Are you looking to find out which industries are recession proof?
Maybe I can start a party bus business for weddings?! Yeah!!
After you ladies!
This is the best night ever!!
You know it!
Wedding vendors have been struggling to keep their businesses up and running during this unprecedented time.
Damn it!
If you're looking for recession-proof industries, this video will help. By the end of this video
you'll learn which industries are recession for right now based on employment trends and research from past recessions over the last ninety-one years
Having this knowledge under your belt will give you an edge to make the best decisions for your career, business, and
investments. For the best advice on how to make the most of your money,
subscribe to my channel and hit the bell to be notified when I post a new video every single week.
It's no surprise that we're in the middle of a recession sparked by Covid-19 fears
The stock market is very volatile with major swings every single day.
Unemployment is through the roof with 30 million people seeking unemployment insurance within six weeks in the US. And
companies are going out of business with the lack of revenue and social distancing restrictions. And I'm a perfect example.
I had a business and all of my clients dropped off.
And I was forced to look for paid work.
I've been looking for months now and I still haven't been able to secure anything.
But having more time on my hands is a blessing because it gives me a chance to think and reflect.
Did you set yourself up financially
well for this situation? Kind of. But honestly, I could be in a much better position. Will this happen again?
I've researched the sessions of the last 91 years and I hate to be the bearer of bad news, but the truth
is that recessions will definitely happen again in the future. On average
we tend to see recessions happening every 10 years.
So it made me think. If we know that we'll see a number of recessions happen in our working lifetime,
how do we better prepare ourselves so that we're either not affected, or just slightly impacted the next time this happens?
I mean, I definitely don't want to go through this situation again. Do you? This situation has made me realize that cash flow is king.
Period. All hail King Cashflow!
It's good to be me. If you can find a way to make sure that healthy amounts of cash flow are always coming in,
you're set in any kind of economy.
So how do you make sure that you're employed in, have a business in, or invested in industries that are, dare
I say recession-proof?
Well,
I did some research on industries that have either thrived in, or had stable growth during major recessions of the last 91 years. And
current industries where there are strong demands for employees, and this is what I found. And if you'd like to get my free list of
recession-proof industries from three major recessions over the last ninety-one years,
click on the link in the description below. Now, when I created this list
I compared industries that are in demand for employment now against industries that thrived in or were stable during the last recession of
2008 and the Great Depression of the 1920s.
So without further ado, here's a list of the recession-proof industries. Storage and distribution.
Jobs that are currently in demand in storage and distribution include drivers, plant and machinery operators, and store persons.
Now, when I compare this with the Great Recession of 2008 and the Great Depression in 1929,
the storage and distribution of essential goods was always in demand.
Household products and consumables, and the freight and logistics
involved in this industry have always been needed. And therefore are still around during recessions.
Food production. Food production workers, plant & machinery operators, and store persons in the food industry are still in demand.
Now, this one shouldn't be too much of a surprise.
Maslow's hierarchy of needs by American psychologist Abraham Maslow
states that physiological needs like food, water, and shelter are the most basic of our needs to survive. And
because of this, our demand for food will always be around. Cleaning.
[Fart sound]
Oh, come on! Cleaning jobs in commercial buildings, healthcare, and public facilities are in high demand.
Given the nature of our current economic climate with Covid-19, this isn't any surprise.
It's extremely important for everyone to take extra precaution when it comes to cleanliness and sanitation.
to make sure that the virus doesn't spread. And that's where cleaners come in to help and keep buildings safe and clean for everyone.
Communications. I don't know about you
but if I didn't have access to my mobile phone, internet and television to access the outside world to stay connected,
I don't know what I'd do during the lockdown. And I'm sure you feel the same.
Celebrities, and others, are also using this as a way to showcase their talents with the world
without feeling so isolated. And this is the reason why jobs in the communication industry are still in demand.
Because the demand from the public is so high, the supply is there to meet it.
Now, when we look at the Great Depression, certain pockets of entertainment were still in demand. Now
the only difference is that we moved from going to movie theaters to consuming our entertainment on our phones or online. Call centers and
customer service. Call center jobs are in super high demand.
I've seen roles posted for everything from government services to telecommunications
to banking and even for not-for-profit organizations that are trying to coordinate care for the vulnerable.
The public is just not able to simply pop around to local service centers or shop to get around anymore.
So, they have to resort to either going online to ask via a chat functionality
or sending emails or calling companies. And because of that increased demand
there has to be enough staff around to handle all of these calls.
There are even companies that outsource a call center functionality to agencies that can do this for them.
Agriculture. Now, I mentioned why food production is still in demand earlier. Now, just as importantly we also need plants and livestock to survive.
Drivers, farm laborers, food and vegetable pickers and packers, machine operators and storepersons are
still vital for us to get the food that we need to survive. And this is why these jobs are still in demand. Aged
disability and childcare. With schools being in lockdown,
it's making it extremely difficult for parents to work from home and
home school their kids at the same time. For countries that have opened up childcare services to help those that are employed,
this industry is doing well and are looking for staff. And with the number of ageing people and those that need assistance to live a quality
lifestyle, the aged and disability care industry is another essential service that continues to be in demand. Aged care workers, nurses,
support workers and admin staff in these industries are still actively being employed.
Security. Seriously! This social isolation is such a drag! Hey!
What are you guys doing there?! With the amount of restrictions happening in public places, hospitals, buildings and aged care facilities,
it's no wonder that security is an industry that is still thriving.
Security officers are being required to do different types of work assignments all the time and are in demand.
Retail. Now, I know what you might be thinking. Onkar, shops are closed. How is retail on this list?
Well,
I'm specifically talking about essential items like groceries and online shopping, like Amazon. As in my point earlier under food production and
agriculture, there's still a strong need for food for people to eat. And
for retailers that sell them. This is why governments around the world have kept these retailers in business. And
just because we can't purchase goods in shops, doesn't mean that we can't buy them online. During the midst of all this Covid-19 drama,
Amazon stated that they'd be hiring a hundred thousand people to meet the demand.
Now, what does that tell you about the power of online shopping?
Manufacturing and logistics.
There are still goods that are in demand that people want to purchase. Think about medical devices,
personal protection equipment, hand sanitizers, sanitary products and household consumables.
These goods still need to be manufactured and shipped to individuals, businesses,
hospitals and retailers. In fact, in both the Great Depression and Great Recession of 2008,
manufacturing and logistics of essential goods was still in demand. And we are in the same situation today.
Jobs like drivers, plant & machine operators, production workers, laborers, and storepersons are still needed to keep this industry together, and
are looking for additional staff. Health,  medical and pharmaceutical.
We are living in a crazy point in history with 3.5 million cases around the world at the time of this recording.
Frontline workers like doctors, nurses, and paramedics are working like crazy to keep everyone safe.
And for this reason, this is an industry that is thriving in the economy. In some parts of the world,
there is a shortage of these staff
and people are being asked to go to different parts in their own country to help out. Whether we are in a recession or not,
healthcare is always going to be a stable industry to work in. Sure, some specialist practitioners may have seen a dip in their hours,
but for the most part, health and medical staff will always be in demand. And
pharmacies too since people need to get their medicines from somewhere. And it's a reason why these retailers have remained open. Government.
Government is not an industry that is written about in most recession-proof lists.
But I'm adding it in. If you think about it, in every single recession, the government has always been around to put policies in place,
take care of their citizens, and make decisions for their countries.
And for this reason, government employees have less of a chance to lose their job during a recession, compared to other industries.
I personally know people that work for the government part-time and are investing the rest of their time in building a lucrative business.
So they have the best of both worlds.
It's
definitely an industry to consider. And the bonus is that you'll be in a position to help your fellow citizens in need.
So there you have it. These recession-proof
industries will help you get employed in industries that either thrive in, or have stable growth in recessions. So, you don't have to worry about
this as much as others during the next recession. And if you have a business, or are looking to start a business, you can look
to cater to these industries, and pick up great talent at a fraction of the cost.
Even I'm applying for roles that offer a 50% reduction in what I used to get paid... And I'm super talented.
And lastly, if you're looking to invest,
diversifying into these industries will help you weather the storm during any recession. Now, I'm not a financial advisor
so I suggest that you get your own professional advice from experts.
But, this is my opinion based on my own research.
Comment below on which industry makes the most sense to you to continue to work in, or get into, to be prepared for the next
recession. And if you'd like to get my free list of recession-proof industries from three major recessions over the last 91 years,
click on the link in the description below.
I love making these videos for you all to share what I've been researching, learning and
Implementing to help you make the most of your money. I hope you enjoyed it.
If you liked this video, hit that like button, be sure to subscribe and hit the bell, and
share it with your friends who may need some help on finding recession-proof industries.
