If you listen to the analysts and study the markets, they will tell you that recession is upon us. They will tell you that the housing market has crashed and the global markets will let you know that our currency is daily losing its value.
However, in this economic turmoil gold and silver are thriving. New highs are being reached on almost a daily basis. If you have invested in precious metals than this is your time.
Entrepreneurs are like precious metals they know how to thrive in bad times. Unstable times bring incredible opportunities. Capitalizing on these opportunities separate you from the doomsayers. It also provides income opportunities that may not have been there in the past.
For example, if you are in the real estate business you know it’s not your time to sell, but it’s prime season if you are buying and adding to your real estate empire. The mortgage crunch, which has led to record numbers of foreclosures, has been a great benefit to you.
Businesses of all types are using this time to generate new business within all this negative talk. You are seeing businesses offer creative pricing and inexpensive luxuries. With these types of tactics you’re seeing businesses move around their slower moving competitors.
Mark Wardell, president of Vancouver-based consulting company Wardell Professional Development Inc., “it’s never too late to start recession-proofing.” Mark says that even in recession you have to spend money to make money. “When times are tough, investment can be a hard pill to swallow,” says Wardell. “But it’s exactly the medicine a business needs if it is going to successfully ride out the coming economic storm.” (Canadian Business Online)
As an entrepreneur what have you done to recession-proof your business? How are you using this time to capitalize on the slower moving large companies? What creative tactics have you initiated?