It is harder and harder to find and keep a job these days. Many people are thinking of different ways to make a living. The tough economic times might make people think twice about starting their own business thinking that it would never work. But in every economy, there are opportunities and it might just be a matter of recreating yourself.
- A lot of large companies are going out of business or cutting out certain business lines, which may create gaps in the marketplace which you can take advantage of.
- The pool of available labour may be bigger, making it easier for you to find qualified, motivated and talented staff.
- Some people are able to use their severance packages from large companies to help finance the start of a new venture.
Small businesses tend to struggle and need to work hard for their profits, no matter what the economic climate. So getting started during a recession may not really be more or less risky than at any other time.
Below are some things you should consider to recession-proof your business.
Recession-proof your business:
- Write a business plan that would tailor your business opportunity to client “needs”, not luxury products or services.
- Go for products or services that are less expensive.
Make sure you have enough funds to keep the business going until you become profitable.
- Offer clients your best price. Do a market study on how much clients would be willing to pay for your products and then make sure they are priced less than those of your competition.
- Get your business online. Clients often look for “internet-only” bargains or coupons. The internet is open 24-7 and you can use the internet to your advantage by offering incentives for return clients and monthly newsletters about new products and services.
- Use free or inexpensive marketing techniques, such as social media, networking, client referrals, etc.
- Share your expenses with another company (e.g. share an administrative assistant or office space or bulk order supplies together) to cut down on your overhead expenses.
- If you are employed, consider starting your business part-time while continuing to work at your day-job. This may not be possible for all types of businesses, but, in some professions, it can be a good way to test the waters and augment your income.
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