Robert Edwards here and here at franchise city we work with investors and aspiring entrepreneurs
from all walks of life and varying experience levels and something we hear often from less
experienced entrepreneurs is "We are in a recession I have decided not to invest"
And it's funny because these same investors in a strong economy will say "There is too
much competition I have decided not to invest"
Now its perfectly natural to have reservations and fear when you are starting out in business.
However if you truly want to become a successful entrepreneur there is risk. You need to accept
that and make decisions that are based on facts, not "gut feelings" or fear. But that
is a topic for another day. Today let's look at good franchise ideas for a recession and
ways to at least conquer this one fear.
You know how many recessions there have been in America? 47 as of the time of this video.
You know how often the USA has been in one recession or another? Almost 30% of the time.
So chances are any business you start you will be hit by a recession at some time or
another. Microsoft was started in a recession and it didn't seem to have hurt them.
Experienced entrepreneurs understand this and they don�t use the recession excuse
out of fear. They explore options and make decisions based on facts.
Before we continue its important to note that the recession is not the only consideration.
You want to also explore market saturation, competition, opportunities and more, but lets
stay basic and just look at industries that are more resistant to recessions.
First off most specialty food outlets or fine dining are typically not a great choice. Consumers
generally spend less in a recession so staple type foods with low prices are generally a
better fit.
Outside of food there are some essential services that can weather recessionary times.
Haircutting franchises - not luxury salons but plain old inexpensive haircuts. People
always need a haircut especially if they are all looking for a job.
Another good option is a tax return franchise - do you think the IRS is going to tell you
"Don't worry about your taxes it's a recession"? No. And most people are not able to do their
own.
Child care and education franchises. When times are tight you often need to have 2 parents
working to make ends meet which increases demand on child care needs. Child education
is something parents always prioritize before most other needs.
senior care franchises. These are franchises that help seniors in a non medical capacity
with day to day needs. baby boomers are hitting senior age at a pace of 10,000 people a day
- that�s a huge demographic and recession or not these older people will need to be
cared for.
Commercial cleaning franchises. Businesses cant allow dirt and garbage to pile up in
the workplace just because money is tight. Cleaning is an absolute necessity. Also most
commercial cleaning franchises sell small unit franchises to people who need to make
extra money so this can be a great option as well.
And last but not least - automotive franchises. People keep their cars longer in a recession
and older cars need repairs. This is an absolute necessity regardless of the economy.
And I will leave you with one final thought. During the great depression which was the
worst economic disaster ever in US history - at the peak of it all unemployment rates
were 25%. so every 1 out of 4 people had no job. Now some people look at that and say
it's the end of the world, but I look at it and say people have a 3 out of 4 chance of
finding a job. Its in all how you look at it - and the economy, no matter what is never
going to stop so don�t let irrational fear prevent you from reaching your business goals.
If you are looking for a good franchise we can help. Visit http://www.Franchise.city for more.