Thriving Businesses Thriving Business in Spite of Bad Economy
What business are still thriving in spite of the bad economy? It seems like an oxymoron when you consider how terrible the job market is today. Oddly enough, there are business that don't just do well when the economy is performing successfully, but thrive even more when it takes a turn for the worse. It requires spending money, so how can a business actually profit from a less than desirable economy? We'll take a look at some types of businesses that thrive during challenged economic times.
Thriving Businesses in Bad Economy: Discount Retailers
One major discount retailers are more successful during hard times. Consumers must scale back their spending habits and find more efficient ways to buy merchandise. Discount grocers, second-hand clothing stores, and book stores experience an upswing in profits as people attempt to further the value of their dollar.
Thriving Businesses in Bad Economy: Niche Businesses
Niche businesses are thriving well in this economic downturn. In Honolulu, A Cup of Tea opened March 2009. Owner, Arlene Plashed believed there was a market for this. She was among the number of growing owners taking advantage of reduced prices in real estate vacancies.
Rental owners are happy to lease out empty spaces to new business owners in an effort to not only keep the cash flow consistent, but to see success of new entrepreneurs. As the business, A Cup of Tea, noticed, it was worth the risk to see if they would be one of the thriving businesses in a bad economy.
Thriving Businesses in Bad Economy: Pampering Services
Pampering services such as spas do well in bad times because people are wanting to allow themselves small luxuries. The cosmetics and beauty business is another industry still doing well. Sales on lipsticks remain popular and hold steady in sales. Women still want to feel good about themselves and don't want to sacrifice their appearances. Beauty and pampering businesses thrive in spite of the bad economy.
Thriving Businesses in Bad Economy: Discount Book Stores
Half-Priced Books, a Dallas discount retail store selling books does very well in this economy. Half Price Books sells almost everything at half the price of the publisher after buying them from people. Last year the business added eight new stores around the nation. Their sales growth remained 8-9 percent of same-store sales over a period of several months. Executive Vice President, Kathy Doyle, says people still seek affordable information and entertainment, even during a recession. Kathy says people are mainly purchasing books on self-help, changing career fields, and information on changing locations.
Working for a business that endures a bad economy will certainly allow for confident job security. The little bit of money people still have in their pockets is being spent, just more on different items and services. No matter the condition of our economy, people need to buy. A thriving business in spite of a bad economy is a sign not all is in a recession.
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