Ways To Thrive & Prosper Through The Crunch
You don’t need me to tell you that the economy isn’t doing too well right now. But don’t believe for a minute you can’t make money in a slump! Over history, there have been plenty of people who’ve become millionaires during some of the worst economic times… even during the great depression of the 1930s.
The secret of thriving and prospering in a crunch is to see things quite differently from in the boom times. Go back to basics, and find ways of offering your customers amazing value.
Here are a couple of moneymaking themes that will stand you in great stead for business success through the recession:
Second hand is the new ‘new’!
Go back just a few years and almost every town had a second hand shop, selling bargains to those on a tight budget. In the boom times of easy credit these virtually disappeared. But, with the crunch, has come a surge of interest in second hand goods. And nowadays you don’t need to own a second hand shop to cash in on the second hand trade…
First sort out a source of used goods. Local auction sales are perfect for this. Government auctions are also perfect – the government sells off billions of pounds of surplus every year for a fraction of what it’s worth.
Look for good quality, basic essentials that people really need – things like furniture, home appliances, work tools, business equipment and stock, and vehicles at these auction sales.
Now you need a way of selling your second hand bargains. eBay is always good for selling second hand goods of course. But also consider other sales platforms like Preloved.com. Preloved is designed to be a way of selling used goods within your local area, rather than promoting your listings worldwide. It also works out a lot cheaper than eBay for selling fees, so it’s ideal for great value second hand goods.
You can run your second hand goods business as a small sideline… or even turn it into a full time business.
Make money… from make do and mend
Again in the recession people are much more likely to make do and mend – rather than throw things away and buy new as they did in the boom years – the snag is, there are not many repair services around any more.
But here’s a way you can cash in on the increased demand for repair skills, even if you have no repair skills yourself. It’s basically a simple agency business opportunity, where you link up supply and demand.
Choose a product area where there’s likely to be a need for repair services. For example: Home appliances (like washers, fridges and vacuum cleaners). Cars. Bikes. Computers are a particularly good area. Maybe even furnishings. Business tools and machinery.
Now find people who have repair skills who would like to earn some part time cash. Place small ads locally… remember, high unemployment means there are lots of skilled people on the market right now.
Here’s one great idea: If you want to offer a computer repair service advertise for IT students to work for you part time. They’ll usually be bang up to date on technology, and students always need extra income.
The next step is to advertise your service. Use low cost ads in shop windows, supermarket notice boards, leaflets and Internet classified ad mags. When customers call link them up with the most suitable repairer on your books and claim a cut of the cost.
This kind of service is not only great for a slump, but a good recessionary business model too. By cutting down on offices, staff, vehicles, advertising and other overheads you can offer your customers a bargain price and still make a tidy profit from a much-needed service for yourself!
If you’d like to find out about more ways to make money through the slump then keep checking back with What Biz Opp.