You are currently browsing the archives for the Downturn category.

Shoppers Turn To Consignment Stores

The Wall Street Journal:
The economic downturn is bad for the nearby mall but good for local consignment shops. Sales at these stores have soared since January as cash-strapped consumers look for bargains, income and tax deductions.
“This industry just keeps growing, but especially during slow times,” says Adele R. Meyer, executive director of the 1,000-member National […]

Layaway Is Making A Comeback

The Wall Street Journal:
Layaway, a payment practice that was made popular during the Great Depression but nearly became extinct due to the instant gratification of credit cards, is back in fashion thanks to the credit crunch.
Only a handful of national retailers still let consumers put purchases aside until they have paid for them in full. […]

Niche Companies Make Most Of Crisis

The Boston Globe:
As stocks began their historic nosedive early this month, Tim McNamara and Tracey Manzi smelled opportunity.
The husband-and-wife team of certified divorce financial analysts rolled out a new service to take advantage of the sputtering economy and its inevitable stress on marriages: a flat-rate option for divorce-related financial consulting and mediation.
Since then, their phone […]

Web Bizs That Thrive In A Down Economy

Mashable:
The need to streamline budgets during a lean time will spell increased demand for certain types of businesses. A few immediately spring to mind, though I’m sure there are many others.
1. Co-Working Spaces: it’s a great idea in general for companies looking to save on costs and be in a position to grow their […]

Entrepreneurs Struggle To Hang On

USA TODAY:
If there is a rock and a hard place in the U.S. economy, small businesses are there.
Right in that little crevice where money is tight — and getting tighter. Right where weekly payrolls can be financed only by personal credit cards or home equity loans. And right where “income” for the boss is taking […]

Loan Pains Turned Site Into a Hit

The New York Times:
The misery in the housing market is registering on the Implode-O-Meter.
As millions of homeowners fall behind on their mortgages, a fledging Web site called the Mortgage Lender Implode-O-Meter is gleefully tallying the number of lenders that run into trouble too.
With its tongue-in-cheek tone and running lists of the “imploded” and the merely […]

A Sweet Spot In Sour Economy

Associated Press:
Like a lot of people, Nate Towne is cutting back on spending. He’s carpooling to work and only shops at grocery stores that take coupons or offer discount “rewards” cards.
But even in this economy, he remains a self-described “candy snob.”
“I’m serious when I say I’ll pay a premium for my top favorites because in […]

Slowdown Cuts Into Tips

Associated Press:
At the Corner Pub on Cincinnati’s west side, bartender Melissa Metz can count the cost of the economic hangover in the stack of bills she has at the end of a shift.
Those tips make up the majority of her income, but they’ve been dwindling for months amid rising gas prices and other economic woes. […]

When Is It Time To Throw In The Towel?

Rhonda Abrams at USA Today:
No matter which way you lean politically, watching Hillary Rodham Clinton’s almost-endless battle to become the Democratic presidential nominee might remind you of an important question for all of us, especially entrepreneurs: When is it time to throw in the towel?
If you’ve ever put dollar after dollar into a new business, […]

7 Things You Must Do To Innovate In Downturn

Lifehack.org:
Bill Gates recently said, “We are in an economic downturn but an innovation upturn.” Most people are focusing on the downturn and the dangers it poses rather than on the opportunity for innovation. Most businesses are restructuring and streamlining their operations.
1. Adopt a positive attitude. See the opportunity. Don’t be cynical about change. Don’t assume […]