Making Money in a Recession

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OK. You know the recession is here and you’re going to be impacted by it. You have come to accept that reality. What can you do to prepare your small business for the recession? What business opportunities are your best bets during the recession?

Housing

If you’re in the construction business your already facing a serious downturn. A lateral move into maintaining infrastructure may be the key to your survival. During a recessionary period people will become more frugal and try to maintain rather than replace. Here lies opportunity. Septic and sewer maintenance, electrical and carpentry repairs, carpet cleaning and so forth will take precedence over huge renovation projects. Online partnerships with offline businesses may work well here.

Automotive

People will be more interested in maintaining their current vehicle than buy the latest thing. Repair facilities should do well. Online, selling gizmos that promise to enhance gas mileage and so forth should sell well.

Sin

People need an escape from their woes, even if the woes are bad. Look at what you can do in your business to fill this need. This is an area where online operations can really make money if they’re positioned well.

Health Care

The saying goes, “At least you still have your health.” Consumers will be trying to be frugal with health care. Find ways to fulfill this need. Vitamins and natural supplements should do well. Home based health care devices should do well. Interim insurance should do well too.

Food

People have to eat, right. Find ways to supply this universal need in a frugal manner and you’ll be in the money for the duration of the recession. Cheap meal packages, discount cards and so forth should be your golden ticket.

Household Supplies

Those ordinary, mundane, things that everybody needs, yes, people will still buy them. Find products that will help save your customers money and watch your bank account increase.

 

 

This entry was posted on Thursday, November 16th, 2017 at 8:49 pm and is filed under Recession. You can follow any responses to this entry through the RSS 2.0 feed.

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2 Responses to “Making Money in a Recession”

  1. SM Says:

    A good page and concept but there is a lot more that could be added. For example, things like smart credit card use, especially using a gas rewards card to instantly be paying 5-10% less for gas and taking advantage of “free” money to use elsewhere for the 25 day grace period, or alternate investments such as buying gold right now. Also taking advantage of depressed housing prices once the market really bottoms out. And of course, more specifics on how to benefit from the upsurge in affordable entertainment like the movie boom during the last great depression. I admire you for at least trying to get through to people that hard times are coming but it will be possible to still make the most of things. Keep up the good work. Thanks!

  2. economic recession survival guide author Loren Woirhaye Says:

    I’m all for telling people to cut corners and live a frugal life, but mostly because mass-consumption is a weird and destructive habit for our environment and values.

    Strong opinion there. I know.

    The marketplace is changing. We’ve lived in charmed world in the USA and now we’ll have to face up to higher costs of living, fuel, etc…. all without the protection of a reasonably socialized medicine system. We’ve burned the candle at both ends.

    Now people need to MAKE MORE MONEY. Your employer won’t want to pay you better. I’ve freelanced for years so hustling work comes naturally to me but for clock-punchers this is a wake up call. This economic recession will make many people wealthy and probably drive the poor into deeper poverty and debt, all the while placating the people who prefer not to read or think with big screen TVs, action movies, video games, and more.

    More stuff… for less. You can get the toys cheaper than ever now. It’s a fun time for those of us who watched Buck Roger’s as kids. The reality is that we have great technology but even despite that the umbilical cord to the TV will be the downfall of many.

 

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