How Can A Business Really Grow in A Bad Economy

ObsidianLaunch

I believe this is the BEST time to launch and grow a business.  If you are interested in my beliefs why, this is a link (since there is way too much to write).
 
But here`s my question.  I have received many, many emails telling me this is the worst time to grow a business. That we all should "hunker down."  I wanted to get the thoughts of StartupNation.  Why or why not  - is this the best time to be growing / launching an entrepreneurial endeavor?

SlowCookerMate

Regardless of how bad the economy is, someone is always making money.  You just have to look at where the opportunities are.
 
I am just launching my slow cooker.  Things might be slow at first but I am optomistic that I will thrive.

SilenceDogood

Craig,
I think you may be overlooking a product line: Clear Templates.
If it works well for you it will work well for other folks.SilenceDogood11/4/2008 6:56 AM

SilenceDogood

Oh well... personality flaw of mine... I see opportunity in nearly everything that comes along!

CarstenJacobsen

I see a lot of advantages for entrepreneurs in a tough market. Here are three of them:

Your competitors are focused on cutting costs instead of growing their business
It’s easier to adjust a small business and its strategy
Advertising costs are typical lower now (I just got 50% discount from a newspaper)

Personally I’ve got some mixed signals lately. I’m part-owner of an IT reseller/consulting business, and I do have experienced customers asking for the cheapest products in order to limit their expenses.
But more and more customers are asking for the high end products because they’re seeing their purchase as a long-term investment, where they were more likely to make impulse purchases one year ago. Instead of buying cheap products and through them out when they fails, the customers are buying quality products with longer life cycles because they believe that will give the lowest TCO over time.

TopBizHelp

One can do well in bad times, though one must go with the trends.
 
If possible, lower your prices on slow selling items and services. This will appeal to those with limited funds.
 
Special offers, deals, free items will help you beat your competitors.
 
My service will help you offer more, increase sales without getting hurt,

passion09

HI,
 
A business need not slow down, when economy slows down. A business can grow at any and every point of time, even in this Bad Economy, but at a slower pace. The followings are a must for any business to grow -
 

a) Improving client loyalty


b) Loyalty and Satisfaction: Different Standard…. Different Results
c) Measuring loyality
d) Getting good but slow profit and getting rid of bad profit
e) Implement the change
f) Believe in itby following these, your competitors are automatically taken care of and eventhough slow, but you can make steady growth in the business. All the best.
passion094/7/2009 3:15 AM

ChrisBenjamin

Its tougher lately, but at the end of the day if I put in the time and effort, the business is out there.  Great time to be creative and cavalier. 

BizOptimizer

I often hear business owners suggesting "more opportunity" in another business.  While there is some truth to that, opportunity is not something fixed and lying there for you to pick up.  There was no "opportunity" in pet rocks - no "opportunity" in making a box that changed moving.
 
Similarly, I would suggest opportunity is not a constant in good/bad times.  Having studied the WalMart story quite a bit, it is hard to imagine him having trouble getting loans from a bank - hard to imagine him losing his lease and having to start over in another town.  But he did.
 
Think winners fight to find the small pieces of opportunity under every business rock - marketing, sales, operations, etc.  The marketing, operations, and delivery systems can always be sharpened.  The fact that someone created a hugely successful pitch for a rock in a box and sold millions suggests creativity can be used with ANY product/service in ANY time.
 
I suggest opportunity is MOST dependent on you and your team.
BizOptimizer4/14/2009 5:52 PM

Blenderhouse

This is a time that when people can get rich. You just have
to work a little harder and be smart about what market you enter/what business
you start. I just designed a website for a business that takes abandoned homes
that have been foreclosed on, where the owner was forced out by the bank, and
gets them ready to sell. They dispose of the trash and belongings left behind,
fixing what needs fixed. There was a need for this type of business, he took advantage and now he is
making a lot of money.

JenniferKim

I`ve actually started my business in the middle of this whole thing.  We`re not exactly exploding, but there are a few benefits in this kind of climate.  For example, the costs of entry are lower now than they normally would be.  I`m getting some great deals on the essential things I need to make my dating service go like crm software and reduced rates on venues to hold mixers.The most important benefit, however, is that I`m forced to think cheap, meaning that every dollar spent is only spent on the absolutely essential.  Cutting out the fat is not only good for my figure but my business as well
JenniferKim2009-4-29 19:3:59

StevenS

Jennifer,
Good luck on your business! I think your profile said you live in Pasadena. I live in Pasadena too. Small world, huh?

Dollarchap

Read 22 Reasons for Small Business failure and How to Avoid Them for anwser to the question.
http://legitsmallbusiness.com/reasons-f ... s-failure/

knnbccb

You need to find a niche that works in bad economy. Eg .. value and economical product to sell, something that help people reduce cost, or something that coverts people's time/skills into money.

nganhang

thank you very much all. u guys sure give me a very useful tips... lets get rich together guys.. )

McCandless

You always grow a business by offering a product/service that the buyer values.

Some businesses that have done nicely in the past several years are:

• user cars
• rental property
• lower priced restaurants (value priced menus too!)
• used goods stores
• coffee shops

Many folks seem to feel that the surge in social networking has more to do with a large number of under employed and unemployed but doubt there's been any studies done to prove/disprove that.