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.
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.
Computers, cars, jewelry, houses. If it can be fixed, people will choose repairs over buying new replacements to save money.
During times of economic uncertainty, companies hedge their bets with temps rather than commit to hiring more long-term employees.
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.
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.
From payroll to PR, companies save money by outsourcing services rather than paying full-time staff.
This is one business that improves when the economy slips. During these times, coupons are equally attractive to both upper- and lower-income shoppers.
With personal debt at an all-time high, demand in the debt settlement industry is as great as it's ever been.
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.
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.
Ziebart International Corporation Opens Newest Franchise on the West Coast in Spokane, Washington - Demand for High-Tech Vehicle Care Grows
“We are very excited about this new West Coast Ziebart store and just as excited about the increase in requests for franchise applications this year,” said Daniel C. Baker, President of Ziebart Corporation, headquartered in Troy, Michigan.
The Real Key to More Profits Is Repeat Business
What if you started looking at each of your business or franchise's customers as a real asset? Each bought at a fair price that generated profits for your company over time and, most importantly, repeat business. Wouldn’tyou make sure you kept track of what you bought that asset for?Would you make sure that asset gave you a return on your “initial investment”?Would you make sure that asset was maintained and taken care of over the course of its useful life?
Renters Warehouse CEO Brenton Hayden's Business Advice and Franchising Tips - Part 2
In addition, Hayden had to adapt to a different role since he began franchising. He phased himself out of day-to-day operations in order to focus on helping franchisees grow the business nationwide. A key to being able to give up some authority and entrust it to others was knowing that he could trust his employees. “I had minions and now I have managers,” said Hayden.