5 Ways to Turn Economic Slowdown into Financial Success
by Joe Taylor Jr., VendorSeek.com
If the dreaded "R" word (recession) makes you worried about a pink slip coming your way, you're not alone. While definitely a setback, losing your job may be just the excuse you need to go into business for yourself.
Whether you open a 9-to-5 daycare service, start a Web design company, or sell pajamas out of a spare bedroom, you'll need resources, capital, and a little know-how to get things up and running. Luckily, leading small-business experts agree on five critical steps that new-company owners can follow to help assure success during turbulent financial times.
Step 1: Budget for Bootstrapping
In today's market, commercial loans and business credit cards are harder to find. Instead of splurging on expensive office space and custom furniture, startup experts recommend converting a spare room or a garage into a makeshift workstation. Furniture and equipment leasing offers tax benefits while freeing up personal credit. Sourcing material and labor online can reveal real bargains for startup businesses.
Business Opportunity: Medical Billing and Home Health Care
Completing a medical billing training course can open a floodgate of potential business, depending on the needs of your community. Managing a home health care business requires coordinating the schedules and transit of licensed professionals. Because both kinds of businesses receive substantial federal funding, demand remains strong regardless of the state of financial markets.
Step 2: Get Help With Your Plan
In a recession, it's critical to have a clear path to profit. Business plan writing services can help clarify the vision and the goals of a new company, so it's easier to communicate to investors, lenders, and professionals. Start-up consulting professionals can help you find the right niche and the right service model. Entrepreneurs with their own investment capital may even want to consider purchasing a franchise with an existing, successful business model.
Business Opportunity: Virtual Assistants
VA's perform the same kinds of duties as office-based assistants, except they do it remotely. Some virtual assistants position themselves as "online business managers" by offering extra help with e-commerce, blogs, and e-mail. Clients include executives who have been forced to downsize their in-house teams and other startup business owners who prefer the flexibility of a remote assistant to an in-house support team.
Step 3: Polish Your Web Appearance
You wouldn't attend a client meeting in your favorite sweatpants and rock band T-shirt, would you? The same holds true when marketing your own business. Shoddy Web design can send a prospect to your competitor's doorstep, regardless of your company's quality. Thanks to the Internet, you can find affordable graphic design services that can overhaul everything from business cards to websites.
Business Opportunity: Computer Repair and Consulting
Manufacturers like Dell, HP, and Apple host consultants' networks that help funnel new customers directly to your business. You can complete most basic certification courses in just a few weeks online, or at a regional career training center. Since most customers require only basic help with home networking and printing issues, you can launch a computer consulting business while still completing advanced training courses.
Step 4: Make It Easy for Customers to Pay
During lean times, cash is king. That's why it's essential for your business to accept credit cards. Years ago, companies had to invest significant time, effort, and money into credit card processing and e-commerce solutions. Today's competitive marketplace has brought costs down, while modern point-of-sale (POS) terminals make it easy to submit client cards for payment. Credit card processing eliminates the problems caused by slow-paying clients, while reducing the risk of fraud.
Business Opportunity: Personal Financial Advisors and Debt Counselors
Former bankers and business analysts often find success in these roles by reviewing client balance sheets as if they were businesses in need of a turnaround. Be careful of fly-by-night courses or shady companies that force clients into dubious debt management programs. Fee-based financial advisors earn money while gaining personal satisfaction from having an impact on clients' lives.
Step 5: Polish Your Pitch
According to Silicon Valley marketing expert Guy Kawasaki, refining how you talk about your product or service is even more important than having an original business idea. Start-up consultants and small business coaches can help you practice an "elevator pitch," a 30-second statement that defines the unique qualities of your new company.
Business Opportunity: Freelance Writing and Software Programming
Despite competition from Manila and Bangalore, freelancers who build strong personal relationships and deliver high-quality results can enjoy high project fees. The booming online advertising market and the demand for mobile device applications have created even more opportunities for freelancers to make an impact.
Staying Lean When Good Times Return
You don't need to be rich to start your own business, you just need to be motivated and informed. Many of the most successful companies that launched during recessions remained strong by staying true to their frugal roots. And with the cost of starting a new business at an all-time low, it makes sense to explore new sources of revenue and personal fulfillment.
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science incCommunications from Ithaca College.
by Joe Taylor Jr., VendorSeek.com
If the dreaded "R" word (recession) makes you worried about a pink slip coming your way, you're not alone. While definitely a setback, losing your job may be just the excuse you need to go into business for yourself.
Whether you open a 9-to-5 daycare service, start a Web design company, or sell pajamas out of a spare bedroom, you'll need resources, capital, and a little know-how to get things up and running. Luckily, leading small-business experts agree on five critical steps that new-company owners can follow to help assure success during turbulent financial times.
Step 1: Budget for Bootstrapping
In today's market, commercial loans and business credit cards are harder to find. Instead of splurging on expensive office space and custom furniture, startup experts recommend converting a spare room or a garage into a makeshift workstation. Furniture and equipment leasing offers tax benefits while freeing up personal credit. Sourcing material and labor online can reveal real bargains for startup businesses.
Business Opportunity: Medical Billing and Home Health Care
Completing a medical billing training course can open a floodgate of potential business, depending on the needs of your community. Managing a home health care business requires coordinating the schedules and transit of licensed professionals. Because both kinds of businesses receive substantial federal funding, demand remains strong regardless of the state of financial markets.
Step 2: Get Help With Your Plan
In a recession, it's critical to have a clear path to profit. Business plan writing services can help clarify the vision and the goals of a new company, so it's easier to communicate to investors, lenders, and professionals. Start-up consulting professionals can help you find the right niche and the right service model. Entrepreneurs with their own investment capital may even want to consider purchasing a franchise with an existing, successful business model.
Business Opportunity: Virtual Assistants
VA's perform the same kinds of duties as office-based assistants, except they do it remotely. Some virtual assistants position themselves as "online business managers" by offering extra help with e-commerce, blogs, and e-mail. Clients include executives who have been forced to downsize their in-house teams and other startup business owners who prefer the flexibility of a remote assistant to an in-house support team.
Step 3: Polish Your Web Appearance
You wouldn't attend a client meeting in your favorite sweatpants and rock band T-shirt, would you? The same holds true when marketing your own business. Shoddy Web design can send a prospect to your competitor's doorstep, regardless of your company's quality. Thanks to the Internet, you can find affordable graphic design services that can overhaul everything from business cards to websites.
Business Opportunity: Computer Repair and Consulting
Manufacturers like Dell, HP, and Apple host consultants' networks that help funnel new customers directly to your business. You can complete most basic certification courses in just a few weeks online, or at a regional career training center. Since most customers require only basic help with home networking and printing issues, you can launch a computer consulting business while still completing advanced training courses.
Step 4: Make It Easy for Customers to Pay
During lean times, cash is king. That's why it's essential for your business to accept credit cards. Years ago, companies had to invest significant time, effort, and money into credit card processing and e-commerce solutions. Today's competitive marketplace has brought costs down, while modern point-of-sale (POS) terminals make it easy to submit client cards for payment. Credit card processing eliminates the problems caused by slow-paying clients, while reducing the risk of fraud.
Business Opportunity: Personal Financial Advisors and Debt Counselors
Former bankers and business analysts often find success in these roles by reviewing client balance sheets as if they were businesses in need of a turnaround. Be careful of fly-by-night courses or shady companies that force clients into dubious debt management programs. Fee-based financial advisors earn money while gaining personal satisfaction from having an impact on clients' lives.
Step 5: Polish Your Pitch
According to Silicon Valley marketing expert Guy Kawasaki, refining how you talk about your product or service is even more important than having an original business idea. Start-up consultants and small business coaches can help you practice an "elevator pitch," a 30-second statement that defines the unique qualities of your new company.
Business Opportunity: Freelance Writing and Software Programming
Despite competition from Manila and Bangalore, freelancers who build strong personal relationships and deliver high-quality results can enjoy high project fees. The booming online advertising market and the demand for mobile device applications have created even more opportunities for freelancers to make an impact.
Staying Lean When Good Times Return
You don't need to be rich to start your own business, you just need to be motivated and informed. Many of the most successful companies that launched during recessions remained strong by staying true to their frugal roots. And with the cost of starting a new business at an all-time low, it makes sense to explore new sources of revenue and personal fulfillment.
Joe Taylor Jr. is an internal business consultant for a Fortune 500 company, who writes about finance, culture, and design. He holds a Bachelor of Science incCommunications from Ithaca College.
Job Info , Jobs Sources , Career Opportunity
No comments:
Post a Comment