If you already offer a product, look at the parts that make up the product. Do you have a nice supply of it, and would others be interested? Here’s an example.
My wife started a cool gift site for our little nieces and nephews entering the world called TowelHoodies.com Hooded Towels, where you can customize a hooded bath towel for a baby boy or girl. It’s a unique gift used for years as baby becomes a toddler. There’s also child’s Hooded Towels.
Towelhoodies lets you select your own Jacquard Ribbon to match a certain style, and you can have the baby’s name embroidered on the hooded towel for a personalized bath and beach towel.
But enough about the hooded towels, what’s cool about this website — and a good example for other entrepreneurs looking to grow in any economy — is they know how to diversify. They already offer custom Jacquard Ribbon and niche baby ribbon for inclusion on their hooded towels, but now they’ve opened a new wing of their website where they are selling just the Jacquard ribbon by the yard, for others who work with ribbon to take advantage of their well-edited selection.
Food for thought in tough times.