There are several business models that don't feel the pinch of a recession. Certain service franchise businesses tend to actually thrive during tough times because some business owners and consumers are just unwilling to sacrifice in particular areas.
Senior Care. In addition to healthcare professionals, sons, daughters, brothers, sisters, etc., are constantly seeking reputable, quality senior care. The senior population, which is the currently the fastest growing segment of the population, grows steadily every year and is projected to double between 2000 and 2030. It's a huge, huge industry, expected to be a $490 billion market by 2030. As baby boomers approach retirement, the market increases exponentially. Featuring low start-up costs with high income potential, most Senior Franchisors require no medical background or experience.
Hair Care/Hair Styling. Not to worry, no hair care or styling experience is required. A manager handles the daily operations. This category is perfect for investors who are interested in building a business, not buying a job, by developing multiple locations. This $55 billion industry is both recession and technology resistant with a built in demand: no matter the economy, people still need hair care. If you have strong leadership and people skills and a business background, you may want to look further into this opportunity.
Pet Care. Do you love pets? Pet owners sure do, based on their spending habits. Did you know that there are some fantastic pet franchises that you can operate from a home office, like pet cleaning and grooming, as well as dog training? Some may contend that pet services fall into the "luxury" category, but historically speaking, consumers have an unconditional love for their pets and do not sacrifice in this area. The pet industry is huge and flourishes during even a bad economy.
Automotive/Disaster Industry. Have you ever considered industries in which the franchise business is compensated directly from an insurance company? Unfortunately, auto accidents and fender-benders occur everyday, everywhere. There will always be a demand for a reputable automobile repair shop and who pays the business for fixing the damage? That's right, the insurance company does, so you are assured immediate payment. What about floods and fires that businesses as well as homeowners experience? Once again, you are assured payment by the insurance company to clean up the water damage or rebuild after a fire and these repairs need to happen immediately.
Accounting/Tax Preparation. Regardless of the economy, there will always be a strong need for quality tax preparation. As the population grows, so does the overall number of tax filers. This market has increased by millions in the past few years. Also, the tax laws and procedures become more complicated every year and the demand for professional tax preparation is experiencing steady growth.
So, a recession can most definitely provide opportunity, especially in specific service industries. The above examples are just some of the possibilities. Take the time, perform your due diligence, and consider what franchise business might be right for you-even in tough times.
Cory_Barber
1 comments:
For the year 2012, a few places to look for business ideas include; studying the business model of other successful businesses, buying existing businesses, investing in a franchise, brainstorming, observing businesses among others.
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