In today’s economy it seems almost every industry has been unfavorably affected by the recession. Nevertheless, new startup ventures continue to pop-up around the country with amazing degrees of success. How is this possible when everyone is cutting back everywhere?

 

The reality is the economic downturn has thrown wide open the entrepreneurial doors to usher in new business enterprises that recognize and understand people still want and need highly valued products and services, but at more affordable prices.

 

At the risk of sounding like I drank the Kool-aid, there has never been a better time like the present to become an entrepreneur and start a lucrative, specialized business. Many of these ventures can be kicked off with very little financial investment and expanded as the business grows.

 

To prove this concept is the Fire Island Beer Company which recently commenced sales in May 2009 and has already seen a huge increase in business. The company pays their team of phenomenal partners (top branding company, legal counsel, photographers, PR, sales consultants) with a piece of the action. “Rather than pay them in cash which would be prohibitive, we made them true partners in the company,” says Co-founder and Head Beer Maestro, Tom Fernandez. In other words, they are compensated in Fire Island Beer Company equity, which is a win-win situation for everyone.

 

This is the perfect time to strap on your propeller beanie hat and look for opportunities where others do not. “With a sluggish market come many challenges,” says Angela Brooks, Marketing Instructor of CSPI Academy. “Look for challenges clients have because of the economy and adapt your product or service to solve it.”

 

So where’s the money? Alan Lysaght and Denis Cauvier, PhD, authors of the international bestseller, The ABCs of Making Money (www.theabcguys.com), offer the following suggestions for potential new startup ventures:

 

·       Second hand clothing stores: people need the cash for unused clothes, while others want designer goods at a fraction of the original cost

 

·       Companies will always have a need for sales people but may have to outsource this as well. Consider setting up a sales team for sector specific industries.

 

·       Are you technically savvy? Any software that accomplishes something faster easier and cheaper can become a bestseller overnight.

 

·       Anything “green” from low phosphate cleaners to zero off-gassing products like beds, pillows and carpets will find an increasing market.

 

·       With people holding onto their cars longer they will need more maintenance and repairs. This will create more need for fully-equipped self-serve garages

 

·       Then there are the “vulture” industries. As people lose their jobs and homes, repossession experts prosper, as do auctioneers, junk removal companies, cleaners, bankruptcy specialists and debt consolidators.

 

The list could continue for pages, but due to limited space I’ll cap it off by squeezing in one more suggestion: With baby boomers entering retirement, this is an excellent time to start or buy a business that caters to the senior population. Travel and concierge services, transportation, estate planning, relocation, and healthcare are all safe bets for new businesses that will grow and prosper despite the economy. (Note: For more information on starting a business for seniors, check out the 2nd edition of Starting Your Own Senior Services Business, by Charlene Davis / Entrepreneur Press, 2009.)

 

Over the past ten years, small businesses have accounted for more than 70 percent of jobs across the nation. They are the core of America and will be instrumental in bringing us out of these difficult economic times. The next crop of millionaires will be ones who saw the possibilities created by the recession and capitalized on it. Do you want in?

 

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Copyright 2009 Charlene Davis. All rights reserved. Links to articles on this site are welcome; however, articles may not be used, reproduced, or reprinted without permission.

 

2 Comments

• By Stacey Derbinshire, October 9, 2009 @ 9:00 PM

  Thanks for posting the article, was certainly a great read!
• By ditzydog, October 10, 2009 @ 7:14 AM

  Thanks Stacey! I appreciate the positive feedback

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