Is a Recession Coming? Should it Alter Your Plans?

 

With rising inflation, supply chain issues and an erratic stock market, some believe a recession is looming. I sure hope not, but it’s certainly possible. If it happens, everyone will be affected to varying degrees. For example, if you’re happily employed right now and plan to stay that way, someone a couple levels above may have different plans for you that are out of your control. We saw that during the Great Recession of 2008-09. On the other hand, if you’re planning to launch a business, you may think it’s necessary to hold off until post-recession. That’s probably a good strategy if you’ll be selling a highly discretionary product or service. However, if you choose a business that offers an essential product or service, NOW could be as good a time as any to launch!  

The Great Recession and the recent pandemic taught us a lot about the types of businesses that are recession and/or pandemic resistant. In fact, some essential service businesses remained operating even in the early days of the pandemic. Some others needed to pause for a couple months, but then got right back to business. Examples of essential services include home health care, commercial cleaning and sanitation, exterior maintenance, digital marketing and IT services and sign manufacturing, to name a few.

At FranNet, as part of the modeling that we employ in matching our clients to the right franchise opportunities, we take into account current market conditions and our clients’ risk tolerance, among other criteria. In fact, once we make the introductions, there’s a good chance that our clients will hear success stories from actual franchisors and franchisees related to how they weathered the Great Recession and/or pandemic!

I hate to say this, but there will never be an absolute perfect time to start a business, and if you wait for that to happen, you’ll never begin! However, with the right guidance and selection process, any time could be the RIGHT time, as history has proven. If you’re serious about taking control through business ownership, why not let us provide you with guidance and a strategic search process? Especially since there is no cost to you for our help!

Feel free to call me with any questions, or if you just want to chat. You can schedule a time to talk at www.calendly.com/markcory. My services are always at no charge and there is never any obligation. I’m always happy to help in any way that I can, including career search, business exploration and professional networking.

Also, I’d encourage you to attend one or more of our online events, a schedule of which can be found at http://michiganfranchise.blogspot.com/.

Mark Cory | FranNet of Michigan
313-821-5060 | mcory@frannet.com | www.frannet.com/mcory