Most economists do not expect the U.S. economy will go through a depression related to the credit-crisis-mortgage-meltdown-bailout bonanza. However, a recession appears to be a certainty.
At a time like this, not many people may feel like it's a good time to start their own business. However, many of them may not have a choice. Indeed, a recession spells bad news for employees in the corporate America. Recent surveys show that a large number of corporations plan to lay off workers in the next 12 months.
This economic situation creates an opportunity for workers who are laid off or who do not wish to end up in that situation to start their own business. Buying a franchise may be the safest way to do that. Despite the economic ups and downs thee are several franchise sectors that are, if not recession proof, then recession resistant.
Here's a look at franchise sectors with particular resilience:
Tax and Accounting Services: Death and taxes are a certainty and bad economic times increase desire to wisely account for every last dollar.
Education: Even in the current slowdown, parents desire a better future for their kids and are still will to invest in it.
Entertainment: As an example, during the Great Depression, the movie industry boomed as people craved escapism and had time to burn. That would very likely be the same today for film and as well as other inexpensive entertainment options.
Home, car, commercial, and industrial repair: In a bad economy, the rule is - don't replace, repair. It doesn't just go for you and your 12-year-old sedan or your leaky toilet. In a recession, consumers and businesses will more often opt to repair than replace.
Senior services: There's a wide range of industries and fields that will most likely continue to benefit from baby boomers getting older, including senior housing, home retrofitting, geriatric care management.
Temporary Employment Services: In a shaky economy, companies often opt to hire someone on a part time basis instead of increasing their permanent payroll and benefits budgets.
Hair Care: With many hair care franchises available, competition is fierce. However, regardless of the economy people still need their hair cut.
In addition to that, there are always low cost franchise options available in other industries. In a down economy people will always be looking to cut their expenses, from phone services to gym memberships.
If you like this article, thinking of buying a franchise and could use some advice, please feel free to contact me at andre@findtopfranchise.com with any questions. I offer a no cost consultation which will enable you to get a better idea of the franchise options available to you. Please also visit my web site which offers descriptions of the majority of opportunities I currently represent http://selectfranchiselist.com
