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Tough Times Call For New Ideas
The savviest entrepreneurs right now aren’t hunkering down. They’re rethinking their business models and hunting for new strategies based on the assumption that consumer spending won’t be rebounding to prerecession levels and that the types of products and services people want will be much different from before.
For a business owner, this can mean finding new sales channels, trying new marketing tactics and promotions, forming strategic partnerships and introducing new products that appeal to frugal shoppers.
Stone Hearth Pizza, an organic-pizza chain with three small restaurants in the Boston suburbs, considered opening a fourth restaurant last fall when they were approached by natural-foods grocery chain Whole Foods Market about selling prepackaged pizzas in the stores’ refrigerated-foods section.
After evaluating the idea, the founders decided starting a wholesale channel would diversify their business at a time when consumers are dining at home more because of the weak economy.
Heather Becker, owner of the Chicago Conservation Center, which restores artwork and antique furniture for private collectors, corporations and small museums, recently launched a free email newsletter with tips and information about conserving artwork. She sends it to about 20,000 previous customers every other month.
She is also promoting free in-home consultations for area residents with questions about conserving their collections, and will provide advice to collectors who email photos.
Becker hopes that expanding consulting and educational services will garner more trust and appreciation among her customers, leading to new revenue streams.
Photo by katagaci.
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Jaclyn on February 20th, 2009 9:07 am
That is very true, with the new times and new economy businesses and even people outside of business need to find alternative way’s of handling business and finances…it’s time to re-think how we go about almost everything now to ensure that we get exactly what we want and need without a huge cost or consequence.
Scott Quitter on February 20th, 2009 9:01 pm
This is a good example of how lateral thinking can produce an endless supply of new ideas. If one is observing and evaluating, there are more ideas available than you could ever use.
~SQ
UpYourProfits on February 21st, 2009 8:41 am
I agree, the savviest entrepreneurs right now aren’t hunkering down. You have the hit the pavement at full force when it comes to creating winning ideas for your business. We started offering our customers coupons and certificates and it’s worked out well.
Scott Quitter on February 22nd, 2009 12:46 pm
So true! Recently, there have been a lot stories in the new and various magazines about people who lost their jobs and — out of fear, desperation or frustration — started their own businesses. There are two things they all have seem to have in common:
1) Their business or service filled a timely need in a unique way.
2) They saw opportunity in places where most people don’t bother to look.
Counter to popular thinking, economic down-times can be the absolute best time to start a business!
Home Based Business on February 22nd, 2009 1:41 pm
Many business start with a cross marketing idea. Cross marketing and creative thinking can easily, and does, product seed capital for many start ups. It comes down to adding value, whether its an end customer or an existing business or what ever, finding creative ways to add value or more value is what the capitalistic machine needs.
Scott Quitter on February 22nd, 2009 3:03 pm
Yeah, and the funny thing is, people are often not thinking creatively until their backs are up against the wall, such as when they’re laid off. Suddenly, they’re sharply aware of their own needs and the needs of the customer’s in their field of expertise. That’s when the engine of their capitalistic machine starts revving.
~SQ
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