Is Your Business Tough Enough to Survive Recession?

by Janet Attard

How's business? Are customers taking longer to buy, placing smaller orders, or just staying away in droves? And are they taking longer and longer to pay? Has the recession left you wondering how long you can hold onto your business – or your home, if you used your home for collateral on that business loan?

If so, it's time to stop worrying, and take a hard look at your business. Yes, to be sure, the economy is playing havoc with a lot of businesses. But many small businesses are thriving despite the recession. So, instead of resigning yourself to lower sales, and falling profits, or losses, look at your business with an open mind for ways to solve the current problems.

Now, I know you think you've already done that. But without realizing it, many small businesses are prone to shortsightedness and inertia when it comes to running their businesses. Business owners tend to think about, and do, what's familiar and what has always worked, and dismiss ideas others suggest as unworkable without trying them or seriously considering them. After all, it's easier and safer to do what you think works than try something different. That kind of thinking, often traps small businesses.

To get out of the trap, you have to look at your business with different eyes. Ask yourself and your team questions like these:

"How is this industry or type of business changing?"

"Will our current customers still need our products or services in a few years?"

"Do all of our clients know about all the products or services we sell?"

"Do we suggest additional purchases to existing customers?"

"Are there ways to market that we aren't doing now?"

"Are there things we don't sell now that would sell to our existing customers?"

"What are our competitors doing that we're not doing?"

"If we sell to consumers, could we sell the same or similar products or services to businesses?"

"Could we increase prices?"

"Could we increase business if we purchased some specific piece of equipment, applied for certification, or made some other change?"

Don't answer the above questions with a quick "Yes" or "No." Be specific. Name products and services. Make estimates for sales. Put numbers to your estimates. Then act on the changes that could make the most impact on your business.

© 2009 Attard Communications, Inc. Janet Attard is a small and home business expert, author and founder and CEO of the www.BusinessKnowHow.com small business website. For more tips and hints on building profitable websites see http://www.businessknowhow.com/internet/index.htm Online reprints of this article must include the author's byline, copyright and resource box. You must get permission from the author to reproduce the article in print publications.

Related Articles - recession, business, economy, survive, tough, change,

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What Are The Best Home Business Opportunities

Home Bussines, MLM, Sales
In order to know what the best home based business opportunities are, one must first understand a few things about business in general. What consumer groups are profitable to market to? What products do those consumer groups purchase, and why? What is the best way to position oneself as a seller to those groups, and how does one go about doing so? According to people like Donald Trump, Robert Kiyosaki, Tim Sales, and others, the single best way to go into business and tap into these markets is with MLM (Multi Level Marketing) also known as Network Marketing. MLM's are the best home based business opportunities for several reasons.

One can get started as an affiliate with a company such as Amway, Shacklee or Nutronix International for a fairly reasonable start up cost, usually anywhere from $100 to $500 and have access to numerous products, websites to market them, websites to manage the business, training and mentoring from established men and women in the business. Add in an advertising allowance and one can be in business, up and running for under $1000. In most cases the company will drop ship an order placed on an affiliate's website so the affiliate doesn't have to store, handle and ship products. The company will keep record of sales, taxes, inventory, etc.

The distributor can make money both by selling products and recruiting more distributors to sell, called a downline, and making a small percentage on business done by the downline as well. Those percentages are paid through several levels and can become very lucrative over time. The real power here is not in selling products but rather in recruiting a large and active downline to sell products and earning a small percentage on their sales. It's better to make a small percentage on the efforts of hundreds of people than to make a large percentage on ones efforts only. The best home business opportunities are with companies like those above who offer good products at a reasonable price and have a lucrative compensation plan with realistically achievable qualification requirements.

As important as the type of company one chooses is the consumer group or groups they market to. It's an established fact that The best home business opportunities are ones who market to the Baby Boom Generation, in the US those men and women born between 1947 and 1964. In Canada those born between the years of 1947 and 1966, and in Australia between 1946 and 1961 are considered Baby Boomers. Companies like the ones named above have understood for a number of years now that businesses who cater to these Boomers are going to be highly successful and very profitable.

Here are a few facts one needs to understand about this group of people. They constitute the single largest consumer group in the world, today. They currently range in age from 40 to 63 years. 80% of them are employed. Their buying power is well over 2 Trillion dollars and growing. Another characteristic of this group is that as they continue to age, the products they want and need will change. The best home business opportunities are ones that market products these Boomers want now with an eye out for products they will be interested in as they age. The best companies understand that to remain profitable for many years to come, they must recognize and constantly be on the leading edge of buying trends as they emerge and they must be able to anticipate future trends and adapt accordingly.

In summary, look for a Network Marketing company with affordable products and a good compensation plan with achievable qualification goals that understands who they should be marketing to, and how to reach them. Most of these will be marketing to the Baby Boom Generation. Look for a business one can get started in for a reasonable cost, including any initial start up fees and advertising costs. There seems to be a bias against business opportunities having any start up cost at all, but this is completely unrealistic. You are not looking for a job, you are looking to start a business. To think one can do so for nothing is absurd. There are a number of good home business opportunities one can get up and running with for $500 to $1000 out of pocket. That's a pretty reasonable expectation. The best home business opportunities will be the ones that meet most or all of these criteria. So, Happy Hunting!

Mitch Hayes is a successful Home Business entrepreneur and success mentor. He is owner and principle author of The Online Home Business Answer a resource blog for home business professionals dedicated to persuing Excellence and Integrity in Network Marketing.

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