How small business marketing can benefit from this economy
Being naturally optimistic, I always try to turn bad situations into new opportunities. Our still-faltering economy may be dragging down business, but there are ways for small businesses to take advantage of the economic downturn. Here are a few:
- Landlords may be willing to make deal and offer short-term leases. The Wall Street Journal reports that a new trend has started in retailing: the pop-up store. These stores operate with a short-term test lease to determine their feasibility. Creating low-risk leases enables more entrepreneurs the opportunity to start small-business retailing.
- Start a business, and start making money. With many businesses unwilling to hire new employees in this uncertain economy, “accidental entrepreneurs” are being born. A USA Today story shows that 25% of workers laid off in the last six months are considering starting a business instead of finding a new job. Businesses still need work done, so they are increasingly turning to outside resources (that has certainly been my experience).
- On the flip side of unemployment, if your business is looking to hire, you have great options right now. You need to maximize this opportunity. Make sure not to rush hiring decisions- conduct enough interviews to find the right person for the job who will fit with your culture.
- If you have the cash to ramp up your advertising, you can buy more for your buck. For example, one of my clients is in an industry where pay per click (PPC) advertising has completely dried up. Now we can advertise with little competition and a much smaller budget. There may be fewer customers than before, but we are reaching almost all of them.
- If this economy is leaving you with too much extra time, put it to good use. Take my small business marketing test to find your weak areas. When your business is booming, it’s hard to find time to plan for the future. If you work on your business strategy now, your business can come back stronger than it’s ever been.
Has your business developed any opportunities as a result of the recession? Please share!