CEO of Ferrari Energy Adam Ferrari Discusses 7 Recession Resistant Industries You Can Enter as an Entrepreneur
Some entrepreneurs aren’t in business to present a new idea; they’re there because they love the thrill of entrepreneurship. These individuals aren’t necessarily looking to revolutionize anything. All they want is a business resistant to the ebb and flow of the economy. For some, the current events in the US are feeding fears of an impending recession. Reasonable or irrational speculation, only time will tell. In this article, Adam Ferrari – CEO of Ferrari Energy – details seven industries considered recession-resistant.
Technology
Innovative technology is at the forefront of the global economy. We love our widgets, and technology holds out the promise of making our lives evermore productive, enjoyable, safe, and healthy. A prolonged recession could be expected to dampen high-end, less essential technology products. Still, household and business staples such as phones, TVs, and computers will continue to sell with additional competitive pressure.
Energy
Our need for reliable energy is constant. This reliance is not dependant on economic conditions. Innovative energy solutions can be expected to experience waning interest. Still, legacy energy sources such as oil, natural gas, coal, wind power, and solar will continue to meet the country’s needs.
Pet products
Maybe not the most obvious candidate for this list, but people are not any more likely to stop caring for their pets under poor economic conditions than they are their family members.
Healthcare and Senior Services
Hopefully, even more than pets, people will not decrease their healthcare expenditures under anything less than the direst economic conditions. People continue to age and become ill and will need medical services. These are the least discretionary services.
Construction
Even in an economic recession, construction will continue. It may look different than it does under bright financial news, but it will continue nonetheless. If new homes sales slump, upgrades and remodel work usually increases.
Security
Poor economic conditions affect scofflaws just as they do law-abiding citizens. Poor economic conditions historically have been accompanied by an increase in crime. The need for security, both physical and cyber, will not decrease in a financial downturn. The more cost-effective a security solution is, the better it will fair in these conditions.
Food and Beverage
People need to eat no matter the stock market. Every other category will suffer before food and beverage. The more basic the food item, the more stable it will prove to be. Exotic items are more susceptible to economic conditions.
To find the common denominator for all of the above industries or to identify others, ask, “what will people need, even if the economy tanks?”
About Adam Ferrari
Adam Ferrari is an accomplished petroleum engineer and is the founder of a private oil and gas company, Ferrari Energy. Throughout various roles in the oil and gas industry, Adam was inspired to learn more about property rights and the inner workings of petroleum exploration and extraction. After gaining expertise in the energy sector, Adam obtained knowledge of the financial industry through his time at an investment banking firm. He then pivoted to bootstrapping his own business from the ground up as he blended his energy and finance knowledge.