I don’t watch the news very often – there’s honestly not a lot of relevant information there – but on those rare occasions when I do watch it, in between feel good stories about rescuing cats and returning purses I see stories about the economy. Most stories are about how bad the economy is – how many people don’t have jobs, how many jobs are being lost, how many businesses are closing, and on and on. Since I’m a small business owner I thought I’d write out a little post about how to have a successful business in a “down” economy. Enjoy.
1. The Economy is What you Want to Make of it.
Unless for some reason your industry has no reason to exist any more, all a down economy is is an excuse for you to tweak your business plan, take a look at your marketing efforts, and increase your creativity in getting new business. I can almost guarantee you that no matter what you do someone is spending money in your industry. Own a restaurant? There are certainly people still eating out? Own a gas station? People still drive? A DUI lawyer (like I am)? People are still getting in trouble. You just have to find them. You’re economy is what’s in front of you. If you can’t get business, you’re just not trying hard enough.
2. Look at What Everyone else is Doing and Do the Opposite.
Like I told you above, I’m a Tacoma DUI attorney. When I started my practice, I didn’t know anyone in the area. I’d just moved there. What I did know was that the way people looked for help had changed dramatically in the last five years. I also knew that most attorneys were still relying on old school methods to get business. Instead of doing what they were doing, I did the opposite. I turned completely away from any kind of paid advertising and focused specifically on organic internet placement. Now I’m a leader in that area and everyone else is trying to play catch up.
3. Get Rid of the Fear and Focus on the Work
Whether the economy is good or bad, starting a business is a scary proposition. When the economy is bad, it’s all the easier to freeze yourself with fear, and end up doing nothing (which then leads to failure). If you want to be successful, stop worrying about the economy and focus on executing your plan. For example, when I opened my law firm, I don’t think I had anyone even call my office for the first two months looking for a Tacoma DUI lawyer. After the first month I could have just quit, chalking it up to a bad economy. But I didn’t. I trusted the plan. I worked the plan. I stopped worrying about what I couldn’t control and focused on what I could. And, in the end, it all worked out, in a very good way.
So, as we begin 2012, put the economy out of your mind. Focus on what matters. Focus on what you can control. The economy is only down if you say it is!
