In hard times, other people's misfortune can pay the bills
When times are hard, those who can preserve cash flow, produce unique products, offer a glimmer of hope or provide a last resort will see an increase in trade.
It is telling that solicitors offering debt recovery are experiencing an significant upsurge in work as businesses try to maintain their cash flow.
Peter Smith, senior partner at the Smith Partnership, said: "What we are finding is that people are taking debt collection very seriously and that department is very busy.
"When times are good, businesses extend credit to customers and no-one wants to chase debts over-vigorously when they are overdue, especially when there exists a healthy business relationship."
According to Mr Smith, this recession is following exactly the same pattern as the one that affected the country in the 90s.
"We first noticed that debt recovery work was accelerating about 12 months ago when people were beginning to get concerned with outstanding debts.
"In the last six months there has been a big increase."
Insolvency work is spiking, too, with landlords seeking advice on steps they should take when a tenant defaults on rent payment.
"There are also a number of people concerned about their own solvency which isn't all bad news because some businesses looking ahead realise they need help, take advice early and find ways and means to avoid disaster."
Businesses that help people limit their personal expenditure will continue to perform in the teeth of a recession.
It is a lesson that Julie Manning, of Friar Gate Alterations, learnt early on. She set up her clothing alterations and repairs business in 1979, just before the UK economy started to contract.
"It helped me to start at a bad time for the economy and it made me more careful with the business."
History is repeating itself now and she is finding that she has more and more work while businesses around her in Friar Gate are shutting up shop.
"People are certainly having more clothing repaired at the moment. I'm busy putting zips and buttons on jackets and repairing jumpers while there have been a lot of businesses closing down around here."
Within a stone's throw of Friar Gate Alterations, two hairdressers, a restaurant and a printing company have shut this year.
Mrs Manning also reports that business is following a similar pattern to previous recessions.
"People would rather have their things revamped than buy something new and will have something altered if they lose weight which means I've been very busy," she said.
Getting more wear out of clothes is one of the classic signs of people tightening their belts as they get nervous about their financial security. Another indicator is people putting off buying big ticket items like cars. The knock-on effect is that people keep their cars longer, preferring to spend their money on motor maintenance.
Pete Shaw, owner of the Windmill Garage on the Parker Industrial Estate, in Derby, has noticed the trend.
"Trade is picking up for us at the moment as people are being very careful with their money and would rather have their car repaired than buy a new one.
"Price is very important to people and we're seeing more people going for interim rather than full services.
"They are also looking to independent garages because they are cheaper than main dealers. One of the big advantages for us is that we've been going a long time and have a loyal customer base."
Well-established niche retailers are also likely to hold their own during a recession thanks to a loyal customer base, a lack of competition and growing reach thanks to the internet.
One such business is Rob Roy Wooden Toys, in Long Eaton, which celebrated its 60th birthday last year.
Another reason this particular business is performing well is that parents under financial pressure will forgo a few luxuries to ensure their children are not disappointed come the morning of December 25.
This is easier than explaining to children that collateralised debt obligations on the global money markets means that Santa has shirked on Christmas.
Owner Robin Smith said: "The recession in the early 90s can't have been too bad because I don't remember it affecting the business at all.
"Christmas last year was a little bit down for us but this year business has been back up again despite what's going on."
Low overheads at the shop's College Street premises, manufacturing their own toys and growing internet sales mean that the business is in a more comfortable position than many of its big national competitors.
"I visit big toy shops and sometimes there are hardly any people in there, the overheads must be huge and I can see some of them getting into real trouble this year."
One area of business that traditionally does not suffer when recession blights other enterprises is gambling. Two new betting shops have opened in Derby in recent months, Betster in London Road and Ladbrokes in Osmaston Road.
Bill Bright, proprietor of Chester Green Bookmaker, has been in the betting industry for almost 40 years and has witnessed the effects first-hand.
He said: "The last two or three years haven't been brilliant but have got suddenly better over the last six months.
"During the recession of the early 90s I remember turnover remaining fairly stable. I've been in the industry for a good while and I know that we'll be OK."
The biggest decline in trade for Mr Bright did not come in the wake of Rolls-Royce calling in the receivers, nor during the recession, oil crisis or the three-day week that made life difficult in the 70s.
"It was during the miners' strike when it was definitely the worst for my business."
At the time, Mr Bright was running betting shops in Alfreton and Ilkeston. Before the last recession in the early 90s, the Alfreton business was sold to Ladbrokes. Last year, again just before the credit crunch started to bite, he sold the Ilkeston shop and now concentrates on Chester Green Bookmakers in Chester Green Road. "I still enjoy the business and have no immediate plans to retire although I think that this recession will make the shop harder to sell when the time comes."
The psychology behind betting shops not following national trends is that a larger number of people are willing to spend money on something that has a chance of giving them a financial return.
When no capital is forthcoming from banks, the building society, the loan sharks and Belated Silver in the 1.55 at Lingfield, the last resort is a pawnbroker such as the Money Shop on The Spot.
A spokesman for The Money Shop said: "Pawnbroking is increasingly used as a mechanic for borrowing.
"Gold or jewellery can be turned into instant cash. In-store experts will evaluate the items and make a cash offer based on their value in the form of a loan. The customer can walk away with instant cash and a monthly interest is charged on the loan."
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