In light of the past six months, we’ve spoken to many clients wondering if makes any sense to launch a new business venture right now. Most business owners are working harder than ever just to stay afloat while others are wondering if they can sell their business during a pandemic. Yet, there are also a lot of people who are either out of work or re-evaluating their current positions and curious about entrepreneurship.
Our advice? Starting a business from scratch, an already risky endeavor at the best of times, may prove even more challenging today. Buying an existing business, however, provides a lot less uncertainty. This has always been true as existing businesses come with a record of profit and loss, established relationships with both vendors and clients, and experienced employees and business practices.
Recession Proof Businesses
To further reduce risk, consider a recession proof business, one that provides goods or services that people or businesses need under any economic conditions. Here are 3 examples of recession proof businesses:
- Home Improvement or Repair Services – With everyone spending more time at home than ever before, businesses that support the home are thriving right now. A lot of people are now working from home and using money that was once spent on entertainment to improve or renovate their living spaces to accommodate the new normal. Even more importantly, people need a home that is fully functioning. Businesses that focus on servicing appliances, home repairs or restoration will always be needed, regardless of the economic outlook. Looking for a business in this category? This SERVPRO franchise is also nationally recognized.
- Car repairs – Similar to home repairs, car repairs are unavoidable and happen regardless of our market conditions. True, there are less of us on the road in daily drives right now. However, many people are using their cars on the weekends to find outdoor escapes and adventures that feel safe. That’s why this car repair franchise, this full service auto repair shop, and this auto and tire center will continue to grow.
- Hair salons – Hair salons are also recession proof by nature. That’s because our hair will keep growing, whether we want it to or now. hair salons were some of the first businesses to reopen in the south and the demand was as great if not more than pre-pandemic. Granted, there are more regulations and safety procedures to follow now. However, salons are getting creative and adjusting and finding themselves busier than ever. For that reason, this hair salon and this beauty and spa suite rental are in optimal positions even today.
There is never a guarantee that a business endeavor will succeed. However, history has shown that some businesses are less volatile than others and these three are examples of why you don’t have to wait become a business owner. Contact us today to learn more about all the opportunities we have available and how we can help find the right fit for you.