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view all blogsBest Recession Proof Businesses
Having recently come out of the Great Recession many of you are weary of starting a business that is extremely sensitive to downturns in the economy. With that backdrop in mind I have identified 3 recession proof industries you might consider before buying a business:
1. Disaster restoration company's
These companies specialize repairing damage to property from fire, water and other mishaps. The great news here is that irregardless of the economy the damage most always has to be repaired and most of the property is insured so payment will be made by an insurance company. Big players in this industry include Serv-Pro and Servicemaster
2. Glass or dent repair
We have all used the expression, "accidents will happen" because accidents do happen--very frequently and without regard to how the economy is doing. So why not own a business that helps people when they have an accident? Glass repair company's make money when you or I have the unfortunate experience of a rock going through our windshield but the good news is that the repairs are often covered by insurance. And I love businesses that are reimbursed by insurance companies because they have a contractual obligation to have the work completed--so the service provider is assured of receiving payment from a large corporation versus an individual.
3. Smart phone and electronics fix it shops
Have you dropped your smart phone yet? Consider yourself lucky if you haven't but when you do---chances are you will seek out the help of a smart phone fix-it expert when you do. When I dropped my iPhone 4S shortly after purchasing it I found myself forking out $110 dollars at ubreakifix--one of the hottest franchises in this industry---and while I was at their store I bought an Otter protective cover for $50 more dollars. Logic tells me that as more and more of us buy smart phones the need for this service is going to increase exponentially. The biggest franchisor in this market is CPR Cell Phone Repair