Time to start-up your business?

A recent survey has shown that more and more people are deciding to take their redundancy pay and start up their own brave new business – around half of UK professionals are looking to go it alone, but do they know which sectors will see the recession through?

The survey, taken by the networking site Linkedin, questioned 487 professionals around Britain and a staggering 45 per cent claimed that they were looking at starting up a new business rather than starting over in a new job.

But who is to say that those 45 per cent of UK professionals are going down the right track?  Not every business is sustainable and it’s important to know which businesses are more likely to survive the difficult economic downturn.

Online Retail

People are turning away from the high street and are instead looking to the Internet to provide them with the best prices they can find.  So it would make sense if you’re looking to start up your new business to turn away from the high street yourself and go digital.

Funeral Parlour

Although it might not be the most cheery route you could go down it is a guarantee that every one of us has to eventually use their services.  When the times get tough restaurants and the high street suffer, while accommodation, food suppliers and funeral parlours stay sustained.

Domestic Tourism

One of the industries that will be suffering through the recession will be the travel industry – fewer people will be hopping on planes to go to the south of France or Thailand.  Instead those people will be looking to be entertained right here on our own home soil.  Camping holidays in Cornwall and visits to north Wales will be becoming more and more popular and the businesses behind the trips will be the ones making all the money.

Luxury Goods

Although you may not be spending thousands of pounds yourself on a pair of boxer shorts there are those out there with the money to burn despite the economic crisis.  The high end market tends to be immune to world economic difficulties that the rest of us are forced to deal with – although you might feel that entering the market is one of the more frightening things you could ever think about doing it could in fact be the most sane thing you could do with your redundancy pay!

Consultancy

If you know what you’re talking about then there are people out there who are ready to throw money at you for your information, no matter what the state of the economy happens to be.  A consultant is needed when a business is facing problems and there are a fair few problems for businesses during a recession.  The great thing about consultancy is that it costs very little to get into and if you’re good then you’re set!

What about you?

Do you agree with our sustainable businesses?  Have you got similar plans for your redundancy pay?  Leave us a comment and let us know what you think…

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