Opportunities in less opulent times
We are currently in some very interesting times!
Small businesses are able to survive almost anything – if they are able to move fast enough to avoid the problems that kill the big boys. The owner of a small business should be using this time to predict how their business can be adapted to weather this economic storm.
A good place to start would be Google News and Wikipedia!
Firstly, check to see when was the last time the world had similar situation to today? When in the past did we have high oil prices, stagflation and a weak government? Maybe it was 1974?
Secondly, what time of products and services were selling well at those times? Related to that, which of today’s well known companies were established at that time? Vigin? The Body Shop? Microsoft?
Finally, check to see what the experts were saying at that time, and compare it with what actually happened! This is easier that it sounds because Google has a newspaper archive facility. For instance, tap in ‘business 1973′ and read how all the experts forecast it was going to be a great business year!
The feedback for 1974 was even more interesting!
The one thing to remember is that the research from past business cycles is only an indicator for the future – it isn’t a recipe!
In the early 1990′s. One of the businesses which was doing well was Colorvision. This was a company which introduced credit to a public used to renting. They offered TV’s and video’s to buy at £9.95 per week when Radio Rentals were offering similar on a rental basis. The company went bust in the mid 90′s due to the use of some very sharp practices – however, the idea of selling desirable goods at affordable low rates certainly has its fans.
This business model is already being used by Bright House - maybe you should be offering some competition to them?
