The recession has hit a lot of companies and industries very hard. Consumer spending accounts for two-thirds of the U.S. economy. In a recession, people tighten their belts and spend less. That creates a vicious cycle in the economy where consumers spend less, businesses sell less, consumer confidence drops, and people spend even less.
The industries hardest hit are in the areas that people
feel they can do without: vacations, dining out, luxury items, remodeling, new cars, etc. But people don’t completely stop spending money during a recession and some companies have continued to thrive during the last three years of general economic decline. There are some things that people are always willing to pay for, even during a recession. Some industries, like discount stores, counseling services and bankruptcy attorneys flourish during tough economic times.
Companies that provide things that people need on a daily basis also tend to be recession proof. Electricians are still being hired to fix the AC on a hot Sunday. People are buying the iPad and the technology that enhances their life and business. But it’s not just the necessities that do well during a recession. Payton Manning just got his biggest contract
ever. Actors such as Bradley Cooper are getting paid more than ever to star in movies. Performances in Vegas like Le Reve or Phantom of the Opera keep having jam-packed audiences.
Regardless of what industry you work in, there is one key to being recession proof that applies to everyone: be the best at what you do. If you constantly work at being an EXPERT in your trade, your skills will always be in demand. If you cut hair for a living, be the stylist that clients wait 3 months to get an appointment with. If you’re a doctor, be the doctor that other doctors call for a second opinion. If you’re a salesman, become irreplaceable by being the top producer in the company month after month. If you’re a Realtor, be the one that your clients refer to all their friends.
No matter what you do for a living, regardless of what product or service your company provides, focus on being the top in your field and the best at what you do. Instead of wringing your hands over the economy, concentrate on making yourself indispensible.
Greatness is recession proof.
Sam Walton on recession of 1991: “I was asked what I thought about the recession.
I thought about it and decided that I did not want to take part.”