I was listening to the all-night radio show “Coast to Coast” last night and they were talking about you know what… the terrible economy.
The guest talked about one result of GM/Ford/Chrysler failures, would be a shortage of the cars, bringing about higher prices and no buying incentives. Supply and Demand.
For a person starting a new business this could be a time of opportunity. As stores and offices close up, the supply of goods and services shrinks. If your goods and services are what people want, there will be demand, and you will be surrounded by dropping supply. Entrenched businesses will be in survival mode, service will likely slip, and they will lose customers.
If your dream is to open a store, or if you need an office… your rent costs will shrunk because of too much supply. Now, you can probably go month to month as a start, or sign a more advantageous lease from a desperate landlord.
If you need to hire staff or seek out a partner, the best people will be more receptive and will likely work for less $. This gives you an opportunity you didn’t have a year ago.
Is it a great time for wage earners and job security?… no. But is this a new trend?… no.
There is a saying in the brokerage business that the best time to start is in a bad market. Brokers stop calling their clients, and clients are ready to switch if you have a sound investment idea. In a rising market everyone is a genius and people don’t switch. A great investment idea now is a safe deposit with federal government FDIC guarantees. Tomorrow it might be a stock that is emerging from the recession with growing revenues and earnings.
I think the same applies to many businesses as these tumultuous times shake up traditional behaviors, and loosen up relationships, so customers will give the feisty upstart a chance!
Today, I am excited about the future of Canada and the United States.
Tags: business, human capital, Marketing, opportunity, Optimize, technology
