You’ve found a great job you want to do, you have the knowledge that you can make a living at the job, there is demand for your skills.
But is your job recession proof?
Are you doing something that withstand the swings that we sometimes encounter (like now for argument’s sake) when people’s checkbooks close and money is tight. Is the job or product or service you are providing something that people will still pay money for no matter what the economy is?
Consider starting a restaurant. When times are good, people eat out all the time. They would rather pay for the convenience of somebody cooking for them because they are all too tired from working. Let’s face it, that is what microwave ovens are for as well. People are hungry and what instant gratification N-O-W.
What about when times are tough? The first thing that happens with most people is that they see what can they get rid of in terms of expenses. Where can they cut costs? For a lot of people that means shopping at the Dollar Tree stores and buying $1 meals. Cooking at home means they are saving money and the same goes for starting to bring a bag lunch to work instead of going out and spending anywhere from $7 to $15 for lunch like they use to.
If you are planning though on a business where you can sell inexpensive food, like a hot dog cart in a good location, you may have a recession proof business. Remember you still need to do your own due diligence and planning.
Questions or comments? Please let me know.