The best way to position yourself for continued success amidst a recession is by working in a recession-proof industry. The current economic environment created by the pandemic has shown many of us that certain sectors and jobs aren’t stable during an economic downturn. For this reason, many people are looking for employment or entrepreneurial options that can weather any storm.
One way entrepreneurs can maintain financial stability and even grow their wealth amidst a recession is by starting a recession-proof franchise. The support and community of a franchise allow its franchisees to not only survive but also thrive and adapt more easily than other types of businesses during a recession.
In this article, we will explore which industries succeed during a recession and provide some examples of recession-proof franchises you can start this year.
A recession occurs when there is a major drop in economic activity across sectors lasting for a significant period of time. Therefore, a recession-proof business is one that can continue to succeed amidst these uncertain economic conditions.
Recession-proof businesses operate in industries that provide essential products and services that people and businesses will need regardless of the economic climate. While the overall economy may be in a decline, recession-proof businesses will survive and or thrive during a recession.
Industries that thrive during a recession are those that deliver products or services that people will pay for even when money is tight. In the list below, we explore some of the main industries that continue to thrive during a recession, followed by some of the best franchises available in each.
When businesses are struggling during a recession, they turn to business consultants to help them reduce and optimize their spending. Businesses of all sizes can benefit from the advice of a third-party consultant. Depending on the type of consulting you want to do, you could help businesses with cost reduction, performance management, operational logistics, and much more.
Whether we’re in a recession or not, things are bound to break. And when money is already tight due to a recession, people are more likely to repair their things versus buying new ones. That’s why various types of repair service businesses are able to succeed during a recession. Businesses that specialize in auto repair, plumbing, roofing, HVAC, and other trades are likely to maintain a steady stream of work during economic downturns.
The senior population is on the rise and will continue to rise for years to come. With many of these seniors preferring to stay at their current residence versus moving to an assisted living facility as they age, the demand for in-home senior care will continue to grow regardless of economic conditions.
Even when the economy is in a downturn, commercial spaces still need to be cleaned. Though many companies now allow a large portion of their employees to work from home, their offices still need to be cleaned for the employees that do work in the office. Our current pandemic has also put an emphasis on sanitation and cleanliness, which makes commercial cleaning services a lucrative industry to be in during a recession.
One thing for certain is that people will always need to eat and drink regardless of economic conditions. Though many people will cut back on their food and beverage budgets, they will still spend what they can on these items. Additionally, when times are tough, people may look at snacks or alcoholic beverages as “affordable luxuries” during a time when they aren’t spending their money on other non-essential items. Businesses such as grocery stores, convenience stores, and liquor stores all tend to fare well during a recession.
Businesses rely on technology and a variety of different devices for their daily operations. Even when the economy is on the decline, businesses and individuals need their technology infrastructure and devices serviced and repaired on an ongoing basis. For these reasons, the IT services industry is well-positioned to handle any type of economic climate.
By becoming a franchisee with P3 Cost Analysts, you’ll have the opportunity to help businesses reduce spending while building a business in a growing industry. P3 provides comprehensive training and support in order to position their franchisees for success with all of their cost reduction consulting responsibilities.
As a franchisee, you’ll also be able to leverage P3’s marketing channels and assets to produce a steady stream of clients and income.
As a franchisee with 1-800-Plumber + Air, you’ll gain access to their proven plumbing and HVAC business system and well-respected name. 1-800-Plumber + Air offers strategic support and helps franchisees design a business plan that’s tailored to their specific market conditions.
If you have a passion for the trades and want to build a team of skilled professionals in a lucrative industry, then starting a franchise with 1-800-Plumber + Air is a great fit.
The in-home senior care market is booming with no sign of slowing down. As a franchisee with Visiting Angels, you’ll be able to capitalize on this growing market while providing rewarding services to seniors in need.
Our aging population will always need proper care, thus, you can feel confident that your business can grow during all types of economic conditions. Additionally, you’ll have access to Visiting Angel’s extensive support and training to ensure your success.
Hospitals, offices, retail stores, schools, and other commercial buildings all need to be cleaned on a regular basis. By starting a franchise with 360clean, you’ll be able to keep these buildings clean and hygienic while creating a profitable business.
This turnkey opportunity is on trend with the increased need for sanitation due to the pandemic and will continue to be a much-needed service in all economic conditions. Furthermore, you’ll have access to 360clean’s proven marketing system to secure a steady pipeline of clients.
7-Eleven is one of the top convenience store franchises in the world. With a respected name behind you and a proven business model, you’ll be able to start a profitable business that provides essential items for customers.
7-Eleven is committed to providing its franchisees with ongoing support in the form of training, implementing innovative services, and world-class marketing assets.
TeamLogic IT is consistently ranked one of the top managed IT franchises in the country. This proven business model allows you to service the IT needs of small and medium-sized businesses alike.
As a franchisee, you’ll be providing much-needed services to businesses that simply don’t have the resources or knowledge base in order to keep their technology infrastructure secure and operational. You’ll also have access to best-in-class business management tools and support.
If you’re looking for an entrepreneurial opportunity that is protected against changes in economic conditions, starting a recession-proof franchise may be a good fit for you. Not only will you get to fulfill your dream of business ownership, but you can feel confident in your ability to survive and grow during uncertain times.
As outlined above, there are certain sectors that fare better than others during a recession. It’s your job to decide which industry suits you best and then to find a franchise that will suit your needs.
For those who love to support other businesses, starting a cost reduction consulting franchise with P3 Cost Analysts could be a great fit. There’s much growth potential in the cost reduction industry and businesses will always be looking for ways to cut costs in any economic climate.