More than ever, franchise candidates are looking for franchise opportunities that refer to themselves as “recession-resistant.” However, understanding what that means, and why it can’t be your only consideration, is important.
A recession-resistant franchise is one that’s model or industry has proven to survive or thrive in times when the economy is in recession. Generally speaking, these are industries that provide goods and services that are necessary regardless of the economic climate.
Consider an industry like home restoration or repair. Whether or not we’re in a period of economic prosperity or recession, should your home suffer damage from a fire or natural disaster, you’re going to have it restored. In most cases, your homeowners insurance is going to cover the bill, so whether or not you’re flush with disposable income, the restoration will be covered. So businesses like home restoration would be considered “recession-resistant.”
So does that mean that just because we’re in a recession you should purchase a home restoration franchise instead of another franchise that would better utilize your skill set and help you build your dream life?
Of course not.
There are myriad considerations when it comes to selecting a franchise business to launch your entrepreneurial journey. We need to consider your skills and how they would help you succeed as a franchise owner. We need to decide what kind of lifestyle you want and how a franchise business could support that. We need to find a good cultural fit between you and the team at the franchise headquarters.
As a franchise consultant, one of the most important things I help candidates do is identify these considerations so they can make a choice that suits them for much longer than a cyclical recession.
Certainly, if you are a good fit for a recession-proof franchise, we’ll discover that together as well.
Now is a great time to start exploring what franchise business ownership could look like for you. I’d love to help you figure that out, and there is never a charge to candidates to engage my services. You can give me a call at 919.846.7111, send me an email at email@example.com or click the button below to schedule an appointment.