Experts Predict The Franchising Sectors That Will Weather The Recession
Written by Jenna Weiner
Despite the recession, some industries are expected to experience significant growth in future years, making them attractive opportunities for franchising entrepreneurs.
FranNet, a Kentucky-based franchise business consultant firm, has some breaking franchising news for entrepreneurs - you may not have to wait until the recession ends to turn a profit.
The firm recently released a list of the top "recession-proof" franchising industries, all poised to flourish in - or at least weather - the current economic turbulence.
Senior care services topped the list, as the aging of the baby boomers will double the elderly population over the next 30 years, FranNet cites from the Administration on Aging.
Technology solution services will also experience a large amount of growth, catering to society's increasing technology dependence. According to the Bureau of Labor Statistics, FranNet wrote, the IT sector will see an increase of 800,000 jobs between 2006 and 2016.
Despite the fact that the latest McKinsey Quarterly shows 90 percent of households cutting back on spending, spending on education and tutoring services will remain an important investment to parents. Tutoring services, therefore, are an attractive franchising sector for entrepreneurs.
FranNet also cited home repair services as a sector to watch, as many consumers are choosing to do home repairs instead of purchasing new homes.
Entrepreneurial activity is considered to be somewhat recession-proof in and of itself - the Ewing Marion Kauffman Foundation recently found that entrepreneurial activity actually increases during recessions and bear markets.
Share this article
About Our Small Business News
If you enjoyed this article, you can find other breaking news for entrepreneurs on our site. We cover important news stories for business owners. In addition to breaking news for entrepreneurs, we also have tons of how-to articles that cover common small business challenges like writing a business plan, preparing a marketing plan, getting publicity and much more.
Additional Resources for Entrepreneurs