Not every business is benefiting from the soaring gas prices, though. So how do you find opportunity in such a bleak situation? The answer is simple: Adapt.
Pump Up Your Web Site
Jill Caren recently made one of the hardest business decisions she's ever made. After three years of successfully selling high-end photographic gifts and art at her Marlboro, NJ., portrait studio, Caren decided to close her store's doors permanently at the end of February.
The trouble for Caren began last summer when she noticed a significant drop in visits from her mostly middle-class customers. Her high-end clientele didn't seem to mind driving to her store, but by the time Christmas rolled around, her retail sales had plummeted.
"I ran the numbers from last year to this year and went to my landlord and said, 'Forget it.' I had done nothing for January and February, yet my online sales were double what they were for last year. I realized there was no point in me having a retail location," she says. "I did better online in those two months than I did the first six months of last year."
Now Caren works full-time through her Web site,
Expressionsphotostore.net, and schedules portrait sessions at her clients' homes.
"My customers love it," she says. "They love not having to drive, and I'm making more than double what I was making doing portraits in the studio."
Caren realized what many business owners already have: More consumers are turning to the Internet to shop. They'd rather pay the nominal shipping fee than drive 10 miles to pick up a single item.
Switch Up the Game
Economic consultant Bill Conerly advises businesses to take a second look at their products and services. You may already have something that can help consumers reduce fuel costs, and it's just a matter of re-marketing it to cash in on their desire to save.
Entrepreneur.com
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