Maybe this is a bit of a crazy blog post. How can I see business opportunities in the midst of a recession and a pandemic? At least 30% of our local economy has been shut down due to the State mandate stopping almost all tourism. For certain, we are in dire circumstances.
Where are the opportunities?
All of these ideas are predicated on a long-term approach. There are no “instant money” ideas.
Start a New Business
- Now might be the time to start something new. There are many ways to start something new. Here’s a list of 55 new business/career ideas.
Buying a Distressed Local Business
- There are, without a doubt, many local businesses that are ready to give up, often for very good reasons. You might, however, find some businesses that are profitable and the owner just wants to retire or move on. If you can take a long-term approach–a year or so–you might find some gems right now. Here are some businesses currently for sale on Hawaii Island.
Buying Equipment Locally
- There are many passenger vans for sale now at deeply discounted prices. Keep an eye out for the inventory of car rental agencies as one would guess that they will begin to fire sale some of their vehicles. We also have a lot of restaurant equipment and boats that are available at below traditional market rates.
Buying Inventory Locally
- I would guess that there are many boxes of souvenirs and t-shirts in storage around town. It’s risky, but you may find a lot of inventory at great prices.
Find New Retail or Industrial Space
- There are many vacant spaces around town for retail or industrial space. Now might be a good time to strike a deal for good lease terms. Take a stroll down Alii Drive, and you’ll see many “For Lease” signs.
Re-negotiate Almost Anything
- Good landlords will not want to lose good tenants. Your suppliers may be willing to work with on pricing or terms. Find ways to make good win-win deals.
We all know there are scary times, but if you believe the long-term prospects of business in Hawaii are good, now might be the time to seek out some opportunities.