Top 10 Industries For a Recession: Is Your Industry On The List?
Between major bank failures and mind-boggling bailouts, "recession" has become the most dreaded buzzword in the nation. But as always, whether times are bad or good depends on your point of view. Recession is not necessarily bad for business—in fact, some industries have no problem weathering recession because their services are necessity, not luxury. In fact, some business leaders are downright chipper about the situation. Check out our list of top industries for a recession to see why.
1. Healthcare
No matter what's going on, people still get sick and injured. Some studies have also shown that healthcare needs increase during recession due to the associated stress.
2. Repair services
Computers, cars, jewelry, houses. If it can be fixed, people will choose repairs over buying new replacements to save money.
3. Staffing services
During times of economic uncertainty, companies hedge their bets with temps rather than commit to hiring more long-term employees.
4. Education
Even in economic decline, people want the best education for their children. Supplemental learning centers, tutoring services, and test preparation franchises are all good bets.
5. Senior care
Home care services are growing fast. These typically non-medical services offer an excellent alternative to expensive retirement centers for seniors who are still in good health.
6. Business services
From payroll to PR, companies save money by outsourcing services rather than paying full-time staff.
7. Coupons
This is one business that improves when the economy slips. During these times, coupons are equally attractive to both upper- and lower-income shoppers.
8. Debt settlement
With personal debt at an all-time high, demand in the debt settlement industry is as great as it's ever been.
9. Resale shops
From sporting goods to designer duds, consignment shops offer a win-win scenario for shoppers and sellers alike. Already a $12 billion industry, the resale industry is expected to grow 5% this year while many major retailers take a tumble.
10. Property management
A good property management company can protect the owners' investments during dicey times. It doesn't matter if real estate is selling or not—the only time property management could suffer is if the population lowers.
Franchise Buyers Don’t Need a Lawyer – Yeah Right!
These excuses are usually first heard when I meet with a franchise owner who is now asking for advice regarding their dissatisfaction with their franchise relationship. Too late. That is, sometimes it is too late to help them.
Searching for the Best Franchises for Minorities
Many franchises incentivize minorities to join their systems. As president of the World Franchising Network Rob Bond puts it, these franchises "grease the skids" on behalf of minority candidates because they see value in promoting diversity among their franchisees. On account of a still-languid economy, however, many franchisors' approach has changed significantly in recent years. As Bond explains, “African Americans and Hispanics were being aggressively recruited five years ago to fill vacancies.” But today most franchisors are more concerned with trying to grease the skids for foreign investors with significant piles of investment capital.
Making A Difference In Your Community - Rainbow International®
Picture this - serving the needs of your community, while being able to run a business? Seems like a pretty good deal! One of the franchises that offers this is Rainbow International® - a post-disaster restoration service franchise for water damage, smoke, fire, and mold in homes.
