How to Thrive During a Recession

Thrive during a recession? Does that sound impossible? It's not. Just a few examples of businesses that thrive during recessions are second-hand stores, pawn shops, pest control companies, discount supermarkets and department stores, roof and plumbing repair firms, independent used-car lots and auto repair shops. You can see that these all relate to things people truly need, but they want to or have to fulfill those needs for less. They repair things or buy them used instead of buying new. Of course, all of these require considerable start-up capital. If you don't have the money to start one of them-or the desire-there is an easier way to build your income and come out on top during a recession.

In fact, while many people are biting their fingernails to the quick, others are happily figuring out how they'll adjust to the changing marketplace and how they will prosper despite the seemingly negative financial conditions of global recession.

First, you have to think about what caused the recession in the first place-who it hurts and why. We all know about over-inflated housing prices and what came to be known as "liar loans"-extending credit based on borrowers' false income claims and on banks' willingness to lend far more than they should have. Now that the housing bubble has burst, you've heard about the construction freeze and the plethora of foreclosed homes that are on the market. Some people are taking advantage of these foreclosures and the extreme "buyers' market" conditions. With similar thinking, others are buying stocks at low prices. These are fine choices if you've got money, don't mind taking a risk, and have the time to wait for things to get better.

For those of who can't take a large investment risk, a recession is a great time to look for bargains on things like clothing, appliances and furniture. The markup on these items is high, especially at upscale stores, and when unemployment and economic uncertainty rise, they need to move the merchandise at whatever price they can get. Bargain shoppers benefit from retail recessions. Home improvement is another bargain you may want to shop for now. Since the construction industry is suffering unprecedented high levels of unemployment, it's a good time to make a deal with an independent carpenter, plumber, or other construction professional.

But let's face it, many average middle-class people are just glad if we still have our jobs. Paying one mortgage is enough, thank you. And if we have any extra cash, we're not going to use it for stuff we don't absolutely need right now or for stock-market speculation that could take years to pay off. In fact, the statements we get about the money we've already got sitting in 401Ks or IRAs just makes us anxious and angry. We did what "they" told us to do, and now look what's happened!

Perhaps you're one of the millions who lost jobs since the economy began its downward spiral in December of 2007, or you retired recently and are nervous about whether your steadily shrinking retirement investments will get back on track and last you as long as you live. Like many people, you may already buy clothes at second-hand stores and house-brand food at bag-your-own discount supermarkets. You've turned down your heat, found free family entertainment like playing outdoor games or enjoying popcorn and game night. You've cut your budget in every way you can think of. Still, you would feel a lot better if you simply had more cash-if you could find a way to not just survive the recession, but to thrive during it.

Have you ever wondered if there is a business niche you would fit into? Are you the kind of person who thinks that if you found yourself with a truckload of lemons, you could always open a lemonade stand? If so, you're already on the right track to thriving during a recession, because you're thinking about positive possibilities. As with many events in our lives, something that seems like bad luck can turn out to be the best thing that could have happened.

While you're feeling positive, take the time to envision how good it would feel to be able to stop worrying about when the recession will end or whether you'll get through it. Go a step further, and picture no financial problems at all, and a better life for you and your family. Check in with your entrepreneurial spirit. It's been a natural characteristic of human beings for centuries, and once you find out what it can do for you, you will be in for some big and very pleasant surprises.

Different financial times call for different efforts. Fortunately, anyone can begin a home-based business. In fact, such businesses are literally exploding all over the Internet because their owners have found such great satisfaction from forging their own futures and feeling the freedom of being their own bosses. Those who have already pioneered the home-based business frontier and found proven systems that have worked again and again have done the "homework" for you. No special skills are necessary to learn these systems, and your investment is miniscule and quickly recouped because of virtually no overhead and the extreme potential of a market of a billion and a half people. Home based businesses now contribute $530 billion to the US economy. They are becoming more and more the rule rather than the exception.

Whether you need supplemental income or can devote just 20-25 hours per week to a home business, you can reap all the financial benefits of multiple streams of high-profit recurring revenue. And you can do it all from the comfort of your home or anywhere else you can connect to the Internet.

So there is no need to wring your hands, bite your fingernails, or panic, because it is within your grasp to thrive during an economic recession.

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