An economic downturn is a great time to buy, expand, and build if you have the reserves to do so. But if you don’t here’s what I suggest:
- Throw yourself into whatever you’ve already got going. If you had money you could hire cheap labor to help with this, but if you don’t then you want to be as ahead as possible when things start to turn around.
- Start some new projects. If you have an idea you’ve been sitting on, put in some late nights and get it going. A bad economy will force you into a shoestring budget which is a good thing for new projects.
- Unemployed? Business slow? There’s tons of free marketing available (particularly on the internet), but it takes time to develop. Get the social networking bug and get your name out there, or join some local small business groups. The most stringent investment for most of them is the time commitment.
- Do not: get depressed, stop looking for work, give up on your ideas, accept defeat. It’s OK to put things on hold to make ends meet, but don’t let the economy dictate your direction.
I’m not a big fan of joint ventures. If I have to partner, I’d rather it be limited or ending at some point. I find that if I have to split profits with anyone, my motivation immediately decreases.
I’m not the world’s greatest salesperson by any means, but one thing I’ve learned is that people want to do business with people who are already successful. For the most part, they view your business relationship as a stepping stone to something they want to achieve. There’s nothing wrong with this self-preservation style of thinking, and it’s actually responsible for many mutually beneficial business relationships.
The thing people desperately want to avoid, however, is being dragged down by someone else. If you’re out hustling your product, cutting your margin to the bare minimum, pleading for every scrap of business like a dog hoping for a bone, then you’re driving away your best clients.
Go out today. Buy a nice suit, set your pricing to a respectable level, and fire your worst performing clients. Walk around for a week treating yourself the way you want and deserve to be treated, and you’ll find that people respond. If you believe that you are a success and a rising star, other people will believe it too. They’ll want to be a part of whatever you’ve got going and will bend over backwards to help you.
Don’t like the “Fake it until you make it” phrase? Here are some others that mean the same thing:
- Dress for the job you want, not the job you have.
- Believe to achieve.
- Believe and act as if it were impossible to fail.
So, focus on negative sh**, and the bad crap and all the terrible things going on in the news or your life, and you’ll ONLY get more of it… you MUST focus on the future, where you need to be, where your familiy need to be… you’ve made some recent screw-ups, so what? That’s life… when you have no more problems you’ll know it, because you’ll be DEAD… to live is a challenge, to live is to have daily problems, sure they exist, sure they occur, deal with it and move on! If you FOCUS on all the CRAP, you’ll ONLY get more crap… the little problems in life are just that “life”… understand and fully ACCEPT that and open your eyes to this beautiful world we are living in…
I can say that Buddha’s light is shining bright on me right now!… I have not felt this good in a long, long time… mentally and physically. A good part of getting me out of the rut I was in, was of course cutting ties to Houston, and moving to Las Vegas. The new surroundings have done well for me… it was a HUGE challenge, to step into a NEW city, virtually knowing know one… and find a job, a new apt, a new car, new friends… and be without my much loved Friends & Family! Not to mention my new plan the past 2 months of eating right and kickboxing — my new boxing coach is THE bomb… he trains from a “holistic” approach to everything… Ive had many trainers in the past 10 years, but NONE like him… he completely changed my eating habits, cleaned and detoxed my system, and now has me on certain supplements and only chicken and vegetables daily. He also has me on this cool product called Vibe… its all your daily needed vitamins minerals and other natural supplements… gives you energy and helps clear your head. And… I listen to Anthony Robbins almost DAILY to keep me on track! The Anthony Robbins CDs have helped change my life around for the better… love life is stronger than ever too… not sure where that’s going, but it feels good.
And one last gem for the day, you may have heard this, but read and re-read this one, because we have all been faced with this, and have often times felt guilty about it later for letting it control us… ready for this dandy quote? “The BIGGEST Risk in Life, is NOT taking one!” Read that again! The last thing you want to be doing years from now is saying to yourself, I should have done this, or I should have done that, or if only I had done that… Just like NIKE has said for years and years, JUST DO IT!