What Are Recession-Proof Franchises?
By Joel Libava,In this article, I’m going to share some of the things I know about recession-proof franchises. But first, I’m going to define the term “recession-proof,” so you know exactly what I’m going to be referring to here. When something is recession-proof, it refers to a company, sector, asset or industry that’s thought to be economically resistant to the effects of a recession.*
Sound Franchise Ideas
There are a few different ways to look for a franchise business to buy.
The first way is to conduct a general franchise opportunity search by visiting a few franchise directories in order to get a few ideas.
The second way is to come up with a list of your top skills and dominant personal traits and match them to franchise business opportunities that fit them.
The third way is to identify something the market needs or wants and open a franchise business that supplies it.
Finally, you can combine the 3 ways I just described and add something else into the mix; a business that’s recession-proof.
Do you like that idea?
Franchises That Are Recession-Proof
I’m going to let you in on a little secret. There’s an easy way for you to determine if a business has the potential to be a recession-proof business. Here it is:
A recession-proof business is one that provides a need.
Not a want. A need. Big difference.
With this in mind, I’m going to share 3 types of franchise businesses that provide a need-and are recession-proof.
3 Recession-Proof Franchise Types:
Every day, all across America, basements flood, and homes and/or businesses catch fire.
When the water recedes, and the smoke clears, very specialized local businesses are called in to restore damaged areas to their original condition.
The type of work that these businesses do is not an option. Homeowners need to get their lives back to normal. Business owners need to do business again.
If you’d like to learn more about franchises that provide restoration and disaster clean-up services, read this article.
Hair grows. And unless you want your hair to grow to Rapunzel-like length, you’ll need to have it cut. That’s why there are so many hair salons around.
In fact, statistics* show that approximately 60 million Americans had 4 or more haircuts in a 6-month period last year. Numbers like that explain why the hair salon segment of franchising continues to grow.
In addition to the unit growth being experienced by franchisors that have been around for 30 years or more, there’s another type of growth happening; specialization.
In the last few years, hair salons franchises are starting to spring up that focus on specific demographics like children and in a larger way, men.
As a matter of fact, a few of the newer players are actually barber shops-as opposed to “salons.”
With the average price of a car* hovering around $31,000, you’re going to want to keep your vehicle...your investment maintained.
You can service your vehicle in a variety of places-a lot of them being franchise businesses. Like:
In addition, there are specialized automotive products/services that you may end up needing during the lifetime of your vehicle.
For example, if your vehicle is involved in a collision, you’ll have to have an automotive body shop repair the damage.
If you tend to keep your car for a long time, you’re going to need things like tires, a new exhaust system, and maybe even a new transmission. Franchise businesses exist today that provide all of those products and services. And they’re recession-proof.
An Opportunity For You
Look at all the different franchise business types I just mentioned.
All of them are recession-proof businesses.
All of them provide services and/or products that consumers and businesses need.
All of them offer opportunities for you to go into business.
Could any of them be right for you?
*Non-U.S. Government links
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