Talk on the Street
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Talk on the Street
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If you’re an entrepreneur looking to invest in business but hesitant with the speculation of a recession on its way, here’s four franchise business ideas that are likely to out-perform in a recession.
Business During a Recession
For many businesses, a recession is a difficult period to survive. The first thing people stop buying are non-essential goods and services like fashion retail, luxury items and restaurants. An economic recession then leads to companies having to scale back wherever possible, make cuts to staffing numbers. A reduction in turnover leads to a reduction in profit and when this happens, especially for an extended period of time, it can be very difficult to bounce back from.
A recession-proof business is one that provides goods or services that are everyday essential items. These businesses tend to suffer little effect during an economic downturn. Derek Cafferata, CEO and President of franchise experts All State Franchise Finders, shares four industries that do well during more difficult financial times.
Home and car repair franchises do well despite whether the economy is on the up or in a slump. Leaking roof tiles, dripping taps and broken stoves happen at any time. People are more likely to repair their car instead of replacing it during a recession. Ay time of home or car repair franchise is not likely to be affected when times get tough.
“One of the best things about franchises within the repair industry is that they don’t require the expensive overhead costs that a brick-and-mortar store requires,” says Derek. “There are plenty of repair franchises that allow you to base yourself from home. All you need is a fitted-out vehicle.”
Accounting and financial planning
During times of financial difficulty, people look for financial advice to help ease their economic situation. Bookkeeping, accounting and financial planning services do well during a recession. And again, these types of franchises don’t require an expensive storefront.
Online Teaching – tutoring, business counselling/advice
The global COVID-19 pandemic has shown us how easy it is to work online and franchises that offer online education services tend to out-perform in a recession. Online education franchises are available for a wide range of topics, including music, math, art, cooking, business consultancy and even fitness.
IT & Computer Services
Particularly with the big shift to more and more people working from home, franchises that specialize in the IT and computer services industry are considered stable despite the economic climate. Online shopping has increased significantly across all age demographics, along with the number of interned-based businesses, meaning there are more people than ever before looking for internet advertising services, social media services, networking services, website and cloud services.
“As a society, we are heading online in a big way and it is only going to increase,” says Derek. “Any franchise that offers IT and computer-based services or products is going to out-perform in a recession.”
Seek Advice from a Franchise Expert
When considering moving into franchising, it is important to seek the advice of a franchise expert, someone with the knowledge and understanding to help guide you through the in-depth process. All State Franchise Finders, based in Fort Worth, TX, are award-winning franchise experts. To contact the team at All State Franchise Finders, call 1-800-544-2161 or visit allstateff.com today. ALLSTATEFF.COM – your award-winning franchise experts.