Small Business Strategies: How to thrive in a recession

Shrewd blond at computerThere’s plenty of bad news about the economy. But the good news is that you can thrive, despite the recession. If you’re out of work, it’s a great time to start your own company. If you already own a small business, there may now be new opportunities to grow.

1. Offer a new way for people to save money. The current economic climate has everyone looking for ways to cut costs. Can you provide local lawn maintenance cheaper than the national companies? Can you offer computer maintenance for a company that can no longer afford a full-time IT person? Can you publish an online newsletter with your community’s best grocery bargains of the week?

 2. Look for a problem you can solve. Do you see people around you struggling with some issue for which you could provide a solution? For example, many families are now trying to reduce restaurant spending but don’t have time to cook. You could start a company selling homemade meals, frozen and delivered ready to heat and eat.

3. Position your product or service as a prudent financial move. Big screen TVs are currently selling quite well. Not because people are in the mood to splurge, but because they’re justifying that purchase as a way to save money on going out. Whatever you’re selling, position it as a less expensive option than something in another spending category. Selling firewood? Point out that it can cut heating bills.

 4. Give that crazy idea a shot. This is a time for taking risks you might not take if the job market were more stable. Many people are coming to the realization that no job is absolutely guaranteed to last. If you’ve got to live with uncertainty, why not be doing something you’ve dreamed of doing? And good luck. There’s no time like the present to take that plunge.

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