5 Recession-Proof Business Ideas

2. Luxury Retail

In 2007-08 there were about 22 percent of millionaires in India. During this period, high net individual from picked up luxury designer handbags and accessories from brands like Prada and Hermés.

Having an outlet that sells branded stuff would definitely grab the eyes of rich people who consider buying branded is a status symbol. This was the reason, well know stores in America like Nordstrom and Saks had highest number of sales in 2009.

3. Repossession

During recession, some industries act as financial scavengers. They usually keep the valuable of the person till the recession is over.

Even, bankruptcy lawyers were seen busy during 2008 recession. In fact, there were more than, 1million people filed bankruptcy in the United States during the economic slowdown. About, 30 percent of the bankruptcy lawyers joined the business which was in high demand.

Read More:
9 Unique Ways To Save Money On Health Insurance
Avoid These 10 Biggest Risks Of Mobile Banking