BellaOnline Forums Career Business Coach Prospering in a bad economy-brainstorm ideas

I have read that the companies GE, Disney, HP and Microsoft all started during economic downturns.

I thought it would be interesting to brainstorm ideas on how to prosper in a bad economy. In any economy, some rise and some fall. I think it's a matter of figuring out what people need and then supplying it.

More people are eating at home and the sale of freezers is up because more people are buying in bulk. Seems to me cooking classes, teaching them or writing about them would be good.

Also, any classes a person could teach to help people learn how to do things, like teaching a gardening class. More people are growing their own food now too due to the economy and fear of the food supply.

Anything to do with coupons or budgets is also good.

Anybody have any good ideas? This might be a great time to start a part time business, a blog or website to earn a little extra to fill in on the budget.

This is an exciting time and a very stressful time for businesses.

First thing every business needs to do is get lean, cut out luxeries.

Second talk to your best clients find out their state of mind, get them excited about your business, your plans for them and any new products.

Third vamp up your marketing. This is the best time to get your story out into the marketplace because your competition is retreating. Stay visable and remind your customers that you are still in business. Outta sight Outta mind. So advertise where your customers and prospects will find you.

Yes there are less people buying but guess what due to fear even less businesses are advertising, most are backing down and putting their head in the sand. Don't believe me? Just look at a real estate magazine and see how much thinner it is then 2 years ago.

Think that's a wrong idea? Check out the math.

Previously: 100 advertisers
100 Customers
1 Customer / advertiser.

Now: 20 Advertisers
70 Customers (economy is down 30%)
3.5 customers / advertiser.

Want to know more? Check out my blog on Business, Marketing, Advertising and the economy

I think that we all need to get ready for a long haul. From every thing that I have read and heard and from talking to people on the street, it is really getting tough. With few individuals knowing how to grow and preserve food, fewer individuals knowing how to prepare and follow a budget. Times are really getting lean and too many are depending on the government to bail us out. Congress pouring good money after bad is not going to fix the problem. It could be years before the economy turns around.

I do think times will get rougher before they get better. I THINK and this is only me remembering, so don't hold me to it as an absolute fact, the last time the economy was really bad it lasted about 2 years. I'm cautious, yet still hold out hope.
There was an article in the paper about more people starting their own businesses during rough economic times and true they say that's the time to do it.

I would hate to think it would be years before the economy turns around but I also think it depends on where you are. I live in Texas and we have not been hit as hard by the economic downturn as many places.

When we go out to dinner the restaurants are packed here and everybody is pretty upbeat. When I go home to Oregon to visit it's pretty dismal there.

My own businesses are doing very well. Lots of people want to get into work at home right now to make extra month and you save money on products by being a distributor. The google revenue from my health website is also doing great right now.

I maintain a positive outlook where money is concerned and we've been very fortunate with our finances.

Canada is not doing too bad, mostly because we didn't have the mortgages that the States had. That said the media is making it out to be worse then it is and scaring people, which is good in a way because it means they are saving for a rainy day.

Many businesses that we know today as big american icons started during the depression years. Many like my great grandmother helped the family survive the leaner years by starting her own business.

Some parts of the world are doing better then others. If you have a product to sell online, figure out how to market to markets in India, China and other developing countries. These developing countries have a neveau riche and they are looking to purchase items we take advantage of.