4 Easy Side Hustles to Make $100K+ in 2023 Recession

TL;DR

The four recession-focused side hustles are home staging, luxury-goods flipping, vehicle repossession, and buying discounted online businesses. Home staging can be offered for about $2,500, while luxury items bought from urgent sellers may resell at a 20%–30% profit margin. Each opportunity requires careful research into costs, authenticity, permits, insurance, or transaction legitimacy. Read on for specific ways to start and manage the risks.

Transcript

there's nothing more important than securing an additional Revenue stream before a recession just about every business owner that I know has seen a significant decline in their revenue so if you have a side hustle right now you could be in the exact same boat shortly but there's a subset of side hustles out there that will actually Blossom during a... Read More

Key Insights

• 😨 Recession creates opportunities for certain side hustles that cater to specific needs and emotions, such as fear and urgency.
• 👨‍💼 Home staging is in demand during a recession as properties take longer to sell, offering potential for a profitable business.
• 👋 Flipping luxury goods can be lucrative if you specialize in a niche, understand authenticity, and navigate online platforms skillfully.
• ✋ Vehicle repossession can be a high-risk, high-reward side hustle during an economic downturn, as banks need assistance recovering delinquent assets.
• 📼 Business assets, including digital assets like blogs, may be available at discounted prices during a recession, presenting opportunities for entrepreneurship.
• 👨‍🔬 It is essential to approach these side hustles with caution, conducting thorough research, obtaining necessary permits and insurance, and taking measures to ensure transaction legitimacy.
• 🤝 Timing is crucial, as deals may improve as the recession progresses and more individuals become financially strained.

Questions & Answers

Q: What are the four easy side hustles to pursue during a recession?

The four ideas are home staging, flipping luxury goods, repossessing vehicles, and purchasing discounted online businesses such as blogs. They focus on needs and opportunities that may emerge as properties remain unsold, owners sell valuable items, borrowers miss auto payments, and business assets decline in price.

Q: How can I start a home staging side hustle?

Contact people in your area whose homes are listed for sale but currently empty, and offer a simple staging service for about $2,500. After securing the first client, use the payment to purchase furniture from discount stores or Facebook Marketplace, obtain business insurance, and reuse the furniture for later clients.

Q: How much can a home staging service charge?

One model charges an upfront price of about $3,000 to $5,500 for the complete staging, with the furniture removed after the property sells. Another model charges about $1,000 upfront plus $500 per month while the client rents the staging furniture.

Q: How does flipping luxury goods work as a recession side hustle?

Choose one luxury niche, buy items from owners who need money quickly, and resell them through a platform such as eBay. The transcript suggests that urgent sellers may accept 20%, 30%, or even 40% below market value, creating a possible resale margin of 20%–30%.

Q: How can I find luxury goods to flip?

Check Craigslist and Facebook Marketplace daily, using filters for the specific product you specialize in. You can also seek off-market deals by placing local signs such as “I buy Louis Vuitton” to reach owners who might sell but have not listed their items.

Q: What is the biggest risk when flipping luxury goods?

Counterfeit merchandise is the central risk because fake luxury items are common and one costly mistake, such as buying a fake Rolex, can undermine the business. Focus on one product or niche that you understand well enough to evaluate whether an item is legitimate.

Q: How can I start a vehicle repossession side hustle?

First research the repossession laws and requirements in your state, then obtain the necessary licenses, permits, and business insurance. You can purchase or rent a tow truck and retrieve delinquent vehicles for banks and financial institutions.

Q: Can seller financing help me purchase an online business?

Some businesses for sale provide owner or seller financing, allowing the buyer to pay for the business over time using profits it generates. Verify that the transaction is legitimate and approach discounted digital assets, including blogs, with appropriate caution.

Summary & Key Takeaways

• Home staging business is in high demand during a recession as properties take longer to sell; start by offering staging services to owners of unsold properties.

• Find opportunities in the luxury goods market by purchasing items at a lower price and reselling them for a profit on platforms like eBay.

• Vehicle repossession can be profitable during a recession as many people struggle to make auto payments; research the laws and requirements in your state and obtain the necessary permits and insurance.

• Take advantage of decreased prices in the business asset market, particularly digital assets like blogs, by making lowball offers and potentially securing a lucrative deal.