Years ago a Russian friend of mine who was a young child in Russia during WWII told me that during the hard times there the people who survived were those who sold shoes, those who made bread and those who told fortunes. It’s likely variations of those jobs will do well in the present economic downturn. Here are some of them:
- Shoe repair: The local Natchitoches shoe repair store in my town tells me that his business is booming, and he would expect other shoe repair shops in the country would be as well. That’s because people are more inclined to get their shoes fixed rather than buy new ones
- Bankruptcy attorneys. More and more people and businesses are going under. They turn to bankruptcy attorneys to liquidate assets, reorganize, help them save their homes or businesses or inevitably for some help them declare bankruptcy.
- Video rental shops. Folks seek entertainment and look for inexpensive kinds. With a rental video the whole family can be entertained. Expect these folks to do well.
- Sex paraphernalia shops. Indeed this is another inexpensive form of entertainment, and around the world sales of condoms are doing well.
- Used clothing shops like Goodwill or the Salvation Army. Hurry in because there will be a crowd and fewer pickings because fewer people will be donating clothes when they don’t want to buy new ones.
- Weapon sales. Crime goes up in middle class neighborhoods during hard economic times. Some folks will want weapons to protect themselves.
- Debt collectors. Look for the repo man for overdue notes on cars.
- Car repair shops of various kinds. People will get things fixed rather than replace them.
- Health care occupations. People tend to get sick when they are under stress, and there is a strong correlation between times of stress and the uptick in health care needs. It will likely the general practitioner, the nurse practitioner or the local druggist who will see the most business, since folks won’t have money to see specialists and will avoid seeing doctors until they are very, very sick.
- Fortune tellers. Everyone will want to know that there’s a better day. The busier fortune tellers will assure them there is.
Now if you have any talent in any of these areas and want to set up your own business, this list is for you. They will allow you to survive and prosper while the rest of your friends are looking for work or hanging on for dear life to what they have already, so you might want to hang on to this list.