As a small business owner, you don’t even have to turn on the dismal financial news to know that the economy is lousy. You are already feeling the pinch, and then when you hear of your tax dollars being used to bail-out the big banks and corporations that helped to create this mess, you begin to get bitter. After all, I haven’t heard much mention of any help for the little guy.

Well, you have two options right now. You can either sit there and wait out the storm and possibly go under as many of your competitors are, or take advantage of a slower time to revamp your business.

I spoke with a few construction companies recently. Operating in California, they are struggling with the new laws that require all plans to be inspected by an architect. One family company decided to send one of the younger brothers to college to become an architect. Another company is using this time to branch out and to explore new avenues. They invested in heavy equipment and training for some crew members so that they can now offer excavation services. One older construction owner made the decision to take this opportunity to scale back his operation and pursue a lifelong dream to build custom furniture and cabinetry. He enrolled in the appropriate classes to learn the trade, and is now happily remodeling his shop to accommodate his new direction. (more…)

Business is slow, but stable. In fact, you’re already looking ahead to long-term growth. Despite the down market, in fact, because of the down market, now is a strategic time to open a second business. According to Unchartered Waters, Setting Sail for a Second Location Can Be a Great Way to Grow a Business, employees will be easier to find, property will be cheaper, and marketing costs will be down.

The key is to keep realistic expectations and stay on budget. This way, even if you open a second business in a location that’s hard hit, you can look ahead toward promising future prospects. Think about it. If you can succeed in these conditions, you’ll be in a great position once business picks up.

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