Look for Opportunities During a Recession

March 25th, 2009 by andum | Posted in Blogging, Customer Service, Make Money, Opportunities

photo credit: philectric

The ongoing economic turmoil and uncertainty has dominated the news.  There is a fear that this recession could be the next depression, that nobody is quite sure of the way out of it and that government actions will have consequences long after the recession is over.  Or maybe you or a family member, friend or neighbor has lost his or her job or is worrying about losing their job.  The objective of this post, though, is to highlight opportunities amongst the bad news.

There is positive news. Some businesses are doing well.  For example, discount stores are doing well as people want to save money on their everyday shopping items.   Liquidation auctioneers are busy, homes are becoming more affordable, bringing in speculators and bicycle sales are likely doing well.

Let’s take a look at some other changes that are underway and see if there are opportunities.

Adversity necessitates creativity. Entrepreneurship and innovation increase during tough times.  Now, the internet allows anyone to start a website and turn a hobby or passion, an interest or even their drive to succeed into a potential source of income, an outlet from the bad news or a source for other people’s benefit.  And, you can now work virtually, for someone across the globe – you are no longer limited to a job that requires commuting.  If you don’t have a website, think about starting one.  Out of work, learn about social networking to help you find a job.  Examples of social networks include LinkedIn, Facebook and forums or community dependent websites that drawer visitors in to discuss topics that interest you.  Have special expertise, writing or graphic design skills, think about becoming a freelancer.  There are many sites on the web that help freelancers find work.

Libraries are busier. People are spending more time taking advantage of free and inexpensive services.  In addition to the increase in library usage, I suspect that community education programs and local not for profit service organizations will see increased utilization.  Now is the time to volunteer or teach a class to serve your community, enhance your skills and meet people and network.

Value and quality mean more. While people are now being more frugal, they are also more likely to ensure that they purchase items and services that will last and provide longer lasting value.  If you make high quality products or offer exceptional service, now is the time to promote this – but make sure that your prices are competitive and fair.

Savings rate is increasing. People are saving more now because they don’t know what the future holds.  Sure, it is easy to put this money in the bank and earn 1% maybe, but now is the time to educate people on alternative options that will still meet their desire for safety.  Many people don’t know the difference between a money market account and a certificate of deposit or how to find the best rates or the benefits of a credit union over a bank.  Websites and financial professionals should be offering this basic information.

Customer service will be emphasized. Competition for fewer dollars will result in businesses enhancing their customer service.  This should benefit all of us, especially if you are intolerant of poor customer service.  I have often thought of starting a consulting business that would advise local stores on ways to improve the experience of their customers.  If you have expertise in this area, such as having run a successful business in the past, volunteer to participate in community business organizations.  If you own a business, start implementing ways to enhance the experiences of your customers.

Skilled workers and professionals are available. This recession has not left any socio-economic group untouched.  It is an especially good time to hire qualified workers, to look for expert advisers or, if you are a member of a volunteer organization, to reach out to the unemployed and get them involved in your non-profit or advise you on your business.

People will be spending more time close to home. People are more likely to stay near home for vacations, find less expensive forms of entertainment (movie theaters are busy now) and stay at home with their families.  Start offering products and services that will appeal to these stay-at-homers.  For example, create a niche blog about things to do in your area or write on home improvement or gadgets for the home.

Online dating sites are very busy. Nightline ran a short feature on online dating sites last night.  During tough times people are less likely to want to be alone and more likely to try out online dating sites.  Even the requirements that participants include in their ideal date has changed – people are less likely to specify that they are looking for someone with a good job.  If you have ever thought about trying one of these sites out, now is the time.

My goal with this post was not to create an exhaustive list but to encourage you to think differently during this time of adversity – look for opportunities in the ways that people are changing their behavior and spending habits.

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