Top 5 Essential Businesses Always in Demand
During an economic downturn or global crisis, many businesses experience a drop in demand. Businesses that provide a service everyone needs are impacted less. If you want to own a business that withstands the test of time, pick one that’s recession resistant. Discover the top essential businesses to find your path to success.
Understanding Essential Businesses
During the Great Recession, the gross domestic product plummeted 4.3% and approximately 1.8 million small businesses closed their doors. Less than 15 years later, the COVID-19 pandemic shuttered thousands more. The Federal Reserve reports more than 700,000 businesses closed permanently during the second quarter of 2020 alone.
At the beginning of the pandemic, governments around the world categorized certain businesses as “essential,” allowing them to remain open while others were forced to close to prevent the spread of disease. Even though the impact of the pandemic on businesses is over, many aspiring entrepreneurs are shifting their focus to starting indispensable businesses.
A recession-resistant business can provide a steady income stream, regardless of economic or global events, by providing goods or services that fulfill basic needs, such as pharmacies or grocery stores.
Best Essential Businesses
Here are five of the top recession-resistant services to consider.
- Pet care services: The pet industry thrived during the pandemic, generating $108 billion in 2020, according to the American Pet Products Association. Office closures forced many people to work from home and pet adoptions soared. Pets are a vital part of the family and owners aren’t willing to scrimp on pet food or grooming.
- Auto repair and maintenance: In most parts of the U.S., driving is how we live, work, and play. Plus, with soaring car prices, people are keeping their cars longer. That means vehicle maintenance like tire replacements and repairs is unavoidable. And with the average age of cars on the road recently at 12.6 years, demand for auto services is strong.
- Plumbing services: Without timely plumbing maintenance and repairs, homes and businesses can face significant health risks, water damage, and disruptions in daily operations. Plumbing businesses generate steady work and strong profit potential in both residential and commercial sectors.Plumbing services: Without timely plumbing maintenance and repairs, homes and businesses can face significant health risks, water damage, and disruptions in daily operations. Plumbing businesses generate steady work and strong profit potential in both residential and commercial sectors.
- Cleaning services: A cleaning business can be inexpensive to start and requires minimal overhead. Cleaning plays an important role in preventing the spread of germs in homes and businesses, reducing the risk of illness. Many industries are also required to meet certain health and safety standards, ensuring you’ll have evergreen demand.
- Urgent medical care: An urgent care clinic provides essential medical services at a fraction of the cost of an emergency room. Urgent care providers are one of the fastest-growing medical franchise opportunities.
Accurate Leak and Line: An Essential Opportunity
Accurate Leak and Line is a niche plumbing franchise. We specialize in trenchless pipe rehabilitation, leak detection, slab repair, and underground plumbing. By combining traditional repair techniques with cutting-edge, nondestructive trenchless technology, we offer efficient, cost-effective services to both homes and businesses. Our minimally disruptive techniques are designed to limit digging and property damage.
Not only is plumbing an essential opportunity, but the U.S. market size was more than $129 billion last year, IBISWorld reports. With Accurate Leak and Line, you get:
- Large, protected territories
- Big ticket repairs
- Comprehensive training
- Ongoing operational support
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