Have you been trying to find effective ways to beat inflation by starting a business? The most challenging part is coming up with the right kinds of companies in markets where startups have a shot at being successful. On the bright side, even in the depths of a recession and an inflationary economy, there are several things you can do. For starters, consider small, one-person entities with low entry costs that you can do mainly from home.
Working as a precious metals broker can yield profits quickly, and all you need to get going is a computer, phone, and a small supply of metals to sell. Other ideas with potential in a down economy include side businesses acquiring real estate investment trust shares, working as an online career counselor, and painting private homes. All these opportunities have been around for many years, but they are especially good at helping owners stay ahead of inflation. Here are details about some of the best businesses to start going forward.
Investing In REITs (Real Estate Investment Trusts)
Investing in a niche asset class can work as a part-time operation for people willing to do in-depth research and work slowly at building up a portfolio of REIT shares. Patience pays off because long-term capital growth can lead to consistent dividend earnings that have the potential to deliver significant, steady income. If you already have an investment portfolio, REITs are an ideal diversification component with minimal volatility.
Long-time favorites among real estate traders and investors, REITs have the potential to outpace inflation by enough to be beneficial for anyone who owns them. Remember that it's still essential to do your due diligence and study any REITs that interest you. Always check a REIT's dividend payout history and average dividend yield, for instance. Check out company balance sheets and other pertinent financial data. Pay attention to the physical property locations and the property types behind the shares. Management teams are also important, so be sure to read through a guide on the best REIT companies with the most stable history and performance records.
Precious Metals Sales
Working as a precious metals broker can be an exciting side job or a full-time endeavor. It takes time to build up a list of regular customers, but once you establish your reputation in the community, it's possible to expand and transition into a career. When inflation goes up, as it's doing now, many individuals seek a financial haven. That often translates into increased demand for gold and silver bullion. Initial expenses include an accurate scale, some testing chemicals, a safe deposit box for storing inventory, and a small supply of gold and silver bullion. Use social media and local listing sites for advertising or spend a modest amount on search engine ads.
One of the areas inflation is hitting the hardest is the job market. When times get tough, people look for better jobs. The demand for career counselors is increasing as the recession gets underway. Owners can offer to help with job searches, give lessons on how to behave during interviews, or assist with composing resumes. If you enjoy helping people improve their lives and find career direction, take one of the many low-cost career counselor courses online and get certified in the discipline. As the economy worsens and prices rise, your client base will likely grow faster than you expect.
The go-to summer job for teachers, house painting is currently in high demand year-round as more homeowners are priced out of the new home market by rising prices. That means if you're willing to invest in the right equipment and do a bit of local marketing, you can potentially build up a client list and earn good money as a house painter. Study the market to determine the going rates in your area. Then, spend on advertising and do your best to get those first few customers. Work slowly, and you'll gain experience with each house you paint. To increase potential earnings, offer both indoor and outdoor services. A quick way to get started is to pass out flyers in your neighborhood and local businesses. Most painters get their first jobs from people they know.