The Toilet Paper Entrepreneur put a call out to its readership for lessons entrepreneurs learned from the latest recession and then published 206 of them. The overall theme of the submissions was people will buy what you are selling if it’s a quality product. If you are serious about being an entrepreneur you can likely find the motivation to continue, the patience to wait, and a solution to get you through the tough times.
The post offers some great perspective on the obstacles other business owners had to overcome in the last couple of years. Some had to deal with people being more careful with how they now spend their money while others accepted the fact that it is now more important than ever to work hard.
There will always be ups and downs in any business venture. It seems we have seen the worst for a little while and we can now take the time to be better prepared for the next slump. A great tip found throughout the post is to depend on cash more than credit so your debt will be lower for the next recession. Having your finances in order will provide comfort when the money coming in is less than you are used to.
Sean Horrigan of PR Guy reminds us that while many people are stressed out about the economy, wheels are still turning. Keep marketing because there are potential clients out there looking for your services. Your name will stay current and it shows you are ready for business instead of being afraid and hiding.
While you are reinforcing your company’s bones, make sure you are invaluable to your clients. People will always need to purchase products from someone else and you can be the company of choice. For example, Oana Hogrefe of Oana Hogrefe Photography says clients keep choosing her studio because they offer a great experience for the whole family with a great product at the end of the day.
The top tip is from Mitchell York at Maui Wowi Coffees and Smoothies. He reminds us to stay away from sensationalizing the event; recessions happen.
Infomatix submitted a tip on shifting your focus on growth instead of sales and made it to #38!