Top Businesses to Start in a Sluggish Economy
When the economy is sluggish and unemployment is high, it is the perfect time to stop looking around for someone to employ you and start employing yourself. No matter what your skill set, there is undoubtedly something you can do that other people would be happy to have you do. Many successful businesses have been started by people affected by a down economy. Charles Darrow, for example, sold the game Monopoly in 1935 during the Great Depression.
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Debt Collection
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If you have experience in finance or customer service as well as excellent organizational skills, a debt collection service is a good business to start in a sluggish economy, especially if there are an increasing amount of people who aren't paying their bills. You can start in your home with a computer and a phone. Advertise your services locally at first. Contact smaller businesses and offer to collect debt of all types. As you gain experience and have some cash coming in, you can start a larger advertising campaign.
Resume Writing/Writing Services
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People who are looking for jobs will always need help with their resumes. If you are good at writing and typing, you can offer other services, too, like manuscript editing, copywriting for businesses, or freelance writing or editing. Advertise your services in the Help Wanted sections of newspapers and websites. If you are looking to edit manuscripts, advertise your service in local literary magazines, newspapers or large writers' magazines. You can also advertise on Craigslist. Copywriters should investigate freelance copywriting in depth before advertising those services. Develop a strong portfolio (while writing resumes) and start submitting it to local businesses.
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Auto Repair
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When the economy is sluggish, few people think about buying new cars, but consider fixing old ones. If you are handy with a wrench (or can repair anything, for that matter), consider starting an auto repair service. You'll need to invest in some tools, but most can be rented if you have a job you need to do but don't yet have the right equipment. In some places, you can start this type of business at home in your own garage. If not, look for an old service station or warehouse to rent. You might even be able to offer auto-repair house calls if you can't yet afford to open up a full-service garage.
Real Estate Services
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You don't have to be a real estate agent to get involved in real estate. In fact, during a sluggish economy houses may not be selling, but there are a variety of ways you can develop a business around home sales. Home staging is a service you can offer to homeowners looking to sell their houses. Home stagers help furnish an empty home, making it look more welcoming, or help clean and organize a furnished home, making it look more neutral to home buyers. Property managers can help home owners find tenants for a house they are having trouble selling, do the lawn maintenance and snow removal, and answer calls from tenants.
Online Sales
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With less money in their pockets, many consumers are choosing to shop online more so they don't spend the money on gas, they won't impulse shop as much and they can get deals on the Internet that they can't find in stores. Selling items on eBay is a good way to get started. If you are a collector or know a lot about certain items, like dolls, for example, you could find dolls through wholesalers, yard sales or thrift stores and resell them on eBay for a profit. If you are a crafter, baker or gardener, you might also find success on eBay or other websites like Etsy, where handcrafted and vintage items often sell. Starting your own website and linking to it from your shops on larger sites is also a good way to make more sales. Focusing on a niche is the best way to get started and then expanding the niche into other areas will help you grow your online business.
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References
- Photo Credit business image by peter Hires Images from Fotolia.com
