Thoughts about business and economic development in rural areas.

 

December 2008
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Archive for December 29th, 2008

Recession Opportunities?

Ok, put that newspaper down. Back away from the TV and pull the plugs on the iNews updates. All the news is bad. You already knew that. The economy is going further South than bowl teams on New Years Day. The world as we know it is coming to an end. Or at least that’s the impression I get from all the media.

Yes things aren’t going well. Unemployment, foreclosures and business closings are all up. But does that REALLY mean that you can’t still be doing business in your community? Has everybody closed? Is this the Apocalypse?

Hold the four horses. Not by a long shot.

With every action there is an equal and opposite reaction. Newton’s Third Law works in business too. Maybe not 100% but it DOES work. Ask anyone who owns an auto repair shop how business is. Ask anyone who makes replacement parts how things are going. You can even ask some skateboarders in California. There are definitely opportunities out there. You might have to look a little harder to find them and finding them might require some real work (imagine that) but they are there. 

Maybe now is the time to get folks together in your community and turn the coin over to find out what’s on the other side. Are there ways for your community to benefit from the effects of the recession? Do you have some prime industrial or retail space that is newly available and newly affordable that just might be attractive to another business. Could several of your local businesses find ways to cooperate to share the costs to help make some projects happen that would have been impossible six months ago. (What! Are you talking about working together! What a concept!) And the costs of building…..wanna bet the bids will come in under or over budget?

Maybe now’s the time to sponsor and deliver those business training sessions that will make your existing businesses stronger and more likely to survive. Maybe you could double your efforts to help start-ups, inventors and entrepreneurs. My guess is there is more interest out there with some folks who will be pretty dedicated to trying new things and who will be more than eager to accept any assistance that is offered to them.

And most importantly, now’s the time to get ready for the coming economic turnaround. No, I don’t know when it will happen but we all know that it WILL happen. How about preparing right now so you are ready to take full advantage of it right from the start.

Opportunities during a recession? To borrow a phrase from a recent political office seeker, “You betcha!”