Do you know how many recessions there have been in America? 47 as of the time of this video. You know how often the USA has been in one recession or another? Almost 30% of the time. So chances are any business you start you will be hit by a recession at some time or another. Microsoft was started in
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Do you know how many recessions there have been in America? 47 as of the time of this video. You know how often the USA has been in one recession or another? Almost 30% of the time. So chances are any business you start you will be hit by a recession at some time or another. Microsoft was started in a recession and it didn't seem to have hurt them.
Experienced entrepreneurs understand this and they don't use the recession excuse out of fear. They explore options and make decisions based on facts.
Before we continue its important to note that the recession is not the only consideration. You want to also explore market saturation, competition, opportunities and more, but lets stay basic and just look at industries that are more resistant to recessions
1. Food Franchises (cheap food) First off most specialty food outlets or fine dining are typically not a great choice. Consumers generally spend less in a recession so staple type foods with low prices are generally a better fit.
Outside of food there are some essential services that can weather recessionary times.
2. Haircutting franchises - not luxury salons but plain old inexpensive haircuts. People always need a haircut especially if they are all looking for a job.
3. Tax Preparation Franchise. do you think the IRS is going to tell you "Don't worry about your taxes it's a recession"? No. And most people are not able to do their own.
4. Child Care and Education Franchises. When times are tight you often need to have 2 parents working to make ends meet which increases demand on child care needs. Child education is something parents always prioritize before most other needs.
5. Senior Care Franchises. These are franchises that help seniors in a non medical capacity with day to day needs. baby boomers are hitting senior age at a pace of 10,000 people a day - that's a huge demographic and recession or not these older people will opportunities franchisingneed to be cared for.
6. Commercial Cleaning franchises. Businesses cant allow dirt and garbage to pile up in the workplace just because money is tight. Cleaning is an absolute necessity. Also most commercial cleaning franchises sell small unit franchises to people who need to make extra money so this can be a great option as well.
7. Automotive Franchises. People keep their cars longer in a recession and older cars need repairs. This is an absolute necessity regardless of the economy.
And I will leave you with one final thought during the great depression which was the worst economic disaster ever in US history - at the peak of it all unemployment rates were 25%. so every 1 out of 4 people had no job. Now some people look at that and say it's the end of the world, but I look at it and say people have a 3 out of 4 chance of finding a job. Its in all how you look at it - and the economy, no matter what is never going to stop so don't let irrational fear prevent you from reaching your business goals.
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