I've moved away and started my own family now, so I'm not as involved in the family business. Thankfully, though, I talk to my mom daily. Just like my grandfather, she's a True Entrepreneur, especially in that she possesses a keen business sense. (If you're in the market for a life coach, I know exactly who to refer.)
My husband and I have a goal to own land, a nice home, and be financially independent enough to semi-retire within the next decade. My mom is helping us get there. We come up with all sorts of ways to save money, use money and invest money.
Most recently, we've been exploring how to take advantage of a down market. It may be a recession, but all good entrepreneurs know that any market shifts can create new trends or put certain trends in higher demand. It's a matter of discerning which new needs you can address in the form of a service or product.
Some ideas include:
- Cheap entertainment solutions (i.e., used books, lounges)
- Home-delivered products, Direct-to-home services
- Grocery Store (either discount or niche)
- Scooter, Bicycle sales
- Tax Preparer
- Financial Advisor to businesses, families
- Family Financial Counselor (budgeting, debt reduction, etc.)
- Discount or thrift clothing stores
- Alterations
- Shoe Repair
- Auto Reapir/Used Car Sales
- DIY - related (either providing the service, or providing services to help people DIY)
- Garden - related (i.e. equipment, services)
- Micro-farming (in your backyard, a client's yard, etc.)
- Any 'green' or 'eco-friendly' service or product
- Home Safe sales
- Self-Defense Weapons
- Pawn Shop
- Trading Assistant (on ebay)
- Repo business
- Debt -related (i.e., protection services, collection)
- Home Staging
- Purchase trouble/foreclosed properties and businesses
- Relocation-related (i.e., truck rental, packing supplies, relocation services)
- Temp Employment Agency
- Continuing Education and Job Skills Training
- Life Coaching
- Resume-writing
- Any informational website about any topic on this list
- Teach seminars, write a book or e-book about any topic on this list
- Conversion of big business to local business service (i.e. banks, insurance)
- Sales and Marketing Consultation
- Budget Analysis/Cost Reduction
- Indpedent Contracting/Outsourcing services for almost any corporate department
- Invest in energy, utility or public safety
- Elder Care or other healthcare-related service
- Any home-based business in any of the above
Remember that in a recession, people will not stop spending money. They begin looking for more value. Your business should offer an innovative solution to a recession-specific need, or an alternative product that they no longer think they can afford.
For example, most people are feeling a budget crunch right now. They don't have as much discretionary money, and some even feel the stress of living paycheck-to-paycheck, not knowing if they can afford to pay the bills. A unique service you can offer during this time would be the skill of budgeting. Not very many Americans know how to create and stick to a household budget. You could create a niche website offering this information, create traffic, and earn money off AdSense or affiliate products. You could also create e-books to sell online. If you are better with face-to-face interaction, offer budgeting services and advice.
More and more people are having to cut their clothing expenses, but they still want new clothes. You could offer them an alternative: open an up-scale consignment shop, or a website that coordinates a clothing exchange.
The possibilities are endless, and are only limited by imagination. Now if, like me, you aren't particularly creative or imaginative, then the key is research. Ask anyone who will humor you, Google until you can't touch another key, and open your eyes as you run errands. The ideas will come to you, and the idea that sticks is yours to own. Whatever interests you most is surely the avenue to pursue.
The next step would be...yes, research. You'd need to figure out whether you have the courage, capital, know-how and time to make your idea into a money-making business. It took my grandfather 5 years to make his business profitable. He worked full-time as a firefighter and built up his business on the side. But after those 5 years he was able to quite his day-job and enjoy the fruit of his labor. Maybe one day we will too.
More resources:
- http://www.powerhomebiz.com/News/062009/home-business-ideas-recession.htm
- http://debtcrisissolutions.com/blog/2009/04/26/business-opportunities-during-depression/
- http://www.noobpreneur.com/2008/09/02/flourishing-business-opportunities-in-recession/
- http://www.effortlesshr.com/blog/business-planning/starting-business-recession/
- http://www.trcb.com/business/business-opportunities/ten-high-quality-products-you-can-sell-on-ebay-during-recession-7502.htm
- http://www.gotoguyenterprises.com/blog/64/what-to-sell-during-a-recession/
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