Small Business Recession Strategy: 10 Way to Start or Build a Small Business During Recession

Written by on March 4, 2009 - 0 Comments
Categories: "Biz Soup"

recessionAre you considering starting a new business? Would you be if “they” weren’t telling you that you are crazy?
My husband and I recently launched a new business. I have to admit that it wasn’t exactly “on purpose”, but through a chain of events (that I call “divine intervention”).
“Everyone” told us that we should “get a job”. This is the worse time to start a business, “there will be plenty of time for your dreams later”, blah, blah, blah.
Fortunately, we chose to do it anyway! Whether you are wondering if you should start a business, or stay in your business, here are a few tips that will help!

1. Seek & Find:
For many, this “recession” is the opportunity of a lifetime! If you ever lamented during the real estate or stock market boom that you “missed out on the great deals”, congratulations! Here’s a “second chance”! Many people who have lost their jobs, hated them anyway! You CAN CHOOSE whether to make this “the best thing that ever happened or the worst!”
Some of the greatest and most successful companies were started during the depression, and recessions! Look for and find information to support what you are doing. You can look for discouraging news or encouraging! Both are out there. You will always find what you are looking for!
“Why to start a business during a recession”
Recently laid off? Here’s a good one:
Grateful They Were Canned

2. Tweak Your Product
Look at what you are planning to do (or are currently doing) and think about how it can help others during this time. Can you provide a product or service that provides people an affordable alternative to what is out there? I don’t mean “slash your prices” necessarily. I do mean offer smaller items, smaller portions or “value packages”.

3. Supportive People
Surround yourself with positive people. Period!
This is one of THE most important! There are a lot of “dream stealers” out there! They don’t mean to, but for many reasons, Sadly there are a lot of people who live in a self created world of “impossibility” mostly due to years of “negative programming” by other “can’t do people”! Some just don’t believe they can live their own dreams and don’t want others to succeed because they would then have to face the truth that they could too! This can be difficult. Especially when the naysayers are family and friends. I speak from experience when I say that you can tell them “You aren’t helping me. I need people to love and support, and believe in me right now”. If they truly love you (or are a true friend), they will understand. If they don’t…you know the answer! ( I lost my “best friend” this way and trust me, it’s hard, but the best thing for you!). You CAN hang up the phone, not answer the phone, not watch the news, etc.
Bottom line: there are a lot of “negative voices out there”, make sure you have enough positive ones to drown them out! (this includes your own!)

4. Supportive Surroundings & Systems:
Do whatever you can to stay focused! Use systems, schedules and lists to be productive! Every day WRITE down your purpose for that day (This is not your “to do” list).
Systems: Have a “ta da” list! For me this creates a visualization of how great I will feel after I accomplish what I need to do, not the dread of a long list of tasks.
Surroundings: Look around you! If you are surrounded by clutter, etc. Clean it up! Create a space that makes you feel “on top of things!”. This may just be a small corner, or closet! Check to see if there is a coworking space in your area. Most are very affordable places that you can go and get around other like-minded people and feel like a “business person” not a “wanna be”. I cannot stress the value of this enough! If you’re thinking “I can’t afford it”, I would say you can’t afford not to! You WILL be more successful and get more business! (Increased success of startups at Affinity Lab). If there isn’t one in your area, go to networking events and meet folks that would like to start a “jelly”

5. Take classes, go to networking events, & LEARN! Nothing will boost your confidence more than learning something new! Guaranteed! I highly recommend reading books, magazines and other materials, but nothing takes the place of getting around other human beings and learning with and from them! (If you are out of work, or business is down, you have the time!)

7. What’s your “Claim to fame?”
This is the first thing I ask potential clients. Many don’t even know! There are zillions of consultants, sales reps, etc. out there. Why should anyone choose you? In most cases this means “focus on a very specific niche”. This scares most people. They are terrified of leaving money on the table by not targeting the whole planet. I promise, when you dilute your message, you dilute your profits!

8. Marketing and Branding
This is a “biggie”. Everyone says they can’t “afford to…” Again, can you afford not to? When everyone else is pulling back on marketing, it’s MUCH easier (& cheaper) to get your message out there! Make sure your message is clear and consistent though! A strong brand will always save you money in marketing! Always! It will make a stronger, longer impression. If money is tight, find someone to help you with your brand first and then be strategic in getting out there in an effective and affordable way.

9. Use Social Media/Social Networking
This is one of the most effective ways and affordable ways to build your business with a little time and little or no money. MAKE SURE you do it right though! Take the time to research, take classes and learn about how to use them! I recommend facebook, twitter, linkedin and inside area codes. (You DO have time! In fact, when you don’t have an abundance of money is usually when you have the most abundance of time!). Go to networking events, social events and anywhere else you can meet new people! Most are free and you make connections with prospective clients, people who can help you, and add more “#3′s” (supportive people) to your life!

10. Last but not least! Have faith and be grateful! Yeah, I know that sound frivolous, but I can guarantee you won’t “make it” any other way! You absolutely will not succeed at anything if you don’t believe you can. Write down affirmations/ have someone you can call when you start to have doubts. Start and end every day with “I am grateful for….” and I absolutely promise you that you will have more to be grateful for!

 

Related Posts: