A recession is something that many of us will experience in our lifetime and if we aren’t prepared it can really take a toll on us.
Knowing how to prepare for a recession is going to help you through these hard times.
Side gigs are some of the best things when it comes to a recession, such as freelancing or selling your services.
Side gigs can help you make money during a recession when employment and economic activity are at an all-time low.
If you’re looking for how to best prepare for a recession, then keep on reading because we’re going to give you the rundown on the best side gigs to take on during a recession.
What Is A Recession?
To better understand how to prepare for a recession, we need to know what a recession is.
A recession is the widespread decline of economic activity that makes for falling profits, decreased trade, and decreased industrial production.
Here are a few areas in which you’ll notice a decline when we’re in a recession:
- Real income
- Retail and wholesale sales
- Employment
- Production
A recession can affect many different aspects of our daily lives but these will be the main ones that may be noticeable to the everyday person.
During a recession, employment falls and production slows down, but pricing stays the same throughout the recession, which is a bit of a curveball compared to inflation.
The main concern when it comes to a recession is the employment falling because people depend on that and so do businesses.
This is why it’s best to start a side gig during these economic hardships.
What Are The Best Side Gigs For During A Recession?
As we said, a side gig is great for protecting your income during a recession. It can be a stressful time and it can seem worse than it is if you’re unprepared.
Whenever we’re said to be in a recession, it’s always good to look into other income opportunities that will be protected during this time.
One way we’ve found that you can make it through a recession without having a lot of effects from it is having a good side gig that won’t be affected by the recession itself and is a safety net for income.
Here are a few examples that we’ll take a closer look at:
- Freelancing
- Delivery driver
- Selling your hobby
Obviously, everyone will have a different side gig because of their different talents and interests, but we’re here to give you some of the most recession-proof side gigs out there.
Freelancing
Freelancing is one of those side gigs that people are becoming more aware of. Freelancing can mean anything from writing, photography, graphic design, and so much more.
Here’s a list of some good freelance gig options:
- Freelance writing
- Freelance photography
- Freelance graphic design
- Social media freelancing
Freelancing is typically a side gig that’s self-run and like your own business. This line of work is protected because it’s not considered “employment” and therefore will not be affected by the recession.
Most freelance work is needed by every day people who need work done, so regardless of the recession they will still be looking for freelance work.
To learn more about the rise of the freelancing workforce, check out this video.
Delivery Driver
A delivery driver is quite a broad gig to take on because now there are many different options for delivery driving.
One of the best types is grocery delivery or fast food delivery such as Uber Eats or Doordash.
Although employment might fall and so will income, that doesn’t mean people will stop buying necessities such as food or groceries, so this job is almost essential in today’s time.
If you’re looking for a part-time job for a more “employed” type of feeling than being a mail or package delivery driver is a sure way to have an essential job to last you through a recession.
Sell Your Talents
Selling your talents or hobbies can mean literally anything you’re good at. You can sell your baked goods, hair services, DIY crafts, jewelry, and so much more.
Having your own little “business” is a great way to save you during a recession because your service may be needed more than you may think.
Remember to keep in mind what people are looking for and what you’re able to do, but selling your talent or service is a great way to make extra money and sustain you through a recession.
Virtual Assistant
This can kind of be in the same category as freelancing, but being a virtual assistant is a great side gig where you work at your own pace.
Some virtual assistants do very small tasks or email writing work for candidates that need a little extra help.
A virtual assistant can do things such as:
- Check and reply to emails
- Create and send out campaigns
- Manage calendars
- Set up meetings
Being a virtual assistant for many different clients can keep you busy and keep you bringing in extra income when you may not be making much at your day job.
Virtual Bookkeeper
Being a bookkeeper is yet another one of those freelance-type jobs that can keep you busy while being a very necessary job.
Regardless of the recession, these businesses and companies will need a bookkeeper.
Many people might not think about this as a side gig during a recession, but even for companies that are struggling through a recession, they’ll need a bookkeeper.
Ultimately, this is a position that will almost always be needed, so it’s a bit of a protected job.
Pet Sitting or Babysitting
A side gig that many of us can always go back to is pet sitting or babysitting. Many people will always need their pets or children watched during working hours. This side gig is most definitely one of the most needed ones regardless of a recession.
This can include things like:
- Pet sitting
- Babysitting
- House Sitting
- Checking on plants
This is a very protected side hustle because it’s something that a lot of people need and will need for a while, regardless of what’s going on economically.
Rent Out A Space
Renting out a space can be considered a bit of a side gig in this situation. Just because there is a recession happening doesn’t mean that people don’t need a place to stay or vacation.
That’s why it’s a great idea to rent out a space whether that be a room in your home, your guest house, vacation home, or studio apartment.
These can be rented out for family, friends, or Airbnb renters.
What Makes A Good Recession Side Gig?
Not all side gigs are necessarily a good recession-proof gig, but a lot of them can be. The ones mentioned above are some of the best when it comes to being a good side gig for a recession.
Here are some qualities of a recession-proof side gig:
- A Necessary job that isn’t going to lose importance
- A gig that won’t be affected by the decline in employment
- Something that doesn’t require you to spend money to make money
Determining whether or not a side gig is great for the recession will be determined by the type of gig it is and the effect the recession has on it.
The first thing to consider is finding a side gig that is necessary and won’t be affected by the recession.
Gigs such as babysitting, pet sitting, freelance, bookkeeping, and tutoring can all be examples of gigs that are almost always needed regardless of a recession or not.
Be sure to choose a side gig that doesn’t require you to put in a lot of money upfront to start it.
A recession can affect your income drastically so saving as much money as possible while starting up your side gig will be the smartest decision.
Final Thoughts
Side gigs during a recession are an extremely beneficial idea if you’re looking for some extra cushion during these testing times.
Just remember that side gigs that are needed, cheap, and easy for you to do are the best ones to choose.