You can learn something from how high-end hookers are dealing with the downturn?
In a Slate article, “But What Does It Mean for the Prostitutes?,” Sudhir Venkatesh tells us any small-business owner can learn a thing or two about how to deal with the economic downturn from the oldest profession in the world. Venkatesh has been a student of high-end New York and Chicago sex-workers since the 1990’s. He says these women have proven that “economic downturns can be boom time” … they see themselves as “therapists, part of a vast metropolitan wellness industry that includes private chefs and yoga teacher … [they are paid for] sex but also for comfort and an affirmation.”
It seems that after the bubbles burst in prior times, nearly all these high-end sex workers found that their clientele needed a mix of “escape and encouragement” … “All I did was make them feel like they could go back out there with their heads up.” According to Venkatesh, “about 40 percent of high-end sex transactions do not involve a sexual service … [and there is] a pattern of increased activity following down turns that lasts six to eight months.”
One prostitute “learned quickly that she had to diversify in order to survive [bad economic] cycles. Now, she never has more than half of her clients in one economic sector. ‘I always have lawyers, very dependable. And I never have too many stock brokers. They’re a real pain in the ass. I’ve never heard anyone whine more than them.’ … Most high-end workers find their clients via word-of-mouth. They can easily become lodged in one sector, rising or falling with the economic tide. ”
Many, however, adjust to new strategies. After all, they’re used to an up-scale lifestyle and want to keep the money flowing, too. So what do they do? They take credit, give freebies for a little while until their guys get back on their feet, reduce rates, distribute their risk, pool money in a rainy day fund, practice patience, and do everything to keep their clients happy.
