Making money during a recession? – Part 3

Recession peak chartThinking outside the box during a recession will help you make money, whether you are working for someone else or for yourself. Use your imagination when analyzing your method of conducting business, your products and job duties. Your aim is to find a way to offer more products or more of what your customer wants without sacrificing too much of your profit. Remembering who keeps you in business is another tip. Returning customers and business contacts are the ones you need to try to satisfy. Try to respond to their concerns quickly. Following up on the sales to ensure that you have mat or better, exceeded the customer`s needs. You must make sure that they are the first ones to know if you are having a discount or a special sale. Communicate the benefits of working with your company without actually saying that your client is benefited by working with you.

Our last tip for making money during a recession is to diversify your sources of income. The harsh reality of being in a recession is the job losses. Always make a plan B, so you don`t become a victim of the faultless lay-offs. Doing something you are good at on a side, like a small business is a good plan B. The best thing you can do is to try to create a business that appeals to those who are affected by the job loss and the recession. A good example is that during a recession most people find it safer to repair or maintain the materials that they have then going a buying new ones. Your plan B can be setting up a side job like a repairman, that way you can provide those people you services at a price that they are willing to pay. Everyone benefits.

Good businesses to be in during a recession

While there are plenty of businesses that need to cut back and even lay-off employees during a recession, there are some companies that actually benefit from a recession. A part of these businesses benefit or at least remain unaffected by a recession while others find recessionary benefits as a pleasant result of timing and consequences. For example taka the health care industry. Health care has become more expansive than ever before and the health care community provides more services than ever before. As the baby boomers age, the market promises to grow larger for products and service that help people live longer, live more comfortably, and live more enjoyable in old age. Being in the health care is where you need to be right now, regardless of the recession people will still need health care services.

 

Death, debt collection, and repair services are other industries that are not effected by the recession. Funeral parlors still receive the same amount of business independently of the recession. Debt collectors may actually have a very good profit during a recession as more and more people can`t  pay their bills and must have their assets re-possessed. Repair businesses are also going to thrive in times when money is scarce because individuals see the value in maintaining and repairing what they already have and avoid more costly repairs or the need to buy new replacements in the future.

 

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