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?

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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!

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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.