Businesses to Start in a Recession: 6 Industries & Ideas
In times of economic uncertainty, the thought of starting a business can be daunting. If you’re concerned about an impending recession but are still eager to start your own business, it’s crucial to research industries that have historically withstood economic downturns. Here are six businesses to start in a recession, each providing unique opportunities even in challenging economies.
Table of Contents
Auto Repair Services
Cars are the most popular method of transportation, with 73% of Americans using their own car to get themselves to and from work. With such a heavy reliance on automobiles, the services to maintain them are considered essential. During a recession, people are more willing to spend their money to keep their current vehicles running instead of buying new ones altogether.
Home Improvement Services
Similar to auto repair, home improvement is a potentially strong business to start in a recession. Even in economic lows, homeowners prioritize maintaining and improving their homes. Unexpected emergencies happen. A burst pipe, gas leak, damaged roof, power outage, or an HVAC failure all need to be remedied right away, no matter the state of the economy.
Financial Planning Services
Economic uncertainty often leads individuals, families, and even businesses to seek professional financial guidance. This sector, including accountants, bookkeepers, and financial advisors, offers significant opportunities as people look for ways to stretch their income effectively during tough economic times.
Property Management Services
Recessions can force people to put off their plans to purchase a home, oftentimes leading them to consider renting properties until the economy recovers. Landlords and property owners consistently need professionals to manage their real estate assets, making property management a crucial service.
Child Care Services
Child care is regarded as an essential service for many families. When the economy is struggling, most families will likely prioritize bringing in two salaries instead of just one. Having reliable and quality child care services allows parents to feel at ease while at work, making it an ideal business to start in a recession.
Healthcare and Medical Services
Healthcare services, including urgent care clinics, telemedicine, and pharmaceuticals, are typically recession-resistant. Regardless of how the economy is behaving, people still need access to medical care. Opening a healthcare-focused business could be a stable choice.
A subset of this industry includes home healthcare services. Seniors, people with disabilities, or those who are dealing with long-term illness all need additional care at home, even during economic downturns. Home healthcare is essential, making it a secure investment.
Why Invest in Home Care?
The senior care industry is growing, and fast. In fact, the U.S. population is the oldest it’s ever been. As the baby boomers continue to age, it’s anticipated that the U.S. population of those 65 and older will expand to 82 million by 2050, representing an impressive increase of 47% from now until the end of the forecast period.
With such a large population of senior citizens, and their overwhelming desire to age at home, savvy entrepreneurs can start building their home care businesses now and grow alongside the market.
Additionally, home care businesses tend to be more affordable than senior living facilities or nursing homes. Since clients are cared for in the comfort of their own homes, most home care agencies don’t require a large office space. Many are able to function with just a simple office suite where they can house any supplies and handle administrative tasks.
Franchise with Always Best Care
Always Best Care is one of the most reliable home care providers in the industry. A recession-resistant franchise, our brand offers multiple types of care including in-home care, skilled home healthcare, special care services, respite care, and senior living referral services.
To qualify for Always Best Care, interested franchise candidates should have a net worth of $200,000 and at least $100,000 in liquidity. Our investment costs range between $81,025 and $145,900, including our $49,900 franchise fee.
Request information today to learn more about our franchise opportunity, market availability, and the support we provide all of our franchisees.
