Recessions are tough on every business, no matter what industry you’re in. But some tend to be more resistant, if not resilient, during these tough times. If you are looking to start a new business, or even look for a career within an industry that will protect you from economic downturns, you may want to consider one of the following.
No matter what the economy is doing, people will continue to require healthcare. Illnesses, accidents and other emergency must be treated. Although elective surgery may be postponed, that is not true of the majority of surgeries. Also, with the aging population, medical professionals of all types will continue to do will due to the demand the population is placing on industry.
Mental Health Providers
Closely coupled with medical professionals are mental health providers. These individuals actually see an increase in demand during recession because of the stress of financial worries. This is especially true when insurance is available to cover the cost of the sessions. Recessions also affect the divorce rate, which can increase the need for marriage counselors, therapists, and mediators.
When people are out of a job, there is a tendency to want to change career direction and become trained for something new. Colleges and universities see an increase in enrollment from those wishing to start a new career in hopes of landing a job during the recession. Some unemployed are simply trying to upgrade their skills within their current profession with the hope of becoming more marketable or to become more current with industry trends.
Unfortunately, as they say, crime never sleeps. This can be especially true during times of economic hardship, when unemployment rates are high. For this reason, careers in law enforcement have the potential to resist some of the downsides of a recession. If a career in this industry appeals to you, consider enrolling in criminal justice schools and pursuing a degree which can get you into law enforcement.
Undertaker / Funeral Home Operator / Embalmer
This one may be obvious—death will occur, no matter the state of the economy. So the demand will stay constant during uncertain economic times. The amount spent per funeral may at times decrease due to cutbacks, but the emotional component of funerals most times offsets this. No one wants to appear ‘cheap’ when preparing their loved ones funeral. They would rather cut back in other areas than not give the appropriate tribute.
Common sense tells us that as disposable income shrinks, the focus is on getting the best deal for your money. Discount retailers, such as Dollar General, Aldi, and even Wal-Mart see an increase in sales during recessions. These retailers rely on economies of scale, rather than higher profit margins. Offering off-brand products at a lower price entices those away from name brand items when times are hard.
If you’re looking to transition into a more recession-proof career, there are many options out there! Investigate those which suit your interests and skill sets so you can get started before the next economic slump hits.
About the Author: Emma is a freelance writer from Boston, MA. Information used in this article on the recession resilience potential of law enforcement careers was provided by experts from criminal justice schools. Questions? Say hi on Twitter @EmmaSturgis2