As entrepreneurs, we keep a close watch on the stock markets, the price of oil and any potential ‘bubbles’ in the online sector. With the way things are today, you can’t help but wonder if there is money to be made in this down economy. So I did some digging around. I went in search of successful businesses that were started during market crises, recessions and so on. Here’s what I found:
Wyland Galleries Hawaii: Although I had never heard of this venture, I discovered the company online through a simple search. According to an article published in Nation’s Business (US Chamber of Commerce), the success of the business is attributed to “timing.” It’s hard to believe, but Wyland Galleries was started during the recession of the late 1980s. The founder, Bill Wyland, comments that “He began in exactly the ‘wrong’ market. Times were bad. Other galleries were stopping their marketing and advertising.” He goes on to explain that, “There’s no better time to do business. Today, you couldn’t get the lease rents that I got.” Low rental rates, along with cheaper costs of goods and building supplies allowed Wyland to open a number of galleries in a relatively short timeframe. The business now includes a hotel and record label.
The F.C. Ziegler Co.: Now this is unique – a religious goods supplier that was started during the Great Depression, and has survived to this very day (by the grace of…never mind). The company was recently honored with restoring a 1938 chalice used by Pope Benedict XVI during a recent trip to the United States. The key to their success? One can only guess, but I would say that when things are gloomy, people often seek solitude in their faith.
Amazon and eBay: This post would not be complete without bringing up the dot-com bubble of the early 2000s. Only a few viable businesses would survive the fallout, including Amazon and eBay. These granddaddies of the Web look poised for the long haul.
So there are quite a few businesses going belly up – which is really bad for the economy. Regardless, I am completely convinced there is money to be made, so long as a concept and business model fits the current and future needs of its intended audiences.
What do you think? Is there money to be made as the dollar sinks and debts rise?
