Dan Miller makes a great point in Whack-a-Mole:
When one business lags, another explodes. If your business is suffering, what is the counterpart that is thriving? Can you benefit from that? If appliances aren’t selling, then you can be sure appliance repair is up. If new car sales are in the tank, used cars are thriving.
Small business owners are certainly feeling the pinch of the recession. Consumers are holding on to their money more tightly; unemployment remains high. Those that are buying expect better deals.
Even in tough economic times, opportunities abound. They may not be as easy to spot or exploit, but they still exist. The trick is to spot them, and then act. It might mean expanding your product line to include budget products or offering a new service.
Rather than allow a competitor to capture the market when consumer tastes shift, identify what you can do to meet the new market demands. Business success doesn’t come easily, and sometimes it means finding hidden opportunities.
