Not much people know how to start a business that can withstand the blows of uncontrollable forces. Even the seemingly best franchises, in terms of reaping profits, can turn into a giant liability once (hopefully not) the economy enters another financial crisis. |
With that said, a person that'd like to know how to start a business that can weather almost all financial storms can do so by reading the following tips:
Tip #1: do a little research on what happened in the past
The saying "history repeats itself" is often true, and may be applicable to selecting a business amongst the best franchises that'll last. During the financial crisis, several industries suffered huge downfalls, while others thrived despite the disaster. By getting involved with an industry that survived and thrived despite the failing economy, chances for the franchise's continued existence will increase greatly.
Tip # 2: find a business that offers products/services which everybody wants
This here is an excellent piece of advice on how to start a business that's recession-proof. There's a huge market wherein people like buying things they want but don't need. The reason behind this is usually for the sake of gaining higher social statuses, or availing a convenience that is completely unnecessary.
An example of this would be the iPhone - this handset comes with Siri, 4G download speeds, a superfast processor, plus a bunch of other features that everybody can do just fine without. However, because of the convenience it offers its users, the social status subliminally associated with iPhone owners, and the skillful ability of marketers to hype the product, this mobile device sells very well. Some of the best franchises are built around this concept.
Tip #3: find a business that provides goods or services that everyone needs
This probably is the best piece of advice on how to start a business that can survive economic meltdowns. No matter how bad a person's finances may be at the moment, he'll still need to find ways to buy his basic necessities. A perfect example of this would be putting up a pharmacy or an establishment offering health care services. Such products and services will always be in demand, no matter how bad an individual's financial standing be, as these are completely necessary for human survival.
The best franchises should be selected using these three simple tips. Doing so will not only protect the establishment from another recession, but also ensure that it makes money consistently and in large amounts.
Mike Moore is published on more than 300 websites. He writes success and business articles that cover topics from home based business, business start up, and franchise success . He is published on various website including http://www.franchiseharbor.com
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