When the economy gets tough, tough get going
Running a business is hard enough without the added market convulsions, the collapse of the housing market and the general uncertainties. A forward looking business owner will most likely view this current climate as one of opportunity.
- Prime locations are selling at discounted prices.
- Weak competition (market share) can be purchased for pennies on the dollar.
- The cost of money has not been this low in decades.
- Often you can buy for less than you can rent.
Surviving in times like these is not for the faint of heart. However, by definition entrepreneurs are risk takers. They can see opportunities not in the balance sheets or market studies and are not distracted by the naysayers. Some owners have survived by abandoning “business as usual”. Many new boat dealers now focus on selling used boats, many of them repossessed by lenders, and they have discovered a huge offshore market for used boats.
In short, when the economy goes in the tank, leaders retool and followers - well they just follow.
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