Which Franchises Thrive In A Recession?
It’s no doubt that when a recession is happening or one is looming over us that sales of products and services that people don’t deem “essential” come to a halt.
This hurts businesses of all kinds. They see a slow in sales, possibly higher rates on their cost of goods, they will have to adjust hours, put less staff on the schedule, and much more. This is a time when businesses can fall and not recover quickly enough and it’s something out of their control.
The definition of a recession is a temporary decline in economic activity. In 2008 after the housing market crash the recession lasted for a year and a half. The last recession at the beginning of 2020 when COVID-19 started, lasted only a few months.
We never know when a recession will truly happen or how long it will last, but if you are looking into franchising a business, we should take a look into what businesses will still thrive in a recession rather than fall.
Food Franchises
No matter what, food will always be an essential necessity. Deciding to franchise in the food industry can leave you with a steady stream of income despite the fact that a recession is happening. However, some food franchises will be more lucrative than others.
Fast casual restaurants and fast food franchises are the best way to go when considering options that will thrive during a recession. These options are more affordable and allow people to enjoy a meal without breaking the bank.
Convenience Franchises
Another great option is a convenience store franchise like 7-Eleven or Circle K. When you own a convenience store you sell things like coffee, milk, grab n’ go food items, and other basic necessities that people need even during times of a recession.
You’ll find that you have “regulars” in your store and you’ll have a stream of newcomers who just need to grab a quick drink or snack along the way.
With initial start-up costs on the lower end of franchises, you’ll find this can be a lucrative business with high payoff!
Pet Franchises
Pets are family and still need to be taken care of no matter what is happening in the world. Pet care stores and services are a great option for those who are looking to franchise and have a love of animals.
From grooming, walking, boarding, supplying pet food, and more, these franchises will be popular with anyone with a furry friend.
Interested In Learning More About Which Franchises Thrive In A Recession? See MVision Franchise
With the largest network of franchises and startup concepts, MVision Franchise can help you find the perfect business that meets your needs.
If you’re worried about recessions and drops in sales and are asking, “How risky is franchising?”, we can help you find well-rounded franchises that thrive in a recession to help give you peace of mind that you’ll always have a steady stream of business.
Marc Camras, owner and founder of MVision Franchise, has worked with hundreds of people who have become successful franchise owners. He will work with you from start to finish and guide you through the steps to a successful franchise so that you have a solid foundation to begin your business!
To learn more about Marc Camras and MVision Franchise, we encourage you to continue reading our articles, and reviewing our website!
You can also schedule a call to discuss further your interest in becoming a franchise owner and working with Marc to make it happen!