In today’s economy it seems almost every industry has been unfavorably affected by the recession. Nevertheless, new startup ventures continue to pop-up around the country with amazing degrees of success. How is this possible when everyone is cutting back everywhere?

The reality is the economic downturn has thrown wide open the entrepreneurial doors to usher in new business enterprises that recognize and understand people still want and need highly valued products and services, but at more affordable prices.

At the risk of sounding like I drank the Kool-aid, there has never been a better time like the present to become an entrepreneur and start a lucrative, specialized business. Many of these ventures can be kicked off with very little financial investment and expanded as the business grows.

To prove this concept is the Fire Island Beer Company which recently commenced sales in May 2009 and has already seen a huge increase in business. The company pays their team of phenomenal partners (top branding company, legal counsel, photographers, PR, sales consultants) with a piece of the action. “Rather than pay them in cash which would be prohibitive, we made them true partners in the company,” says Co-founder and Head Beer Maestro, Tom Fernandez. In other words, they are compensated in Fire Island Beer Company equity, which is a win-win situation for everyone.

This is the perfect time to strap on your propeller beanie hat and look for opportunities where others do not. “With a sluggish market come many challenges,” says Angela Brooks, Marketing Instructor of CSPI Academy. “Look for challenges clients have because of the economy and adapt your product or service to solve it.”

So where’s the money? Alan Lysaght and Denis Cauvier, PhD, authors of the international bestseller, The ABCs of Making Money (www.theabcguys.com), offer the following suggestions for potential new startup ventures:

·       Second hand clothing stores: people need the cash for unused clothes, while others want designer goods at a fraction of the original cost

·       Companies will always have a need for sales people but may have to outsource this as well. Consider setting up a sales team for sector specific industries.

·       Are you technically savvy? Any software that accomplishes something faster easier and cheaper can become a bestseller overnight.

·       Anything “green” from low phosphate cleaners to zero off-gassing products like beds, pillows and carpets will find an increasing market.

·       With people holding onto their cars longer they will need more maintenance and repairs. This will create more need for fully-equipped self-serve garages

·       Then there are the “vulture” industries. As people lose their jobs and homes, repossession experts prosper, as do auctioneers, junk removal companies, cleaners, bankruptcy specialists and debt consolidators.

The list could continue for pages, but due to limited space I’ll cap it off by squeezing in one more suggestion: With baby boomers entering retirement, this is an excellent time to start or buy a business that caters to the senior population. Travel and concierge services, transportation, estate planning, relocation, and healthcare are all safe bets for new businesses that will grow and prosper despite the economy. (Note: For more information on starting a business for seniors, check out the 2nd edition of Starting Your Own Senior Services Business, by Charlene Davis / Entrepreneur Press, 2009.)

Over the past ten years, small businesses have accounted for more than 70 percent of jobs across the nation. They are the core of America and will be instrumental in bringing us out of these difficult economic times. The next crop of millionaires will be ones who saw the possibilities created by the recession and capitalized on it. Do you want in?

_____________________

Copyright 2009 Charlene Davis. All rights reserved. Links to articles on this site are welcome; however, articles may not be used, reproduced, or reprinted without permission.

Echo boomers – a/k/a baby boomer kids or Generation Y’ers – are pretty savvy young folks, especially when it comes to business. This fun loving generation is enthusiastically embracing the notion of free enterprise that has been threatening to bubble over the edge of corporate America for years. Armed with brainpower, optimism, and moxie, these young entrepreneurs are forging ahead in greater numbers by creating jobs that fit around their lifestyles and passions by developing a work-life balance their parents didn’t have.

Young entrepreneurs bring many things to the table including fresh ideas, innovative strategies, and energy – lots of positive, re-vitalizing energy. They are also learning that inexperience is not necessarily a risk factor.

When Foodzie (www.foodzie.com) was just an idea for an online marketplace to help small food producers, co-founder Emily Olson (25) said that a mentor told them they were lucky to be young enough to have no idea how hard getting started was going to be. However, Olson thinks that experience can sometimes get in the way of taking the risks you need to take in business. “Young entrepreneurs often dive in and then innovate along the way to try to make something new work,” she says. Today, Foodzie is successfully continuing their mission to help change the way people eat by connecting consumers with small artisan producers and growers across the country.

Young entrepreneurs also show us how to dust off and breathe new life into old concepts. “We make your ideas SOAR!” is the tagline for Dinosoar Studios (www.dinosoarstudios.com) recently started by Travis Woodward (15). His company makes short videos companies can use to provide customers with information about their businesses and/or products. In addition to using social networking as a way to grow his business, Woodward says that word-of-mouth has been his best marketing strategy. “To get new customers I asked my friends and family for their support – and to refer ten of their friends, family and business people to me,” he says. The results were immediate!

This older-than-dirt form of networking is undoubtedly the most reliable and powerful method of promoting your business. The more you can get people talking about you and your business the better this form of viral or buzz marketing can work. And it doesn’t cost a thing. To prove this over the fence third-party endorsement still reigns supreme, there is even a Word-of-Mouth Marketing Association (www.womma.org) where members can learn how to use this skill more effectively.

Jared O’Toole (23), co-founder of Under30CEO (www.under30ceo.com), created to inspire Gen Y’ers to live their dreams, also believes in buzz marketing and thinks that all press is good – even when it’s bad. He feels entrepreneurs should not only welcome negative publicity, comments, or tweets, but also promote it. “Toss the negativity up in the air and let people engage and join sides,” he advises. “Not everyone will agree with you, but the point is people are talking about your business.” O’Toole believes the key is staying involved and gaining respect by presenting your side of the issue in a professional manner. And the people who end up aligning themselves with you will become more loyal to your brand.

However, if the thought of criticism still sends you in a tailspin, just remember the old adage: “If the dogs are barking at your heels, you know you’re leading the pack.”

Rock on!

____________________

Copyright 2009 Charlene Davis. All rights reserved. Links to articles on this site are welcome; however, articles may not be used, reproduced, or reprinted without permission.

I’m happy to announce the release of my latest book from Entrepreneur’s ClickStart series, Design and Launch an Online Travel Business in a Week. Travel and tourism constitutes the third largest retail industry in the U.S. and there has never been a better time to turn a passion for traveling into a lucrative, professional business – in just a few days!

Click here to read an excerpt from the book on “8 Thriving Travel Markets” posted on Entrepreneur.com.

Starting and maintaining a business with an online presence can be very challenging in any market, whether you’re an inexperienced novice or seasoned entrepreneur. The key is arming yourself with the best tools available to help streamline and make the process more efficient. Google’s branding of the world’s most powerful search engine have made it synonymous with the word “search,” but there are many other Google web services every entrepreneur should be aware of. It offers a broad spectrum of services for Internet users, including some that are virtually unknown:

1. Google Business Solutions - The best place for a business owner to start. Here you can find recommendations for your specific type of business, as well as identify goals to help promote and improve your website while increasing revenue.

2. Gmail - A free email service that offers unlimited storage space and can be accessed from anywhere – including your mobile device. Gmail takes the clutter out of email with lots of innovative features that help with organizing, filtering, labeling, and threading messages, as well as quickly searching messages to find exactly what you are looking for.

3. Google Calendar - This free online application assists you with keeping track of upcoming meetings and scheduled functions with automatic reminders that can be received via email or cell phone. You can easily create invitations for special events and monitor RSVPs, as well as send follow-up notices. In addition to integrating this service with your Gmail account, another great feature is the ability to use multiple calendars to streamline your business, social, and personal life that can be shared with clients, co-workers, and/or family members, if desired.

4. Google Reader - Another free application from Google featuring a web-based aggregator that allows users to read RSS feeds online or offline via computer or mobile device. Stay up-to-date with current news and events from all of your favorite sites that can be neatly organized and managed from one convenient location.

5. Google Docs - Allows users to upload existing files or create new documents which can then be shared with multiple users in real time. This free service enables documents to be efficiently organized into folders and securely stored online, which eliminates the concern of hard drive crashes and power outages.

6. Google Analytics - An amazing free tool that produces comprehensive data about visitors to your website, including whether they are referred by various marketing campaigns, search engines, links from other sites, etc. This can be extremely useful for identifying low-performing web pages or integrated with AdWords to track landing page conversions.

7. Google’s Blogger - Maintaining a blog for your business is a very necessary tool and Blogger is a great place to start. You can quickly and easily set up a free account that allows you to host multiple blogs under the same account name using a variety of templates and tools to maximize each blog’s potential.

8. Google Sites - An online application for creating a website that has a free version with limited capabilities and a premier (fee-based) version that has additional bells and whistles for higher volume use. Web pages can easily be created with just a few clicks of the mouse and immediately launched for viewing by select individuals or the general public.

9. Google Alerts - This handy, free service sends you email alerts based on your preferences. You can follow news stories, keep an eye on your competitors, and watch for upcoming trends. Perhaps its best feature is the ability to monitor where and when you and your business appear on the Internet.

10. Google AdWords - A widely-used advertising program for text, image, or video ads that offers cost-per-click (CPC) or cost-per-impression (CPM) marketing campaigns for keyword-generated search requests. It’s quick and easy to get started with a small activation fee and there are no minimum monthly charges.

11. Google AdSense - This revenue generating program is an excellent resource for website and blog owners who want to easily and efficiently monetize their content and earn money. There are a wide range of site-targeted advertisements web owners can select by inserting customized Java script code into a web page. There is no cost to join, but you must have a website or blog.

12. Google Checkout - If you are selling products you need a merchant program that provides a quick and easy checkout process for customers using their credit or debit cards. With Google Checkout there are no setup or monthly fees, but a small processing fee will be charged for each transaction.

There are many other Google services that may be useful to your business including Google Maps, Webmaster Central, Site Search, and the renowned Google Toolbar. Stay abreast of current trends and events regarding Google by signing up for one or more of their blogs . Then add them to your Reader.  Knowledge is power and what you don’t know, your competitors will.

________________

Copyright 2009 Charlene Davis. All rights reserved. Links to articles on this site are welcome; however, articles may not be used, reproduced, or reprinted without permission.