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.
4 Business Functions Changing to Reflect Social Networking and Learning
Consumer social networking sites are not only transforming how people live their daily lives, they are also influencing several business-related functions. More and more of these socially-enabled tools, platforms, and best practices are fundamentally changing the way companies handle data, manage customers, and perform market research. Businesses can harness the power of socially-enabled tools that promote collaboration and eliminate departmental boundaries that might inhibit innovation. We aren’t talking about the need for small business to have and manage their own social media accounts. At this point, such initiatives should be a given. The focus is on ways social sharing is altering business processes at a core level, transforming how people “work.”
Meeting the Franchisor - Maximize Your Benefits From Discovery Day
Whether it is a “Discovery Day” or other term that the franchisor uses, most franchisors require prospective franchisees to visit their corporate headquarters as a pre-requisite to buying a franchise.
Determining Your Priorities
At its core the decision to open a franchise isn’t a trivial decision. You are making a serious investment, but if you take all of the factors into account it can be an amazing one. But before you get there you need to sit down, analyze your needs, capabilities and limitations in relation to a franchise business. This could take a few days to consider or a few weeks or months. In either case, it is one of the most important steps in the franchising process, so don’t skip it.
