It seems that every 20 years or so there is a recession. The economy peaks and every body is sure it’s solid as a rock. Then something strange happens and jobs are lost and homes are sent into foreclosure. This rises the question is there something like a Recession Proof Business?
A little over 20 years have gone by since the early 1980’s. Yes this was the time when we had the last “largest and most devastating” official recession and look here it comes again!
Is there something different today?
The current economic meltdown, has taken its toll over many people. People are struggling to maintain their quality of life. So nothing new here!
But wait, step back – Take a purview of the situation! Can the general economy be wholly bad?
I know for sure there are some businesses that are skyrocketing right now!
Just think about the liquidators these guys are making ship loads of cash specifically in a recession! Bad times are good times for the cinema industry! For some businesses it is time to harvest!
Refuse to be a victim of this recession! Find yourself a Recession Proof Business or find the right medication to make your current business immune. If you already have a business you may need to migrate into new areas or offer additional service! Here is a little template for a brainstorming session to find a Recession Proof Business! A: Ask yourself: what are the industries that are immune to a recession! These are industries that everyone needs regardless of their economic situation. A perfect example would be health care! A patient needs medication!
B: Research Serious Marketing Studies Frost & Sullivan Market Research and look for a segment that grows against the trends! Here a good example would be the Internet and Online Businesses!
C: Look at your personal situation your skills your knowledge your personal network! Define how much money can you invest?
D: Try to copy success models. Research the internet for businesses that fit and clone it. To develop your Own Business Concept may be a little risky and time consuming. Make sure you do not jump on one of these “Quick make you rich scam!”
E: Make sure you have the finances organized. Write a detailed business plan! Make sure you are able to put enough money aside to pay the bills until you are break even! Don’t dream or build your future on sand!
These are very general steps to find you a Recession Proof Business or to immunize your current business. A Residual Income may help you sail smoothly through these tough times.