The results of my reader survey said that you guys overwhelmingly want to know more about making more money. I thought this guest post from Ryan Schmitz was a good reminder about the opportunities now available to us in this current economy.
You must think I’m crazy reading that title, but for some this economy is great. Business is up, customers are coming through the door in flocks, and times have never been better. How you ask? Although we hear every day that the economy is collapsing, the world’s going to end, and everyone doesn’t have a job, the media might not exactly have it right… and here’s why.
There’s Always Winners and Losers
The economy doesn’t describe every single business, and there are always going to be winners and losers. The idea of this post actually came when I talked to the manager of an indoor waterpark in Wisconsin Dells. He said that they’re having the best year in their history, and by a significant margin.
Turns out that increased gas prices, people having less money, means that they don’t travel as much from Wisconsin to areas like the Caribbean or Europe. They simply drive up to the Wisconsin Dells vacation area and have an enjoyable week that’s more affordable. Who would’ve thought?
In this situation, the tourist industries of paradise islands are probably struggling, but local tourism is most likely up. They’re loving this horrible economy!
Gas Prices Going Up Means Profit
Paying high gas prices at the pump hurts, especially if you’re a traveling salesman or prolific commuter. But higher gas prices mean something else. A competitive entry to the energy market from solar, wind, and alternative fuels. With gas prices rising vast solar arrays can become profitable, and you may just discover that adding panels to your own home could save you money in the long run.
Although I’m not a big fan of paying more at the pump, I realize that it’s probably for the better because it’s going to spark development of alternatives which will eventually ween the US off oil independence and give us a more stable source of energy. There’s always a silver lining.
Build a Business Around Needs
As the economy shifts there are always going to be new opportunities. Think about just a few of these examples:
- As people lose their homes, who’s going to take care of them while they’re vacant?
- Who’s going to help people filing for bankruptcy?
- Who’s going to build more energy efficient and smart homes?
- Who will solve the problem with the aging population?
- Who will tackle the problem of peak oil and provide us with an energy solution?
- Who’s going to create the next big online business like Ebay, Amazon, or Google?
All of these questions are eventually going to be solved by someone, and that someone is going to be rich because they capitalized on opportunities disguised as problems.
The thing to remember is that each and every problem you see in today’s economy is actually an opportunity. If you begin to think like other creative entrepreneurs you too will be saying. This economy is great!
What opportunities do you see in today’s “crappy” economy?
What types of business do you know of that are increasing growth during these tough times?