Due to the recent and prolonged economic downturn there has been a heightened interest among prospective entrepreneurs’ to seek and start businesses that have right stuff to weather and thrive during a recession. Traditionally there have always been a number of small business categories that have been considered recession proof or at minimum recession resistant. Below is my pick of the top 3 business categories you can start a business in during a recession.
Health Care – Statistics have shown that the overall health care industry continued to grow at a rapid pace despite the recent recession and slow growth economy. And with rising health care costs and a rapidly aging baby boomer population there may not be a better time to start a health care or senior care related business or franchise.
Home Services – Despite the overall and dramatic decline in housing prices over the last several years homeowners’ are still willing and ready to invest money in maintaining their properties. That’s why businesses and franchises that offer handy man services for instance have done remarkably well despite challenging economic conditions.
Automotive – It may not be overly glamorous but automotive repair and service related businesses have overall done well during this current economic downturn. This in large part can be attributed to the fact that many motorists have apparently decided to defer replacing an older vehicle and instead invested in the maintenance of their current vehicle.