Companies that Are Successful in a Recession
The Top Ten Businesses in a Bad Economy
According to One Coach the following businesses tend to succeed during a recession:
- Business Coaching
- Business Networking
- Alternative Fuels
- Environmental Services
- Health Care
- Nail Salons
- Discount Retailers
- Luxury merchandises
- IT and Technology Services
- Credit and Debt Management
It is debatable whether Nail Salons and Luxury products truly do succeed in a recession. Item #9 in my view should be ranked higher in the list as businesses exercise technology to run more efficient and profitable during tight, recessionary periods. #3 and 4 are great forward look businesses, but they carry a premium and subject to positive government policy and regulations. Just know you need to be prepared for the long haul with Alternative Fuels and Environmental Services as demand will ebb and flow directly associated to the whims of the White House and Congress. Additionally during a recession, it is important to sell how much a company’s product or service can save the consumer and other businesses tons of money since the product or service offering is a premium price point offer. All about demonstrating the prize over time and the benefits obtained. Glad to see my business at the top of the list! Businesses find out they need a Business Consultant and Coach during downtimes—the smart ones know this before they get in trouble!
Real World Business Recession Strategies
Some areas which Sara Wilson keyed on in the Entrepreneur Magazine Article, “Trend: Economy”, which makes a lot of sense in this Economy…
– A Business Idea that is Working Right Now: CouponMom
- Stephanie Nelson started a website that teaches consumers how to save money buying groceries using coupons.
- 2008 gross has doubled and the site had over 1 million unique users in July. What potential difference her Business Plan has!
– Local Scope: Due to financial pressures and an uncertain economic outlook, consumers are spending more time at home and closer to home.
- Consumers are frequenting local restaurants and entertainment establishments, which are more low key and less expensive.
- as an alternative of traveling to Disneyworld, families are utilizing “staycations”, enjoying local area parks, lakes and beaches.
– Green Business: Organic food and products have been growing explosively and the outlook is great. Consumers are interested in eating healthy and feeding their family’s healthy food without all the chemicals, even when the finances are tight. A great recession business to be in! Understanding and marketing green conservation is another awesome growth area. If you can translate that into a solid business model, you have a business which can do well now in a recession and will grow for years to come.
– Web Business: Why do you want the large expense and overhead of a brick and mortar type business? particularly when you can run most companies from the comfort of your home, utilizing the internet. All businesses need to consider online marketing and increasing web presence. The market is huge, yet competitive, so you need to do your homework and have some solid online marketing strategies.
- Web businesses are very competitive and the learning curve is significant if you aren’t familiar with web marketing techniques. Good Online Marketing can explode the growth of company.
About the Author – Frank Goley from ABC Business Consulting
Frank Goley is a business consultant, business turnaround consultant and business plan consultant for ABC Business Consulting. Frank is considered an expert in writing, developing and implementing business plans, business turnaround plans, business financing plans, marketing plans, strategic plans and web marketing plans. Frank offers comprehensive business consulting, business coaching, business turnaround consulting, along with web seo, web development and web marketing consulting, to small and medium size companies. Frank is the author of a business plan book, The Comprehensive Business Plan Workbook – A Step by Step Guide to Effective Business Planning, and he has over 50 published articles and e-books on business success strategies. He also writes the Business Success Strategies Blog.