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Everything that you need to know to start your own business. From business ideas to researching the competition.
Practical and real-world advice on how to run your business — from managing employees to keeping the books
Our best expert advice on how to grow your business — from attracting new customers to keeping existing customers happy and having the capital to do it.
Entrepreneurs and industry leaders share their best advice on how to take your company to the next level.
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In this edition of “Ask the Board,” we asked Kelly Tope, Senior Director of Franchise Development at FullSpeed Automotive®, to share her thoughts on why you should invest in a recession-proof concept for your small business.
If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about why it’s important to invest in a business idea that will sustain a recession.
In this edition of “Ask the Board,” we feature Kelly Tope, Senior Director of Franchise Development at FullSpeed Automotive®, a premier automotive aftermarket services platform offering a variety of services, such as oil changes, tire sales and rotations, and car washes. She explains why business owners must choose a concept that can withstand a recession.
Recessions are inevitable. If you’re a small business owner, it’s important to plan for them accordingly. One way to do so is to choose a recession-resistant business idea. Here’s why:
Recession-proof businesses provide essential goods and services, such as health care, groceries, and car maintenance. This means they maintain consistent demand even during uncertain economic conditions.
From a proven business model to a wide customer base, recession-proof concepts are built to generate sustainable revenue despite fluctuations with the economy. Investing in these companies can significantly reduce risk compared to newer or unproven businesses.
Recession-proof concepts often come with a comprehensive support system including training and marketing. This proven model helps owners and managers navigate challenges in real-time more effectively, leading to a greater chance for success.
Recessions are inevitable. If you’re a small business owner, it’s important to plan for them accordingly.
Kelly Tope, Senior Director of Franchise Development at FullSpeed Automotive®
Investing in recession-proof brands not only provides financial security but also positions franchisees for sustained long-term growth. This is proven through the ability to supply essential products and services, adapt to market trends, and provide consistent expansion opportunities.
The reality is that operations that can pivot to the conditions during recessions have a higher percentage of getting the best from an unpredictable economy. That may come, for example, in the form of being able to tighten the number of employees per shift or focusing on the part of the business that’s essential to temporarily grow that section.
If you’re an entrepreneur searching for a recession-proof idea, here are several ideas Tope recommends:
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
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