It's not all bad news these days. Some businesses have been growing and making money throughout the recession; people haven't stopped spending money, they're just spending it differently.
Brian Hamilton, CEO of Sageworks Inc (a company that analyzes weekly financial data) commented, "Our data show that companies selling non-discretionary products and services, things that people really need, are doing pretty well." There are seven industries he highlights as doing particularly well in spite of the economy.
- Auto and home repairs: People are investing in the items they already own.
- Supermarkets: More consumers are trying to save money by eating at home.
- Trade schools: People are learning new skills to make themselves more marketable.
- Dentists: According to Sageworks' data, the average dentists' office sales grew of 6.9 percent in the last 12 months.
- Personal care: Hair salons, barber shops, nail salons and spas have shown solid growth in the last 12 months.
- Accountants: Revenue for the accounting industry has grown 10.2 percent in the last 12 months.
Have you contributed to the success of these industries?