Is there a recession proof business?
Discussion
Just idly wondering to myself, is there any line of business that can really be descrined as "recession proof"?
I used to work in the holiday industry for a package operator (one that rhymes with "bomb son") and I recall one CEO describing how even in lean times, people would still pay for a holiday. I think he was partly right - most people see a holiday as an important investment, but in tough times the ability to pay is eroded so cheaper holidays become more likely (as I understand it, UK holidays are on the rise at the moment, for this reason?).
I currently work in the TV / media business, and again some people (not the CEO, luckily) seem to think it's recession proof as no-one will stop watching TV. Possibly true, but as you can downgrade from high end subscriptions to lower subscriptions, or even go free with free DTT, free satellite and even free cable (legally) then the money coming in is likely to reduce.
On another thread ("can I speak to the owner") there was a mention of even accountants cold-calling for business these days, I'd always assumed that accountancy was pretty much recession proof but perhaps that's not the case.
So what is the best business to be in? Law? Healthcare? Small volume imports of high value commodities?
I used to work in the holiday industry for a package operator (one that rhymes with "bomb son") and I recall one CEO describing how even in lean times, people would still pay for a holiday. I think he was partly right - most people see a holiday as an important investment, but in tough times the ability to pay is eroded so cheaper holidays become more likely (as I understand it, UK holidays are on the rise at the moment, for this reason?).
I currently work in the TV / media business, and again some people (not the CEO, luckily) seem to think it's recession proof as no-one will stop watching TV. Possibly true, but as you can downgrade from high end subscriptions to lower subscriptions, or even go free with free DTT, free satellite and even free cable (legally) then the money coming in is likely to reduce.
On another thread ("can I speak to the owner") there was a mention of even accountants cold-calling for business these days, I'd always assumed that accountancy was pretty much recession proof but perhaps that's not the case.
So what is the best business to be in? Law? Healthcare? Small volume imports of high value commodities?
mrmr96 said:
Administrator. (As in 'winds up companies' not 'types out letters')
Pretty much thrives in a recession.
Insolvency Practitioner is the job title you're after - I work for one and yes we're very busy! So busy in fact that I've been offered a job at another firm for a lot more money and better benefits so I'm off on 9th Jan!!!Pretty much thrives in a recession.
Undertaker is about the only one really, all the others are a bit boom and bust to one degree or another. Just how many would be Insolvency Practitioners will we need in the good times to come (for many) in a few years?
As for the Media it is mostly advertising that pays for the programming. Have a look at last weeks Economist if you want to see what has happened to that. One example they give is that 10 of the 26(?) ad slots during Super bowl '09 are yet to be sold ($3m a pop). Usually they are all gone by the start of November at the latest.
Car manufactures are amongst the biggest advertisers and they have slashed budgets massively.
Add to that the rise and rise of Internet Vs TV and printed media and it's not all roses.
As for the Media it is mostly advertising that pays for the programming. Have a look at last weeks Economist if you want to see what has happened to that. One example they give is that 10 of the 26(?) ad slots during Super bowl '09 are yet to be sold ($3m a pop). Usually they are all gone by the start of November at the latest.
Car manufactures are amongst the biggest advertisers and they have slashed budgets massively.
Add to that the rise and rise of Internet Vs TV and printed media and it's not all roses.
rude-boy said:
Just how many would be Insolvency Practitioners will we need in the good times to come (for many) in a few years?
We're usually pretty stable work wise even during the "good times" its just that at the moment we're rushed off our feet.During the better months we're usually out there helping companies restructure and also doing reviews of companies on behalf of the banks - its not just selling assets and making people redundant.
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