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Recent history has shown that economic bubbles burst and cash booms go bust. Though the economy is doing well right now, it is helpful to look toward the future.
For those interested in opening up a new business, here are a few safe bets in the event of an economic downturn.
Law Firms
During the last recession, firms that specialized in bankruptcy, foreclosures, and debt collection were in high demand. What’s more, even a commercial real estate lawyer can find plenty of work when the economy sours.
This is because, generally speaking, people don’t hire lawyers when times are good. They tend to seek legal counsel during the less-than-ideal chapters of their lives. While it may seem vulturous to count on this as a source of income, lawyers provide a vital service to the community.
Therefore, so long as you’re doing your absolute best to represent your clients, there’s nothing wrong with viewing the practice of law as a recession-proof way to earn a good living.
Accounting Firms
No matter how hard hit the economy gets, the government will always collect taxes. For this reason, certified public accountants, whether self-employed or part of a firm, will always have to field tax questions. Clients will continue to turn to them to stay updated on guidelines and changes.
Additionally, accountants are a vital part of any internal audit. During a recession, the need for audits spike. That’s because companies try during these times to assess their waste and create leaner budgets.
Lastly, accountants can help determine financial risk. This becomes especially important in times of economic stagnation. It’s no surprise that accounting practices for sale tend to get bought up rather fast.
Education
During the last recession, the number of people returning to school increased. Young people decided to apply to graduate school or extend their undergraduate studies until the job market rebounded. Workers needed to brush up on new skills or change careers entirely.
Some funds for education tended to dip because of changes in property value and budget cuts. However, institutions of higher education did well during the recession. The government continued to guarantee student loans and financial aid. Displaced workers and the institutions that served them were given access to grants and other funds.
Given the fact people seek higher education when times are good as well, it’s safe to say that for-profit colleges are a secure business. This is especially the case considering the cost-effectiveness of online education options, which have become incredibly popular in recent years.
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Health Care
Regardless of the economy, people get sick. Though no job is recession-proof, nurses and other highly skilled medical professionals are always needed.
With this in mind, those who wish to start a business may want to seriously consider the medical field. Urgent care clinics, specialist medicine, and the countless products and services needed in the healthcare industry offer plenty of business opportunities for those with an entrepreneurial streak.
Choose an Industry That Will Stay Strong in Any Economy
We’re all hoping the economy stays strong. But what goes up is sure to come down. Given the inevitability of a recession at some point in the future, those who wish to start a business would be wise to focus on an industry that remains in demand in good times and bad.
