For a start, you might want a better understanding of what a recession is. Click here for a definition and information from the Canadian government on recession and what it means to Canadians.
Monthly Economic Trends / Canadian Economy
Looking for monthly economic trends and insights on the Canadian economy, trade and economic analysis, or sector/industry-specific economic business information? If so, click here. There are links to Agriculture Canada, Fisheries and Oceans, National Energy Board, Statistics Canada, Industry Canada, Canada Mortgage and Housing (CMHC) and much more.
After looking at a number of websites, I've compiled a list of the types of businesses that some people consider "recession-proof", meaning that you might start these types of business regardless of the economic outlook. If you are already in business, take a fresh look at the products and services that you offer in order to reap the benefits of a population who is looking for more reasonably priced products and services.
“Recession-Proof” Businesses?
Health - People get sick regardless of the economy, plus a huge portion of the population is aging
Food - People still need to eat but perhaps choose less gourmet / expensive foods
Death - People still die during a recession and require palliative care and funeral services
Home and Vehicle Repair and Maintenance – Home plumbing, electrical and roofing maintenance and repair are still necessary and cars still break down during a recession
Cosmetics - People want to look their best regardless of the economy, but perhaps choose less expensive products
Home Renovation / Improvement - People may decide to renovate existing homes since that's generally cheaper than purchasing a new home
Debt Collection - Bills still need to be paid and payments are more likely to be late when income is down
Tax Preparation - Taxes still need to be paid
Career/Job Search Related Businesses - People lose jobs during recessions, so more people would be looking for work
Vices - People may be unwilling or unable to give up their vices like tobacco/smoking, alcohol, pornography
Here are some of the links that I looked at and listened to:
Click here to listen to a podcast from BennettGold’s BusinessCast. There are two podcasts on recession called “The Recession Session”, parts 1 and 2.
Click here for a link to Rick Spence’s blog entry called “Your recession survival guide". Rick Spence writes a weekly column on small business in the Financial Post.
Click here to link to an article called "Can you recession-proof your business?". It is written by Jason Safar in the financialpost.com from today.
Click here for Wikipedia's entry on recession-proof industries.
Click here for a March 13, 2002 article called “Want a Recession-Proof Business?” written by Jean Latz Griffin in The Chicago Business Ledger. While written in 2002, the principles still apply.
Click here for 10 tips from bytestart.co.uk to deal with risks to your business during a recession.
Click here for a blog entry written by Robert W. Ply called "9 Recession Proof Strategies". The entry details business sales strategies and may be found on The Direct Marketing Club of New York's site.
Click here for an Ezine article by Susan L. Reid called "Recession-Proof Your Small Business in 2008"; the author discusses seven ways to boost productivity including providing a great guarantee and adding value not price.
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