If you lost a job during the Great Recession of 2007 to 2009, you’re not alone. The global financial meltdown triggered the longest recession since
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World War II and created the most toxic business conditions since the Great Depression
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. Unemployment soared to 10 percent in January 2009 as companies closed doors or cut costs to ride out the rough times
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After witnessing a recession as a business owner, security becomes the number one priority. New entrepreneurs flock toward so-called recession-proof businesses. Recession-proof businesses are traditionally defined as industries that either thrive during rotten economic times or at least survive unscathed. Click Here if you would like more information on Recession-proof franchise opportunities.
The global financial crisis of 2007-2009, however, rewrote the rules about recessions. Many economists are now saying that there’s no longer such a thing as a recession-proof business. The best that employees can hope for is a recession-resistant business, meaning one with a better chance than most of riding out a recession.
The key to a business owner’s security during a recession, experts say, is to find an industry that shows long-term growth potential, is immune from outsourcing and isn’t tied to the fickle tastes of consumers.
One such industry that thrives in both good and bad times is Automotive Repair. America’s workforce is highly dependent upon its means of transportation to get back and forth to work. All vehicles break down at some point and typically repair is less costly than replacement. Addressing a loss of transportation becomes a major priority and in any economic environment and usually vehicle owners have no choice but to get the vehicle repaired. Most Automotive Repair Franchises do not require the owner to have a mechanical background and offer extensive training of how to run an automotive repair shop. Automotive Repair Franchises are perceived to offer higher quality, superior warranties and more peace of mind than the local mom and pop garage. Franchise brands such as Aamco Transmissions have led the way.
Another such industry may come as somewhat of a surprise. Although the water industry is seldom a widely acknowledged investment vehicle, conventional wisdom has always seen it as ‘recession proof’ and those conservative investors who recognized its potential have reaped good rewards. Technologies such as water purification stand well placed to ride out the worst effects of a recession. That’s due to the fact that overall water consumption remains stable no matter what the state of the economy. Current heightened awareness and press concerning environmental pollution issues and health concerns of bottled water, as well as the actual cost per gallon for companies with larger workforces are driving many employers to look at alternative methods of water purification and water filtration. Also, the landfill and recycling issues/costs bring important concerns for communities. Franchises such as WaterStation Technologies have taken huge strides to capture this market. JPayton Consulting works with entrepreneurs to achieve their business objectives. Click Here if you would like more information on Recession-proof franchise opportunities.