I sent out my BIG Ideas newsletter last week and started a conversation that nobody really wants to have right now. A year ago I was fired up about rejecting the recession. From the beginning of the economic downturn, I have viewed it as an opportunity. It has forced business owners everywhere to think differently, act differently, and get out of the comfort zone to compete. There has been some upside for those with a fighting spirit to find creative solutions.
But now it’s just getting old. Entrepreneurs are working harder than ever to stay alive. Though there are some who are managing to thrive in this economy, the vast majority of business owners that I hear from lately are frustrated–myself included. Payments are coming in s-l-o-w-l-y. Even my royalty checks from publishers seem to be lost in space. Yes, it’s frustrating.
What I know for sure is that we can’t give up the fight. The economy will turn the corner eventually. Those of us who stick it out and keep the marketing wheels turning, we’re going to reap the rewards of the economic boom. Won’t that be fun?!
Until then, I asked my newsletter readers to share what they are doing to get through the economic stand-off. Here’s the first round of what some had to say (and please feel free to share your experiences in the comments):
Hi Stephanie,
This economy hit me I think long before some of my collogues , women cut back on makeup right away.
What I am doing now to keep going is instead of creating new colors for lipstick, shadows etc. … is to re-create new items with my clients old makeup. I charge a small fee ($3 to $5) for my containers and they get a product that they love (guilt free). Now while this does not bring me in great $$$$ it does bring me in new clients. They can see what I do, they feel better ( because I do their makeup) and I feel better ( free connections for my business). It is a win ,win!
Sometimes the client buys all new makeup, sometimes they don’t but I know they will come to me when they want to add makeup.
I feel I’m “greening” the world with recycling the makeup, making the clients feel good ( no drawer of forgotten, unused makeup), and adding to my client base. I was even contacted a did a spot on “Good Day Sacramento” because they liked the idea. Who knew!
Thanks Stephanie for your great newsletter and human approach,
Brenda Azevedo
www.justbcosmetics.com
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I have written to you before after finishing your great book, “From Entrepreneur to Infopreneur.” I have a BA in Marketing but taught myself to program and have predominately worked as a programmer designing high-level web sites and database back-end applications for large corporations. I was laid off a year ago July by a Travel Publications company that I had worked for for eight years building web sites, databases, in-house applications and troubleshooting their 50,000 online user base. They went with some off shore programming firm with 8 programmers and the promise of completing the current project for the Mexico Travel Bureau in 48 hours. It never happened and the VP tried to farm out work to me for $100 every few days. I turned it down and continued to work on my company and search for a Content Management System (CMS) to make my business site interactive.
After a year of searching many applications I finally found one that worked and I am currently adding content to my B2B web site, http://www.intexch.com. I have several affiliate advertisers plus some other affiliate companies that I am working on. The site needs a lot of work yet but I am getting there and have much of the technical problems worked out. Once I get Intexch.com going I have plans for a golf site with a PGA Golf Pro friend, a Pet adoption site with a family member, and my own site for writers, http://WritersAndPublishers.com. I will soon be sending out newsletters from my B2B site also.
Steve Moreland
CEO, Intexch, Inc.
http://www.intexch.com
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For most business owners the situation they find themselves in is not complicated. There are really only two choices.
1. If you have the motivation, patience and financial resources, then keep doing what you’re doing. The weak are not surviving and this is the purpose of the recession in the capitalist system…it takes out those that don’t have the strength to continue; for whatever reason.
2. If you don’t have the motivation, patience and financial resources then try to sell the business IF it has value to a buyer or shut down the business and look for a job. Doing nothing is not a good response as eventually the system will catch up with you and close you down.
If the business owner is not sure whether to choose option one or two, ask a trusted advisor, be it a family member, close friend or a professional such as accountant, attorney of business consultant.
For those that choose option one, consider each day you have until the market returns to normal the opportunity to “get back to basics,” grow your business by being focused on what you do and planting seeds for the turnaround. By doing this you will be in a better position than you competitor who simply turns up and holds on.
Bottom line – doing nothing isn’t a good strategy – it’s definitely an option but will not bring the rewards the recession is providing a true business person.
Thanks for the article.
Andrew Rogerson
http://www.Andrew-Rogerson.com
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Thank you for sending me important info, love to read it, sometimes it makes ideas jump from my head,. Anyway, I had an over abundance amount of bells in my store. Sold a few, however, wanted to move them out, so wrapped them up and gave away to my customers, they loved it, have other stuff going to do the same. Keeps my customers coming back into my store, they never know when I will get in a giving frenzie.
-Nancy Daughton
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