Bad Economy Good For Some Businesses

Rental Communities

Trends in renting versus buying a home are obviously on an upswing due to the economic downturn. The marked increase in renting can be attributed to the high number of foreclosures, as well as would-be first time buyers having second thoughts about purchasing a home with the economy on such shaky ground.

Shannon Procacci, the Community Manager at a central Florida apartment home community, recently said that in her particular complex the annual occupancy rate for 2008 averaged 96%.

Research shows that the average quoted rent in central Florida per unit for January 2009, compared to January 2008, was up 1.1%.

Rent-To-Own Furnishing Stores

Money is tight but people still need appliances, furniture and electronics. Rent-to-Own establishments, like Aaron Rents already have recession-friendly financing policies, where consumers with a light wallet can rent by the week or by the month.

As the economy continues to suffer, rent-to-own establishments have found that even some higher-income families have had to turn to weekly or monthly leasing since banks have tightened their financing requirements.

Online Dating Sites

Opinion Research Corporation, a global research company, found recently that when young singles get stressed financially, they seek out love more often.

According to a recent New York Times article (NYT), dating interest is up, both online and offline. Pursuant to the article, “Match.com had its strongest fourth quarter in the last seven years, and brick-and-mortar outfits like Amy Laurent International, a matchmaking service with outposts in New York, Los Angeles and Miami, say business is up 40 percent among women over the last four months.”

Face it, people are spending more time at home and find the internet a great place for social networking and dating. Even paying a nominal monthly fee for a membership with an online dating service is cheaper than one evening out for drinks and dinner.

Second-Hand Stores

Although the concept escapes my grasp, some people are just not that into the internet.

Cheap entertainment is at their fingertips as well; previously read books. Used books stores are buying approximately 30% more books in this economy than in 2007. Sales are up as well; people looking for an inexpensive evening at home. What better way to escape today’s reality for a few hours and only spend $3 - $4 doing so?

Virtual Assistants

A must-have for any business. A Virtual Assistant (VA) can help your company or firm during slow economic times by decreasing your overhead, while increasing your productivity. The financial rewards for both the company or firm and the VA are a win-win situation.

Virtual Assistants that are experts in their particular field are in high demand.

Statistics:

-95% of employers say telework has a high impact on employee retention

-78% of people who call in sick really aren’t. They do so because of family issues, personal needs, and stress.
-Unscheduled absences cost employers $1,800.00 per employee, per year; that adds up to $300 billion/yr for U.S. companies