The current economy has definitely created some challenges but also can create opportunities it's just a matter of trying to have a positive outlook and looking for them. I bought an electrical contracting business about six months ago and so far things have been going ok to well with a couple of very good months. Since the recession:
1. Commodity prices have dropped therefore my COGS has dropped increasing my margin
2. Fuel prices have dropped
3. The businesses in my industry that did not take care of their customers in the good times are losing customers to me
4. There are great bargains on equipment
5. There are bargains on commercial property that will allow me to open satellite offices in a couple of nearby cities in the next few years.
6. Some other construction trade businesses as slow now and may be available for purchase once we reach the bottom and see an upturn (the plumbing contractor down the street was ready to sell six months ago)
7. I've been more compelled to network which I really don't enjoy but it will bring in business now and in the future
8. I've looked more at offshoot businesses such as a home lighting ecommerce site since I'm a dealer for several brands
The point is, spend time looking for how you can profit from this situation rather than worrying. Fortunately, most aspects of our economy are cyclical and things will return to normal eventually.
1. Commodity prices have dropped therefore my COGS has dropped increasing my margin
2. Fuel prices have dropped
3. The businesses in my industry that did not take care of their customers in the good times are losing customers to me
4. There are great bargains on equipment
5. There are bargains on commercial property that will allow me to open satellite offices in a couple of nearby cities in the next few years.
6. Some other construction trade businesses as slow now and may be available for purchase once we reach the bottom and see an upturn (the plumbing contractor down the street was ready to sell six months ago)
7. I've been more compelled to network which I really don't enjoy but it will bring in business now and in the future
8. I've looked more at offshoot businesses such as a home lighting ecommerce site since I'm a dealer for several brands
The point is, spend time looking for how you can profit from this situation rather than worrying. Fortunately, most aspects of our economy are cyclical and things will return to normal eventually.
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