Yes, we are living in a turbulent economic climate. However, it’s during times like these that true entrepreneurs flourish.
Follow these tips to help your biz thrive.
1. Do your research. Find out what industries and market sectors have continued to thrive during the recession. Focus on a specific niche, things that people will always need or items that will make their lives easier during these difficult times. Then create a sound plan for success.
2. Use free resources. Nowadays, you can find just about anything for free, including mentoring. Take advantage of it all. Before shelling out money for anything, do a quick Web search to make sure it isn’t available for free somewhere else.
3. Watch your money. If you have to actually pay for items, find out where you can get them cheap. Web sites such as Amazon, Craig’s List and Deal News are excellent resources for finding office supplies and furniture. Buy the things you use often in bulk, such as paper. Above all, be creative and find ways to reduce your budget. Then, stick to it.
4. Hire contractors. With the massive layoffs and rising unemployment, there are thousands of experienced professionals who are willing to freelance at discount rates. Rather than hire employees, use contractors and save.
5. Get a mentor. An experienced professional can help you think through your approach, as well as provide fresh ideas and solid advice. Getting a second opinion or new perspective is always advantageous.
-Jacalyn Barnes, SCORE
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