There Are Always Opportunities for Businesses

Read an article this weekend by Catherine Holahan, a writer and video journalist with MSN Money, who outlined several interim investment vehicles, other than stocks, for individual investors given the current state of the market.

And, while these investment vehicles are not without risk and may not have the same upside potential that stocks do over time she did demonstrate a very good point; that no matter what the state of the economy, there are always opportunities to be had.

What does this have to do with your growing business you might ask? Well, there are always opportunities (interim or long-term) that can be taken advantage of should an entrepreneur know where to look.

In her article, one suggestion was investing in commodities:

"No matter how low the market goes, people have to eat. That is Horowitz's (a certified financial planner) motto and one reason he's looking at the commodity markets.People have to eat. That is the bottom line."

The same is true for businesses. No matter the state of the economy individuals and businesses will still need (and buy) certain everyday products. People and businesses still need to communicate, they still need to travel, purchase supplies, advertise, they still need shelter (living or office space), they still need clothes and makeup, and they still need professional services (like health, legal and accounting) just to name a few. And, while some may cut back on one basic need or want, they usually pick up or increase spending on another, stronger desire. An example could be a consumer cutting back on movie outings and increase spending on direct competing services like video rentals or cable television or indirect services like bowling or driving ranges.

Further, with changing times new obstacles present themselves for many consumers (businesses and individuals). Think about the proliferation of Consumer Credit Counseling companies and bankruptcy and foreclosure services that have sprang up over the last few years as our economy began its current downslide. The majority of their current consumers had never heard that these services existed before they were saddled with huge debt balances, declining incomes and no where else to turn (until the need presented itself). These industries, mostly sprouting up over night, did so because the changing times forced or created changing consumer needs. Thus, as consumer demand changes, so must your business.

Other industries and markets that are taking advantage of these hard economic times are (to name a few):

Security Services and Equipment. When times are tough people, even those who would not normally engage in criminal activity, may find themselves tempted (especially your own employees). Thus, a store that sells computer equipment or related items could stock and market security systems for the home and office.

Health and Beauty Aids. Regardless of the economy, people (both men and women) still like to pamper themselves - although usually on a smaller scale. If your company offers clothing or jewelry - it may help to increase your product lines to include low cost beauty supplies as well.

Time Saving Services. Even if you are a retail product store, providing services that help reduce time constraints for busy individuals can really help your business. Individuals will pay for these services as they have a positive cost/benefit potential for them. Freeing their time is perceived as a money saving opportunity for which they will pay.

Home Based Businesses. Here, any business that provides advice and services to other businesses could also include helping either restless home bodies, laid-off workers, or those needing a second income by building a small business out of their home.

While these are just a few, there are tremendous opportunities available for nearly every business entity in this nation.

So, during this very bad economy, your goal is twofold: First, recognize these changing or increased needs by identifying where the spending is going or where people still need help (where they are feeling pain or have unidentified needs). And second, finding an innovative way in which to either modify your business offerings to meet these needs (not saying that you cannot go back when the economy recovers) or completely change your business model to better take advantage of these changing demands.

One of the first places to start looking is with your current customers. Talk with your current customer base and find out what is keeping them up at night. They are the ones that have the need and are already in your store. Find their pain and ease it - even if it is outside the realm of your current business offerings. We all have to find ways to strive and grow.

Lastly, keep in mind, if you are offering new products or services for identified and unidentified needs, you may have to work a bit on educating the customer about the benefits of your new products and services.

Regardless of your industry and the state of the economy, there are always new and changing opportunities available provided business owners have the foresight to seek out and meet the every changing demand.

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