Thinking about starting a business that can thrive in tough times? If so, consider becoming an entrepreneur with one of the many essential franchises that are great recession-resistant opportunities. Essential franchises offer solid income potential. They feature in-demand products, services, and a steady flow of customers. Moreover, work and life balance, plus wealth building, increases the benefits of owning an essential franchise.
It’s hard to stay motivated at work when your job satisfaction is low. In addition, you may not enjoy working hard to earn wealth for someone else. Likewise, management worries can cause disappointments in your daily work life. Starting your own business could be the answer to your struggles. Maybe its time to experience the satisfaction of being an entrepreneur and working for yourself!
When starting a business, consider economic cycles. Equally important is to identify sectors that bring you satisfaction and enjoyment. Sectors providing goods or services that fulfill necessities perform well, and even grow, during economic downturns. An essential franchise business is often economically resilient. These businesses are better able to adjust to your target customer’s needs and purchasing decisions during a recession.
You can gauge how recession-resistant a franchise opportunity is by focusing on key factors. Additionally, you need to narrow down popular essential industries. The following lists highlight both key factors and popular industries:
Essential franchise key factors:
- Strong performance in multiple markets.
- A primary essential product or service needs vs like to have.
- The market sector is steady or growing.
- The required franchise investment and development timeframe.
- Evidence of industry past performance during more challenging economic times.
- Strong historical unit-level economics.
- The solid financial strength of the parent company.
- A highly regarded management team, as rated by the franchisee community.
- Clean review of the franchise disclosure document (FDD).
Popular industries with essential franchise opportunities are:
- Automotive Repair Franchises.
- Business Services & Staffing Franchises – think outsourcing.
- Child Services & Education Franchises.
- Cleaning Franchises for home and facility maintenance.
- Financial Services Franchises.
- Home Repair & Maintenance Franchises. Customers are spending lots of time at home.
- Personal Services Franchises. Once restrictions ease, hair salons are vital and as hair grows, customers will return to their regular spending patterns.
- Real Estate & Property Management Franchises.
- Senior In-Home Services. 58 million Baby Boomers will be between the ages of 66 and 84 by 2030.
- Specialty Service Franchises that consumers can’t find anywhere else. As Americans get back to work, they continue to spend money on home and office services, moving assistance, repairs, and other niche service offerings.
- Mobile franchising presents a great opportunity. It ramps up quicker, requires much lower overhead compared to building a storefront space, and does not include paying retail rents.
Finding a quality franchise fit without an experienced guide is risky, especially in today’s climate. Your dreams are easier to achieve when you get matched to the perfect opportunity. A great franchise opportunity match gives you the best shot at achieving the freedom, flexibility, wealth and lifestyle you desire. flexibility, wealth, and lifestyle you desire.
A quality franchise consultant guides you to the right opportunity and never charges you a fee. Your guide should coach you during the entire due diligence phase and remain a ‘sounding board’ for you, should you choose to purchase a franchise opportunity.
You may have fears about franchise ownership. Scott has a post to help you ease the fears and face the challenges head on. Franchising & Fear – a winning combination by Scott Diener. If you have any questions, schedule an appointment with Scott to chat about franchise ownership and opportunities.