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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.

Three Keys to Franchise Success

The first is to understand the key drivers of success in your business -- that is to say, the three or four major strategies or operational processes that make up the engine of profitability and success for your organization. As an example, for a restaurant these factors may include things such as speed, consistency, freshness, cleanliness and friendliness. For an auto parts store the key drivers will probably include inventory availability, customer service, expertise and pricing/margins. Once you understand the key drivers, it is critical that you focus on them incessantly and help everyone in your organization understand that it is their responsibility to make sure those drivers are the top priority for them every day at work.

What is a Franchise Consultant

Seriously? What is that supposed to mean?