9 min read
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With many people across the globe witnessing COVID-19 negatively affect their finances and way of living, studies show that consumers are starting to be more mindful about their spending.
With this in mind, starting a food or consumer products business in a downturn may seem like a risky endeavor. After all, as consumers tighten their belts they also tend to “trim the fat” when it comes to goods deemed non-essential. As such, one would assume that healthy foods, toiletries, or self-care products—some of the most popular product groups in these verticals right now—would be some of the first sacrifices made.
However, as someone who launched a healthy meals delivery business during the last recession—during which we witnessed our greatest period of growth and were acquired—I know that there is plenty of potential for businesses that are creative and adaptable from the outset.
Drawing from my own experience, and that of other successful entrepreneurs in the space, here are five tips for how to launch a food or consumer products business during a downturn: