The U.S. economy has been performing quite well in recent years, causing many to fall back into the feeling of financial comfort they felt before the Great Recession. Businesses are growing, unemployment is low, and the stock market is high. It’s hard to think about planning for another recession when everything is going so well.
Pre-recession is exactly the time when savvy business owners should plan for ways to protect themselves in case of another economic downturn. If you’re thinking about opening a business and are considering a franchise, you’ll want to pick a business that can weather both the good times and a possible recession.
Below are three of the best industries for achieving franchise success regardless of the economy.
Resale and Consignment
When the economy is tight, people are eager to make a quick buck. They’re also eager to buy items at a discount. Even in good times, resale stores are a steady business because they promote environmentally friendly consumption and a chance to discover something truly unique.
There are many resale franchise stores but they are often operated by one company. This makes it easy for you to open multiple locations of different brands without learning a new corporate structure. With decades in the resale game behind you, you’ll have the corporate support to ensure the items you buy are items you can actually resell.
Hair Care
While the little luxuries may be cut from the budget during a recession, people still need haircuts. Franchise hair care locations usually offer these beauty services at a discounted price compared to high-end salons, making them even more appealing when money is tight.
Hair care is an excellent example of a franchise where you can be an absentee owner. These operations run smoothly, so you can trust the beauticians to handle the business. This allows you to own your own business while still keeping your day job. Additionally, hair care won’t be replaced by technology any time soon, so you can trust that investing in a location is worthwhile.
Elder Care
Aging slows for nothing, not even a weak economy. America’s largest generation, the baby boomers, are almost all at retirement age. The vast majority of today’s senior citizens would rather stay in their own homes or communities. Subsequently, businesses are cropping up to meet increased demand for in-home care. Employees could be medically trained staff who help with regular care or non-medical personnel who help with daily tasks.
A business like this is easy to scale once you’re familiar with the industry and your market. Having a trusted name attached to your business will help clients feel more comfortable about allow your staff into their homes. As your client list grows, you can match your hiring until you have a healthy home care business.
If you’re looking to open a franchise business, you’ll want to ensure that you have the best support possible. Choosing a strong, recession-resistant industry is a great start. If you need help choosing the right franchise opportunity for you, Tenet Financial Group can connect you with a franchise consultant who specializes in this area. Their services are completely FREE for franchise buyers, and they have years of experience matching franchises with buyers based on the buyer’s goals. Once you’ve selected a franchise, Tenet Financial Group will help you secure business funding. Contact us today to learn more.