Do you know which businesses do well in a recession? I didn’t, until I read about Recession Proof Small Businesses from Scott Shane at Small Business Trends.
Scott analysed those business segments that did well during the 2001-03 recession and the 1990-91 recession. Doing well was defined as a segment growing by more than 20% across each of the following indicators: number of establishments, number of employees, total payroll. (Data: US Census).
The take out at the end of the article is that “insurance, health care, and consulting tend to be recession-resistant industries for people running small businesses.” Reading the article is recommended, as there are 42 individual industry segments Scott identified that beat the 20% hurdle in all three areas.
So there you have it. 3 stand out segments for recession business.
Are you in one of these segments, or do you serve some of these segments?
Do you have an online strategy for these recession businesses?