Published on Mar 14, 2017

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If you want to recession-proof your business, you may want to think more about your service than your goods for sale.

It’s shaping up to be the mainstay of the economy.

The amount of income generated by Uber and Airbnb is just one example of how successful the service industry can be.

The boom in service jobs is the result of people being more financially secure but also more time-poor.

The result is that people want easy service solutions that improve their quality of life.

This trend is borne out by the behaviour of the millennial generation who are more likely than previous generations to outsource tasks like cleaning (serviceseeking.com.au).

From dog walking to grocery shopping, millennials are looking for ways to maximise their time and minimise chores.

If you can offer a service which has mobile access for bookings you are more likely to draw business than businesses which don’t.

In fact, the service industry is outstripping the purchase of goods.

Data shows that household spending on goods versus services has changed considerably over the last several decades.

Market Research firm IBISWorld tipped the best economic sectors for Australians to become involved in over the next five years.

Their list included gas and agribusiness, aged care, tourism, health & wellbeing services, and interestingly, the retail clothing sector.

Physiotherapists can also expect to see a rise in employment prospects, and jobs in education will continue to rise.

So while it can be difficult to decide what direction to take with your training or your business, it is clear service based businesses will deliver jobs and income for some time to come. Why not augment your product by giving a service element as part of the sale?

For the full report from The Reserve Bank Australia go to RBA Household Spending.