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Turning a crisis into cash
Published: 20 February, 2009, 00:23
TAGS: Children, Russia, Thrills&Spills, Crisis Chronicle
As the global financial crisis bites deeper, more and more Russians are relying on their creativity to make cash. Kids and the nightclub scene are providing some salvation.
Mother of six Anna Ermakova has taken her kids education into her already full hands, starting a Kindergarten in her home and making money from a 500 ruble investment – the $US 15 dollars that took her to get registered officially.
“A kindergarten is financially profitable, I get paid as a teacher and we get supplies, also we can celebrate holidays with other kids in our affiliated school near by,” Anna Ermakova said.
For now the kindergarten is just for her children, but with time she might open a business for other kids and parents, who might be having a hard time finding a place in the classroom.
“When you have a lot of kids – you get a lot of ideas,” Anna Ermakova explained.
And new ideas can make new money.
“A crisis is always a time when habits and stereotypes are broken and one of the pluses are new investment ideas,” Andrey Mossakovsky from Finam Start-Up Investment Bank, said.
The Spanish Pacha clubbing brand arrived in Moscow a month ago – right at the peak, or trough, of the financial fallout – investing over € 5 million into a new club.
“Pacha hasn’t seen a down turn, it’s the other way around as we see crowds increase week on weekend,” Basil Vasileo, General Manager of Pacha Moscow Club, said.
The nightclub seems just the place to be during the depression. After all, people need a place to unwind when times are hard.
“The club isn’t empty because of the crisis, in fact things are going so well there are plans for Pacha to expand across Russia, We have plans to open in Saint Petersburg and Sochi,” Basil Vasileo added.
So From Mothers to millionaires the financial crisis isn’t leaving everyone out in the cold some are turning the crisis into cash.
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