Starting a business during a recession might seem like the worst possible idea, but there are reasons why it can be advantageous. For one, there is less competition for new businesses. Additionally, some sectors can thrive at a time when others are struggling to save cash. Here are some ideas for businesses you can start today to make at least an extra $1000 a month and potentially much more.
Start reviewing people's credit card bills to help them save money and then take a cut of what you save them. People want to cut costs now more than ever, so you can go to your friends or your friends' friends and offer to help them cut their expenses. It's not just about canceling subscriptions; you can also help them look for alternatives. Aim for people with high credit card bills of $5000, $10,000, or beyond and charge 20% to 50% of what you help them save.
Offer a service where you can convert videos and podcasts into blog posts, tweet threads, and LinkedIn posts. Pick out creators who are not in the top 10 and offer two different types of services. The first is purely purposing, and you can charge for doing multiple platforms, such as $1000 for LinkedIn and $1000 for Twitter, or take a cut of performance. The second type is overall strategy consulting, where you advise on content buckets someone should be creating, what they should be posting, and diving into their analytics to recommend things they should be doing in the future.
Breeding shrimp can be a profitable business. You can make around $90 per shrimp per month, and individually, they're cheap to buy. The upfront cost is getting a tank, which costs $200 to $300, plus the cost of shrimp themselves. Once you have everything, you're free to make money. Cherry shrimp are the easiest to breed. You can buy a dozen, learn how to get the conditions right, and watch a YouTube video about how to do shrimp breeding. Shrimp are pregnant for about a month, and they hatch 20 to 30 babies per cycle. You can sell them at a price you bought them and make a profit.
You don't even need to have your own car to start this business. You could be young and still do this. Go to your friends or neighbors and rent out their cars on Turo, splitting the cash and dealing with the headache. You could even go bigger and leave notes on car windshields in airport parking lots, offering the same service. This is a perfect recession business, as Airbnb was created during the 2008 recession and has seen huge success.
If you have expertise in a certain area, launch your own online course. You can teach people how to do something, and you can charge a fee for access to the course. Platforms like Teachable and Thinkific make it easy to create and sell your course.
Offer your services as a digital advertising consultant. You can help businesses with their online advertising campaigns, such as Facebook and Google ads. You can charge a fee for your services or a percentage of ad spend.
If you're a certified personal trainer, start your own online personal training business. You can offer personalized workout plans and nutrition advice, and you can charge a monthly fee for access to your services.
Offer virtual interior design services. You can help people design their homes, and they can send you photos and measurements to work with.
Earlier this year, we started working with someone, AKA Josh, who repurposes all of our content that we've already shot for YouTube and turns them into short clips for TikTok, Instagram, and YouTube shorts. Some of these clips are getting millions of views without us having to do extra work. We're paying him $2K a month, which is well worth it. If you're trying to land your first client, send them an edit of an actual video free of charge. When they're happy with the results, then you can send them your rate.
Rideshare delivery apps are one of the lowest friction businesses. If you have a car or a bike or know someone that does, UberEats, Instacart, Getir, DoorDash, or any other app around the world is literally something available for you. In the US, UberEats makes an average of almost $15 an hour. That's going to take you 60 hours of work to make a thousand bucks a month. It's not perfect, but it got Rain Trahan across the country.
If your neighbors and friends have dogs, start offering your house as a little Doggy Daycare. Alternatively, you can find people on Rover or Wag and charge around $25 per day per dog. Another idea is to turn your house into a co-working space. It would be cool to have other like-minded, interesting people working out of your home. You can make more money, meet new people, and build a community in your area.
As more and more creators join YouTube, creators need good thumbnails if they want to get their videos clicked. If you're in your category, how do you stand out? Make an offer that's low-risk for the Creator. Send them free examples upfront or offer to make an alternative thumbnail for the next video for them to test free of charge. Once you got your foot in the door, you can easily charge $250 or more per thumbnail for serious creators out there.
This is the most lucrative business we've talked about so far. This is where you rent out someone else's home on Airbnb, not even your own. The idea of Arbitrage is that you're essentially buying something low and simultaneously profiting from the difference selling at high. Now, in this case, you're leasing a property from a landlord while simultaneously renting it out for more than you're paying for it on Airbnb.
Business Email is one of the most valuable platforms. It allows creators and businesses to directly sell and communicate with their audience. Most creators don't have time to write weekly emails consistently, so you can offer to condense their thoughts into a well-written weekly email blast. You can easily make over $1,000 a month with less than a day of upfront effort.
Virtual real estate is buying, selling, and flipping domain names, websites, and social media handles. You can buy a domain name for a few hundred dollars, and if you pick the right one, you can sell it for thousands or even millions. Similarly, you can buy social media handles and flip them to businesses for a profit.