Home Based Business Ideas For When Times Get Tough

by WorkFromHome on December 16, 2011

Have you been thinking about starting a home based business? The global economy has been in a recession for quite some time, so you may be uncertain about whether this is really the right time to invest your time and money in a new business venture. The truth though, is that while the current economic environment might make it impossible to make some types of businesses profitable, it could be an environment in which other types of businesses can thrive. The trick, of course, is identifying the right type of business to build.

Focus On Necessary Services

Businesses that will thrive regardless of the state of the Australian economy are those that offer products and services which customers consider to be essential. Chief among these are services caring for children as well as Australia’s growing population of aging senior citizens in need of adult daycare, assistance at their homes as well as services provided as nursing homes. Many middle aged Australians continue to demand these services because they need to ensure that their loved ones, including aging parents as well as young children, are adequately cared for if they are going to be able to work full time.

Help Newly Frugal Australians Stay Safe While Saving

When the economy takes a dip, discretionary spending on luxury items like vacations, designer clothing and new vehicles is replaced with time spent at home, wearing last season’s clothing or perhaps less expensive outfits and repairing an aging vehicle instead of buying a new one after just a couple years of ownership. While many Australians may learn how to do simple clothing repairs, such as sewing the buttons or even hems on their pants, they are unlikely to have the knowledge or tools necessary for the comprehensive auto maintenance necessary to ensure that their vehicles are able to continue to run safely and reliably.

If you have experience as an auto mechanic, then you can build a successful business providing basic auto maintenance such as oil changes, battery installations, tire rotations and changes as well as other services which help Australian car owners to extend the life of their vehicles. Services which add value to vehicles, such as those which help car owners to gain greater fuel efficiency in their vehicles, will also be popular with your potential new clients.

With Smaller Pensions Than Ever Before Retirement Planning Becomes More Important

Even though unemployment rates have increased, aging Australians still want to be able to retire. Without the plush pensions that their parents had, though, many Australian citizens are concerned about how they will be able to make ends meet each month once they retire from working full time. Young Australians are also prime candidates for retirement planning services, since, having seen the trouble that many senior citizens are having with their finances presently, they are keenly aware that it is up to them to make up any of the shortfall between the money provided to them by their employer and the income that they will need to live on after they retire.

Financial professionals are a natural fit for this business niche, since they already have a basic understanding of the different principles that govern retirement planning. Understanding finance and being able to help others to understand their finances can be very different, though, so make sure that if you decide to pursue this niche service area that you have the skills necessary to communicate your advice to clients who may have very little financial literacy.

Remember, you may be working with your clients when they are at their most stressed. Australians who would normally be much more conducive to your suggestions may bridle at them when they are panicking over their finances, so being able to remain calm while working with them is an essential and often difficult skill. As you work with your clients you will learn about the best communication techniques and styles for each client, depending on the type of news that you need to discuss with them.

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