The Businesses Consumers Will Not Give Up
You might be surprised by which small businesses thrive in a struggling economy. The key to surviving a rough economic environment is to offer a service or good that people are not willing to give up.
For instance most people will always budget for entertainment and relaxation. A smart entrepreneur realizes this and provides entertainment, and an even smarter entrepreneur offers a less expensive alternative. This is clearly exemplified in the many “staycation” marketing campaigns we have seen the past couple summers. Also many consumers are unwilling to part with small personal luxuries. Did you know that one of the only growing industries in our current economy is the haircutting business?
Obviously a weak economy is not the environment to launch a business offering an extravagant service or good. Entrepreneurs can find success, though, by discovering what people are not willing to sacrifice.