Whilst many businesses are either cutting back or closing down, other businesses are expanding during these initial economic changes. This provides opportunities for entrepreneurs with some capital, as property prices are lower, and profits are higher than ever before, for many of these businesses. So what are the new business opportunities of this current crisis?
Traditionally a destination of the desperate, pawnshops are busier than ever before, with many people preferring to pawn their precious possessions than to sell them directly on ebay.
Pawnshops in Europe and the USA, are reporting up to 400% growth in business, since October 2008. And with the price of gold rising, many people are pawning in their gold for cash, as pawnbrokers make instant profits on the gold price.
Even if there is an economic crisis, vacations are still a need for most people, and whilst the high end and long haul tourist business is suffering, lower end camping holidays are becoming the trend for this year.
Localized Tourism is winning in Countries like the UK, were a weak currency means that holidays are at home, and campsites are reporting huge increases in bookings. In the USA, weekend camping trips could replace the annual holiday, which is good news for anyone willing to invest in cheaper land, and creating a campsite.
3. Social Network Websites
Now that many people have more time, and less to spend in their pockets, social networking websites are reporting large increases in traffic. An entrepreneur who comes up with an idea, to turn this trend into a way to earn an income, could in the future become extremely wealthy, as people look for alternative ways of cheap entertainment.
4. Gold Traders
Confidence in banks and currencies is at an all time low, as many investors are turning to gold as a safe haven. Trading in gold is a short-term winner, until confidence grows again in the economy, and people feel safe that their currencies are not going to be devalued.
5. Security Stores
In many Countries the hottest selling product is a “Safe,” as former bank depositors relocate their cash home, rather than leave it in unstable banks. Safes are one of the hottest selling products in Germany, the UK and in many parts of the USA.
All that cash and valuables locked away at home, simply means that owning a “safe” will also need other security devices like cameras, and burglar alarms, as homes could be targeted by thieves knowing more people are keeping cash at home.
6. Repossession Agents
What the Banks and Credit companies lent for, may have to come back as more and more highly exposed debtors cannot pay their monthly payments. Eventually the Reprocession Agent steps in, and with loan defaults increasing, so does the need for an “Agent.”
7. Solar Manufacturers
Ford and Citibank may be shedding workers, but thousands of small to medium scale Solar panel manufacturers are hiring. Cheap, self sustainable energy is the future, and any company manufacturing Solar panels is in for a boom period, as others are closing their doors forever.
If you cannot buy new, then repair shops are the next big thing. Businesses that repair anything from the humble shoe to the Automobile, are reporting huge increases in business, since 2008.
9. Training Centers and Courses
Whether it is online or offline a new generation of unemployed need retraining for the jobs of the future. This spells opportunity, for anyone willing to invest in a training center or course.
Our economies are changing and moving towards a new direction, and training is going to be the key to moving our economies forward, creating futures for those who want to enter the new industries of tomorrow.