Choosing Recession-Resistant Industries
In an uncertain time, a change in career is a reality for many people. This might be due to closing the doors of your own business, being let-go from a struggling company or this may be a long overdue shake-up. No matter the reason, every member of the Canadian workforce is looking for security and a franchise can help with that – but which one do you choose?
The Right Time, The Right Industry
During a global crisis, every industry is going to fluctuate but some are more at risk than others. Before committing to becoming a franchise partner, it is important to consider which industries are less at risk than others.
Property Maintenance and Repair: No matter the climate or time of year, properties need to be cared for. Regular servicing prevents costly repairs, replacements and even city fines for by-law infractions. Service companies also make themselves indispensable through regular cleaning practices. Sanitation and disinfectant services are on the rise throughout Canada, particularly as businesses, schools and more public environments begin to reopen.
Health Care: During a complicated economic climate, luxury spending might be out the window but health-care related services are only going up. Having access to medical attention (particularly for seniors) is a necessity. Home care attendants are in greater demand than ever, making health-related business a booming industry.
Fast Food: During a busy time, a quick meal can be a saving grace. Working overtime hours, juggling a busy schedule or just managing stress levels can leave little time for cooking and the cleaning that come along with it. For all these reasons, fast food industries tend to remain relatively level, even during times of economic downturn.
Home Renovation Businesses: A slump in the economy and shaky job security often lead to a shifting in real estate. Whether selling or taking over a new property, there is always work to be done. Landscaping can help to create an appealing environment outside while even simple projects and additions inside can help to increase resale value and create an environment ready to either sell or enjoy.
How to Become Your Own Boss
Building a business from the ground up takes dedication, care and hard work. Even with these features, it can takes years to turn a profit. Instead of suffering through a loss in income, opt for a proven business model that can help you hit the ground running!
Once you’ve chosen your ideal industry, all it takes is an initial cost to get your foot in the door! Don’t spend another minute at a job you don’t love when you can enjoy your work and take control of your income.