If you’ve never given much thought to a franchise, now is a really good time to consider all of the benefits that come with having your own business.

The current economic situation as a result of COVID-19 is going to continue to change. That means that now is the best time for you to explore recession proof jobs. After all, no one wants to be looking down the calendar at six months of quarantine without something to do.

In March 2020, unemployment claims reached the highest levels they’ve ever been, surpassing all previous data. That’s alarming and concerning, for sure. We’re already seeing massive layoffs and thousands of businesses temporarily closing their doors.

As a veteran looking for work, this might be unnerving. But, it’s times like these that force us to consider what we really want in life and how we can work toward achieve our future goals. The thing is, it’s not completely possible to label any one job as “recession proof” since that’s a misnomer and all employment sectors will be challenged by the current economic conditions. The good news is some industries always do well, no matter the economy, and time and again, the most viable option is owning a franchise.

Franchising can usually hold up when other business investments fail. That’s because, as the owner-operator, you’re relying on a parent company to provide you with many of the resources, signage, and advertising you might need to get the business going. Not needing to invest that capital up front can really make a difference, especially in times like these. That’s one of the reasons why franchises are such a smart investment. When looking at what kind of franchise to open, you should concentrate your efforts on something that provides an essential service to your community. That might include any of the following.

Automotive services

These franchises are a one-stop shop for both one-time services and repeat customers, making it an ideal choice for a business.

Restoration services

Repairs and maintenance to essential buildings (homes/businesses) is a service that’s always going to be in need, no matter what the economy is doing. This is a major industry that usually has high margins and low overhead, since you don’t technically need an office to run the franchise.

Resale franchises

Virtually everything can be resold – from clothes to tech to sporting gear and household items. When people are watching their pennies, resale shops thrive.

Self-care

Barber shops and hair salons might not do the same business they usually do when the economy is down, but they still do business. Personal grooming services are generally recession-proof and unlikely to be outsourced by technology. No matter which franchise sector interests you, it’s up to you to do your own research and make an informed decision. Opening a franchise is a significant investment, even when the economy is on an uptick. Make sure you check out our series on franchise ownership to evaluate if it’s right for you.