It goes without saying that starting or buying a business during a recession may not necessarily be the smartest thing to do. However, history would suggest you’re wrong. Some of our strongest and most successful companies started during a recession. Hewlett Packard started out of a garage during the Great Depression, for example.
Vehicle maintenance. Auto-repair shops increased sales an average of 2.4 per cent over the past 12 months. In contrast, car dealers saw their sales drop 9.7 percent under the same period.
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Home remodeling. Sales rose 4.6 percent in the past year for contractors such as electricians, plumbers and heating specialists. Home builders saw their sales fall at least 5 percent during the same period, on the flip side.
Food stores. Grocery stores’ average sales increased 6.7 percent in the past year, while sit-down restaurants saw sales fall 3.9 percent.
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Specialty schools. In 24 months, technical and trade schools had top-line revenue growth of 7.8 percent, up from 5.9 percent in 2007.
Dentists. The average dentists’ office saw sales increase 7 percent in the past year, up from 5 percent in 2007.
Certified public accountants. The average revenue at accounting firms grew 10.2 Percent in the past year, making the accounting industry among the top 20 sectors in the country by sales growth.
Personal-care services. Skin-care specialists, nail salons, barber shops and hair salons saw average sales grow 4.5 percent in the past year.
As you consider your options make sure you understand your personality, the skills you bring and your resources. Your options include starting your business from scratch. This can be the least expensive option, but you got to come up with an idea that’s currently not in the marketplace and hope you can run to make a profit before your capital runs out. If you buy an existing business or buy the rights to a franchise, do your research. If you look at buying the rights to a franchise, make sure you interview as many franchise owners in that system as possible because this will give you great insight in determining the success of that franchise. Franchising is a great option for a business owner who does not want to do all and is particular attractive to those whom have worked in Corporate America and developed highly specialized skills.
The franchisor brings their skills and experience they have developed over time and generally bring this to you at a much cheaper price than you can acquire on your own. Before you invest too much time looking at a franchise, make sure it’s available in the region where you live. If the territory is sold, look for another opportunity.