Dante Lee: How African-American Entrepreneurs Can Beat the Recession
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Posted By: Jon C. on August 15, 2008 by Dante Lee www.blackbusinesscoach.com President Bush calls it an economic "slowdown", but those affected call it a full-blown recession - and rightfully so. Major airlines have folded, hundreds of thousands have lost their jobs, gas prices are "through the roof", and the national foreclosure rate is at its highest ever. In addition to all of this, small businesses across the country are drastically losing customers who no longer have money to spend with them. Black-owned companies, in particular, are affected the most. They have access to the least amount of resources to help in a situation like this, and they are not priority enough for any federal aid. So, what can you do to beat the recession? 1) Increase your marketing. Buy in to low-cost solutions that are effective, and will drive customers your way. Consider classified advertising, press release distribution, search engine marketing, and directory advertising (Yellow Pages, Superpages.com, etc). 2) Consolidate your staff. No one likes having to let people go, but sometimes you have no choice. Reserve your most productive employees, and have them take on more responsibilities. 3) Break out the coupons, and buy in bulk. Subscribe online to receive coupons and discount offers from Office Depot, Office Max, and/or Staples. This will help you save money on your office supplies. Also, considering buying bulk from Sam's Club - which has a special membership for small business owners. 4) Cut costs when traveling. Instead of staying at the luxurious 5-star hotels like Marriott or Hyatt, consider staying at a 3-star hotel like Hampton Inn, La Quinta Inn, or Comfort Inn. In addition, try buying your airline tickets months in advance for conferences you plan to attend. If you need to bring staff, this can be very expensive. Consider hiring someone locally where your event will be held. You can pay them for the day, and can train them on-site to work your booth. 5) Become more creative. Now is the time to really start thinking outside the box. Be unconventional. Remember that the solution to staying afloat during difficult financial times is there; you just have to find it. Meditate on new concepts, and reinvent old concepts. If you enjoyed this article, Join HBCU CONNECT today for similar content and opportunities via email! |
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Jon C.
Benefits Management Analyst, State of Ohio Hampton University class of 2004 Member Since July 2003 |
Comments
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Thanks for the insight. Diversifying and creating multiple streams of income also inoculates small businesses during a recession. There are a number of internet business that are lucrative and require zero dollars to start up. Dan Miller's, "48 Days to the Work You Love" is a good resource for low or no cost start-up businesses.
Tuesday, August 19th 2008 at 5:32PM |
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