#2 Salon

As business owners ourselves, we know that the economic downturn is a good opportunity to start a business due to the lack of competition. Be it that we are talking about the harder financial times people are having now or about the number of businesses the pandemic closed, if you have the means to fill a gap left behind and you have less competition, it is a great moment to start up a business of your own.

Despite that, we do not recommend that you start out with a beauty or hair salon, as they are going through a weird moment now. Due to the pandemic, a lot of people are still skeptical about going to a salon, despite knowing that it is safe to do so. This means that this once-booming and profitable business venture is not less probable to bring you the profit that you may be looking to gain, and it could even happen that you do not even break even if you decide to open this year!

A good course of action would be to wait until next year to open your salon, as things could be calmer until then, and you could also observe how the market is faring in the next few years!