Talk of recession is appearing with greater frequency in the mainstream media. For most business people, any thought of possible economic downturn is a frightening prospect. Instead of lamenting that the world is ending, or entertaining similar apocalyptic fears, it's time to consider business opportunities that will arise during a recession.
The first thing for an entrepreneur to do, when considering business prospects for harder times, is think of what needs may emerge. Recessions mean lower employment levels, difficulty in personal and company bill paying, lower numbers of customers, foreclosures of homes and businesses, and a trend to cutting operating and capital costs. All of these scenarios present business opportunities for an entrepreneur. They are not simply profits from preying on hardship either, but are very often business and credit savers for others.
Unemployed people need assistance in finding new jobs. You could consider starting an employment agency, a life coaching service, a personal image consultancy, job skills training, or a resume writing service. Helping people become employed is a public service as you help other companies find talented staff people. A job is the best social program in existance, and a potential life saver for the person landing the new position.
Helping companies increase their customer lists and boost their sales success is a powerful form of consulting service. Working with business owners and staff on enhancing sales and marketing skills, improved public relations, and better customer service will boost the organization's bottom line. It will also keep people employed and even add more staff members. Along with sales and marketing advice, new idea brainstorming sessions could be offered to creative minded companies.
Homes and businesses will fall into payment arrears, and face foreclosure. Purchasing troubled properties will save the former home owner's credit, and provide business in the contracting industry. At the same time, unprofitable businesses are prime candidates for turnarounds.
Not only does the acquisition of a company save the organization from extinction, but preserves most of the jobs connected with it as well. Lowering operating and overhead costs, as well as improving accounts payable and receivable are all potential business services.
Many companies will elect to contract out many departments, ranging from accounting to law to personnel to marketing. A nimble entrepreneur will be able to pick up that work on a contract basis. Be sure to keep an eye open for entire departments being spun off of from major corporations as stand alone businesses. Many such opportunities for spin off acquisitions from corporations, along with the accompanying brand recognition and existing goodwill, will take place too.
Business opportunities for entrepreneurs are limitless, even during a recession. Don't let an economic downturn keep you from adding new business ventures to your own company. The money making ideas are just different from those in economic boom times. The cash flow spends just as well though.
