Less than stellar economic news doesn’t mean that all businesses are in trouble.  As a future entrepreneur, you can stay ahead of the game by choosing a business that is essentially recession-proof, one that offers goods or services that people need regardless of the economic climate.

A few options?

1. The food service industry: Obviously a high-end restaurant is going to face tough times during an economic downturn, but a low-price restaurant can become a viable option for families who would still like to eat out but no longer have the discretionary income to spend a lot when they do.
2. The food retail industry: When looking to save money, many families will scale back on eating out and instead make the majority of their meals at home.  Therefore, retail groceries will tend to do better when families have less money to splurge on meals outside the home.
3. The maintenance sector:  In better times, you might just replace a household item that is worse for wear.  In a recession, there is a greater demand to fix what’s broken rather than to buy something new.  The same goes for structural aspects to homes, like roof repairs, where deciding to wait to solve a problem will cost the homeowner in the long run.
4. Legal service or debt collection industry: While a slightly darker business option, when times are bad for consumers, these two fields tend to be very lucrative.  The work needs to be done, and a new entrepreneur can step in to get what needs to be done, done.
5. The healthcare industry: People always need healthcare, and this wide and varied field can include walk-in clinics, eldercare, and selling medical supplies.

Choosing a business based on what people need instead of just what they want can be a very smart move during bad economic times.  Think about what goods and services are in demand regardless of the current housing or employment market, and you can have success as an entrepreneur in this uncertain economy.

Michael Monnot

941.518.7138
Mike@InfinityBusinessBrokers.com