6 Ways to Benefit in a Struggling Economy

You're bombarded by the bad news of the economic turmoil every time you turn on the news, open a newspaper or read a magazine. Everything you see paints a bleak and scary financial picture. There is a silver lining though. While some businesses are closing their doors forever, other businesses are doing better than ever before.

If you're considering starting a new business or looking to make a career change, you may want to check out one or more of these industries. While other businesses are faltering, these six industries are soaring.

Beauty schools
When you look good, you feel good. During tough economic times, people are looking for ways to feel better. Second, people look for ways to keep up their looks in a less expensive. Beauty and cosmetology schools answer both of these needs. It allows customers to find a place to help them look and feel good at a lower cost than typical hair, nail and skin salons. There is no doubt that these schools are seeing an increase in customers.

Shoe repair shops
Tough times have less people buying new items and more people trying to fix what they have. Instead of splurging on a new pair of Gucci or Ferragamo shoes, shoe repair shops around the country are reporting an increase in their business. It is more cost effective to repair the shoes and make them look like new than it is to buy a new pair.


Car service and repair shops
The same line of thought holds true with the cars and trucks we're driving. People are making repairs to their autos and keeping up the maintenance on their vehicles rather than buying the latest model. Oil change shops, mechanics, transmission services and muffler shops have all seen an increase in business since the economy has gone into a downward spiral.

Thrift shops
It only makes sense that consignment stores, thrift stores and second hand stores are also doing a booming business. These stores hold hidden gems, where shoppers can snag name brand goods for a fraction of the cost. Even those looking to cut costs on clothing, household goods, shoes and other items are scouring thrift stores to fill their needs and to help them save money at the same time.

Pawnshops
In hard economic times, people are not only looking to save money, but they are also looking for ways to make money. For some, what used to be the last resort is now their only option--pawnshops. People are pawning their prized possessions to cover household expenses and necessities because of job layoffs and in an effort to make ends meet.


Yoga studios
Economic turmoil adds to the stress that we already carry in our daily lives. This is great news for stress relieving businesses such as yoga studios, massage parlors and spas. While you think people would think of these as added expenses, tough times actually cause people to return to themselves. This means any product or service that helps relieve their stress and feel OK on the inside, even if everything on the outside is going down in flames, is a big seller right now.

Don't let the bad news flying around get you down. There is always a silver lining to the bad that happens in the world. These businesses have benefited from the situation and you can too. Whether you're thinking about opening a new business or looking for a new job, here are six areas you may want to check out.

While Some Are Losing Their Jobs, Others Are Profiting from the Bad Economy

If you turn on the news or read the newspaper, all you see is negativity when it comes to the economic situation. It seems like every week another onslaught of layoffs hits companies across the U.S. With an unemployment rate at a 35-year high, it can seem like there isn't a light at the end of the tunnel. You never really hear the good news though.





I'm here to share a little good news with you because while many people are losing their jobs, and while many companies are closing their doors, there are businesses that are prospering in what others consider a "bad" economy.





4 booming businesses in a the bad economy

1. Educational institutions. With employers having to do more with less people and less money, they're being very selective about the employees they keep or the employees they hire. This means that many employees or people who've been laid off are returning to school to get their degree or refine their education to make their resumes stand out from the crowd. These employees and potential employees are back in the dating world--the employer-employee dating world. The parent company of the University of Phoenix realized a 22% increase in earnings and an 18% increase in enrollment in one quarter.


2. Auctioneer companies. With businesses liquidating assets, auction companies that specialize in commercial equipment are booming. Analysts are anticipating these types of companies will see a 13% growth in profits in 2009.


3. Self storage. I often wonder why there are so many of these. Who needs to store so much stuff? In these economic hard times people who are experiencing foreclosure that have to move from their 2,500 square foot home to their 1,000 square foot rented apartment, so it seems. The self storage industry is seeing an increase in their profits and expect earnings to jump by as high as 5% in 2010.

Don't be fooled into thinking that a "bad" economy is bad for everyone because it's not. That's the joy of doing business. You have to find your niche. You're going to have good times and bad ones. Depending on what business you're in, your good times may be when others are experiencing bad ones.