and door delivery service, this could turn to be profitable evergreen business ideas to start in 2020 even during recession times.
#2 – Pharmacy Store
One of the evergreen business that is profitable even during corona virus times is pharmacy store. You can open a single pharmacy store or a chain of pharmacy store in the name of a single brand. Opening a chain of pharmacy stores would require good investment. You can even approach banks or financial institutions for loan if you are floating in medium to big way.
#3 – Mobile Food Service
These days life is running fast. People do not have time to prepare their own food and rush to offices and business places. Food in office canteens are not that great and they cannot visit nearby restaurants every day. Here comes the mobile food service. If you are a good cook, you can take help of 1-2 friends / assistants and start mobile food service. It is basically a food truck, which you would go to nearby offices and serve food to them. If you can offer delicious food items, this could be one of the best food business ideas to start even during recession.
#4 – Financial Planning Services
These days, many are focusing on earning money. However, poor in financial planning. If you have an interest towards such service, you can do necessary financial planning certifications / investment advisor certifications and provide financial planning services.
#5 – Day-care school
Working mothers are increasing and there is a need for someone to take care of their kids. Day-care schools can help them in this situation. If one can provide good and hygienic facilities, this can attract a good number of kids.
#6 – Organic farming
These days people say health is wealth. However, the poor quality of food is creating health problems and increasing hospital bills. Here comes organic food. Many are preferring organic food which is free of pesticides / chemicals. If you can take some piece of land, you can do organic farming (both organic vegetables and fruits) and supply to retail outlets in towns and cities. This is one of the Top profitable evergreen business ideas to start now in 2020.
#7 – Insurance agent
I keep telling on this blog on a regular basis. One of the first step in financial planning is to take a life insurance policy. However, many would not do that for 100 reasons. If you have good communication skills and convince people, then insurance agent business could be best for you. In this case you would talk to people, convince them why it is important to take a life insurance policy irrespective whether we are in growing economy or in a recession and how it impacts their family in their absence. Once they take a life insurance policy, you would get commission on such insurance policy. You would get commissions when some buys new policies + you would also get recurring commissions every year as long as your customers pay their premiums every year.
#8 – Food catering business
These days people does not want to take risk and spend to much time on arranging every thing during marriage, parties etc. This is especially on making arrangements for food where huge effort is involved. Here comes food catering business. It is an evergreen business idea where you have to arrange food for a marriage or a party or get together or a function. If you are good at managing things and have relevant contacts in this field, you can start this business. Initially, you can take up small parties and then increase your foot to suppling food for marriages and corporate events which would be large in size.
#9 – Garment Manufacturing unit
Indians love clothing, likewise in other countries too. With the increasing interest towards fashion, garments have been in high demand these days. The garments demand is never-ending. People would consider clothing as basic essential, even during recession times. Manufacturing of garments is a very productive business. The capital would depend on how the size of business you want to start. You can start on small-size to begin with. If you can afford good investment, you can start this as medium sized business.
You may like: 50+ Online Business Ideas for low investment
#10 – Mineral water plant
There are many countries that have scarcity of water. This has created new business opportunities now. Bottled mineral water is in high demand due to its extensive use in weddings, functions, parties, hotels, etc., The manufacturing of packaged mineral / drinking water is an evergreen business idea subject to the condition that it is made hygienically. This is one of the good profitable evergreen business ideas to start now in 2020 especially in countries where there is scarcity of water.
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