It goes without saying that starting or buying a business during a pandemic may not be the smartest thing to do.
However, history would suggest you are wrong. Some of our strongest and most successful companies started during a recession. For example, Hewlett Packard started out of a garage during the Great Depression.
If you’ve decided to put up a business, one of the best strategies would be to choose an industry that’s performing well in spite of the economy’s status. An analysis of data by OTM found seven industries that are experiencing growth despite the economy faltering.
These seven industries are as follows.
1. Vehicle maintenance
2. Home remodeling
Sales rose 4.6% in the past year for contractors such as electricians, plumbers and heating specialists. On the flip side, home builders saw their sales fall at least 5 percent in the same period.
4. Specialty schools.
In 24 months, technical and trade schools had top-line revenue growth of 7.8%, up from 5.9% in 2019.
The average dentists’clinics saw sales increase 7% in the past year, up from 5% in 2019.
6. Certified public accountants.
The average revenue at accounting firms grew 10.2% in the past year, making the accounting industry among the top 20 sectors in the country by sales growth.
7. Personal-care services
Skincare specialists, nail salons, barber shops and hair salons saw average sales grow 4.5% 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 have to come up with an idea that’s currently not in the market and hope you can execute 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 as this will give you great insight in determining the success of that franchise.
Franchising is a great option for a business owner who doesn’t want to do everything.
The franchisor brings their skills and experience they have developed over the years 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 area where you live. If the territory is sold, look for another opportunity.