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Recession-proof businesses are traditionally defined as industries that either, grow and continue to thrive during rocky economic times or at the very least survive. While talk of recession has subsided somewhat since the Global Financial Crisis, it's still important to develop a proactive plan for your career that anticipates any economic event.
Industries that are generally impervious to recession include: accounting and bookkeeping; teaching; nursing and healthcare; computing, information technology and telecommunications; specialty food and beverage stores; and let's not forget to mention the funeral industry.
Top six ways to recession-proof yourself
1. Build your brand internally: Start your own buzz. Become a go-to person for vital projects. Once you have crafted this reputation, carefully showcase your accomplishments so management understands your value to the organisation. Catch-up with your boss regularly so they're aware of your on-going accomplishments, especially if you're based in a different work location.
2. Work harder: During tough times no job should be too big or too small. Act the way you did when you were gunning for a promotion or your job initially. A star performer is unlikely to be let go. Also, if there have been redundancies don’t grumble about extra work that may have come from staff no longer there. Instead embrace it even if you feel you are over-qualified.
3. Build your brand externally: Focus on building your reputation as an expert in a particular area, and focus all comments, quotes, and blog entries so that you build your brand while also promoting your current employer. Let people outside your organisation know what you are capable of.
4. Embrace any Professional Development opportunities: Successful people are the first to admit they don’t know everything and are continuously learning more about their profession, industry and career. Attend conferences or seminars where you can learn new and innovative ways to be a high performing employee. Consider additional training, certifications and degrees.
5. Never stop networking: One of the fundamental rules of career development is to never stop networking, and to never stop expanding your network of contacts. Networking shouldn't be reserved for when you're job-hunting. Developing a diverse network of contacts will help you build and promote your personal brand, providing greater opportunities into the future.
6. Keep your skills up-to-date: If your employer is in financial difficulty, it may not be the time to ask for them to pay for courses to update or expand your job skills, but you could consider footing the bill yourself. Investing in your personal development could make you more valuable in your current role, and importantly, more employable in the event of being laid off. Again, consider additional training, certifications and degrees.
Top four industries to invest yourself in
Surprisingly tattoo parlours and online dating sites do well in economic slumps as do other "sin and comfort" industries such as alcohol makers and distributors, gambling institutions and cigarette manufacturers. But if your ink-work is not quite up to scratch, and you can't see yourself working in one of the pleasure industries, there are other options.
1. Accounting, tax preparation, bookkeeping and payroll services
Wealth-management firms tend to stay in favour during economic downturns as people often become more protective of their finances at unpredictable times.
One of the only certainties in life is taxes, so there will always be a need for professionals in this sector, servicing businesses and individuals. Businesses will also be looking for a way to survive financially during a recession and will require experts in this field. Cost reduction and the financial bottom line are critical when the economy is unstable to ensure funds and assets are well managed.
Now might be the perfect time to look into a financial services course, like bookkeeping or accounting. Bookkeeping will help you obtain a position as a contract or certified bookkeeper or payroll clerk and accounting is ideal for general accounts, trainee accounts and general banking and finance.
2. Teaching and childcare
Education is a reasonably resilient industry, particularly when considering the number of adults who are encouraged to return to study after losing their jobs.The high percentage of dual-income households also means childcare services continue to have growing demand.
Education is vital to improve job prospects and this is where the roles of teachers and trainers become particularly important.
3. Nursing and health
Unfortunately illness and aging is a part of life, meaning there will continue to be a growing need for nurses and other healthcare professionals into the future.
By 2040 approximately 25 per cent of the Australian population will be 65 years or older. This will inevitably place huge demands on aged-care workers, nursing assistants, medical assistant, nurses and occupational therapists.
4. Information technology, computing and telecommunications
We have become increasingly dependent on computer technology and telecommunications, particularly with mobile devices becoming a central part of our lives. Computer system design, building and implementation of software and hardware-related services will continue to be hot industries regardless of the health of the economy.
The telecommunications and IT sector generally performs well during recessions as they are regarded as essentials for everyday life.
During the recent recession in the USA, Apple reported record profits and the company claimed it couldn't keep up with demand for its iPhones. Similarly, Vodafone revenues rose 9.3 per cent - all that growth regardless of the worst economic crisis since the Great Depression.
