The Coach's Blog

Business Ideas For A Shrinking Economy

Even though there may be hopes of recovery on the horizon, we are still living in a shrinking economy. Here are some business ideas that have proven to work during good times or bad. Take time make adjustments in your business to reflect these principals and you can grow despite the economy.

Increase your marketing and your promotional budgets. If you stop advertising, you will stop growing. You must keep your brand constantly in front of the audience that is your target.

Continue to make your established customer feel like they are important. The do not want to be treated like a number. They need to feel appreciated and valued. Make a personal contact with each client every week. You need to initiate the call and it should not be about a sales pitch or getting an order.

Remember that customers change vendors daily. This means you should work to keep your brand in front of the competition’s clients daily. Woo the completion’s clients with your caring and attention. Remember that the competition is doing this with your clients also.

Remember that no business relationship is permanent. Business deals are based on relationships, so if your company changes staff or if the customer’s company changes staff, you could lose business. Work constantly to add value to the current customer in order to keep the business they bring your way. At the same time, constantly promote your company through PR, advertising and making presentations.

Market your business so that clients feel that you can do what they need done. Forget the this is what I can do for you mentality. Focus on what needs to be done. First meetings should be about your listening to what your potential client wants, feels or thinks. Second meetings should tie what your client wants to what you can do.

Always seek what new opportunities are available. What if IBM had said we make the best typewriters available, there is no need to change? If you do not incorporate the latest and greatest into your business, you can bet that the competition will.

A shrinking economy forces businesses to evaluate their underlying ideas. As you evaluate those ideas you are also forced to change how things are done and the tactics to reach more clients. If you learn to reach more clients even during a time of a shrinking economy, then you will be able to grow even more as the economy rebounds. Want to find out more about small business ideas, then visit www.businessideascoach.com  on how to choose the best low cost business ideas for your needs.

Need some low cost business ideas? As they say, it takes money to make money. But if you are looking for ways to start your own business and work for yourself, investment capital might be tough to come by. No problem! There are many businesses you can start with little or no capital and start making money almost immediately, even without a fancy college degree or much, if any, special training.

Become a personal shopper. People are always running out of time and would gladly pay to have someone do errands that include some simple grocery shopping to picking out an evening gown. All you need is a reliable car to get you around and a pretty flexible schedule for last minute assignments.

Take care of pets! Families who have pets love them like their own children. Many refuse to go on vacation because they fear their beloved pets won’t be cared for. You can walk dogs (and cats!), feed them, take them for regular vet check ups, or simply go and spend time with them. Pets need company, too. All you need is a love for animals.

Provide admin services to local companies. Type, do some accounting, PowerPoint presentations, etc. All you need is a computer and of course the knowledge to do the projects you are hired to do.

Learn to make candles! This is so easy, and supplies are very cheap. You don’t need much space but you do a place to let them cool off without the fear of little children or pets getting burned. If you have any kind of artistic ability, you can make some good money!

If you can bake, you can do well. Cater luncheons or even sell your goodies to local restaurants. Even if you have only one signature dessert, you can turn this into a very profitable business.

Make gift baskets. Find a specialty that interests you and focus on that. For instance baskets that contain beauty products, pet treats, baby shower goodies – whatever. You can even buy books on how to decorate them!

If you love photography and have a decent camera, you can easily sell your freelance photos to local papers. Bad car accidents, or even photos of local political speeches. Be the first to hand over a photo and you can earn yourself a “first call” position where the editor will ask you to cover events.

www.businessideascoach.com