Defy the downturn! Best business bets in tough times
Dec 1, 2008
PROFIT Magazine presents its 13th annual opportunity guide, available now TORONTO, Dec. 1 /CNW/ - Does the current economic crisis have you convinced now is not the time to even contemplate growth or expansion? Maybe you believe the old adage that the only sure bets for businesses during a recession are coffins and liquor. In fact, there are many businesses that actually thrive in a recession-and other sectors that are hot enough to melt through any economic chill that comes their way. What are an entrepreneurs best bets for startups, expansions and new sales? PROFIT Magazine's 13th annual opportunity guide tells opportunistic business people what they need to know.- Affordable food is a key sector to get into or to sell to. Low-cost comfort foods (canned soup, macaroni and cheese, staples) and fast food and family restaurants do very well in a recession. Health foods, such as rice cakes and protein bars will also outperform as consumers maintain a focus on their well-being. - Cell phones and PDAs: These are no longer luxuries. Canadians now regard them as essentials, so wireless devices, accessories and services will continue to thrive. - When it comes to health care, more pain means more gain. Health care spending in Canada is huge. Baby boomers are getting older and needing more care, hospitals and community clinics are continuing to be built. As record-keeping and prescription-filling goes electronic, more computer hardware and software are required. Eco-friendly health care devices and services will be big. More nurses and practitioners will need training, and with the shortage of doctors and other practitioners, videoconferencing equipment will be booming. - Sell outsourced services. When large companies downsize they still need employees to perform essential tasks, so companies that provide such services or help companies find service providers or temporary staff will see an uptick in business during the downturn. Furthermore, companies will replace their internal operations with outsourced services simply to obtain more financial flexibility. Other opportunities: During a recession, with cutbacks, downsizing and bankruptcies, a lot of great talent end up on the street. Even among those workers who haven't lost their jobs, they might very well be ready to jump an apparently leaky ship. Here's your chance to nab quality people that are hard to find during boom times. And their salary expectations may be lower, too.For more tips from PROFIT magazine on business opportunities, get the issue on newsstands Dec. 8 or go to PROFITguide.com and look for the "Help for Hard Times" section. About PROFIT PROFIT: Your Guide to Business Success is Canada's preeminent publication dedicated to the management issues and opportunities facing small and mid-sized businesses. For more than 25 years, Canadian entrepreneurs across a vast array of economic sectors have remained loyal to PROFIT because it's a timely and reliable source of actionable information that helps them increase their revenues, boost their profitability and get the recognition they deserve for generating positive economic and social change. Published six times a year by Rogers Publishing Ltd., PROFIT is distributed almost exclusively to the chief executives of companies with 5 to 250 employees and annual revenue of $1 million to $25 million, reaching more than 300,000 readers across Canada. Visit PROFIT online at http://www.profitmagazine.ca.
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