Amy Swift, Ladies Who Launch Incubator Leader, Los Angeles

It’s easy to feel apprehensive about starting a new venture during an economic downturn, but amazingly, many successful companies like General Electric, Disney and Hewlett Packard were started during a recession or depression. Why were they successful?

…because they were able to address a need during challenging times that continued to be successful even as the economy recovered. Companies that will likely be profitable regardless of a recession are….

1. Professional or social communities. Companies or services that mobilize people to come together and create community makes way for opportunities. The more connected you are, the more people know about your idea or business. It’s simple math; businesses thrive when they have the resources or contacts necessary to keep growing. If you operate as an island, you will likely miss many of the growth opportunities that might have otherwise found you.

2. Recession proof products. Think of what you would buy no matter how the economy was doing. Is it office supplies? Is it your cell phone service? Is it childcare? Personal care products? Basic household supplies? If you can imagine a must-have product connected to one of the items or services you yourself would not ditch during a downturn, it’s likely others would agree.

3. A service that “takes the pain away.” Pain, physical, financial, spiritual or emotional, is hard to endure for any length of time. If your service or product solves a difficult problem in one of these areas, you will likely always have customers, whether the Dow is up or down.

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