No matter what you believe or have been told, businesses will go bust in a bad economic environment, and also a good one.
On the other hand even when the economy is in its darkest hour many companies will do well and people will find themselves thriving as they can clearly see a world of opportunity that lies in front of them and not a waist land.
Protecting oneself even during the hard times can simply be put down to have a good solid plan.
Without one you can put your family and your business at risk.
Here are the top 5 ways you can make money during a depression.
1) Sit Down & Plan.
Sit down with your family and roughly sketch out a plan.
Work out how much money you can save for a rainy day, earn extra income where possible and update this plan as your business goes through changes.
2) Supply & Demand.
Realize that in a depression, supply and demand does not die.
It just changes greatly.
If you can become a smaller provider to the services and goods that are needed during these times you will not only survive but thrive as the economic environment changes.
3) Adapt To Your Environment.
Depressions are sometimes long and drawn out, but they are full of many surprises along the way.
Make specific changes to your business from month to month if required.
This will keep you ahead of the pack and not well prepared if things get worse.
4) Staff & Wages.
This is such a big issue these days, as you are playing with peoples livelihoods.
But to survive yourself be sure to go to minimum staff if necessary.
You will need to minimize your overheads, and maximize your gains strictly.
Have an open and honest relationship with staff so they also can formulate plans with you.
5) Advertise more.
During economic slowdowns, almost all businesses feel the pinch.
But use this to your advantage.
If you are seeing a slow down, simply advertise more.
Advertising agencies will have to reduce their prices to attract more clients, and sometimes it will be the same price to get your name out to a more wider audience.
In effect this should attract more customers and also more money for you business.
On the other hand even when the economy is in its darkest hour many companies will do well and people will find themselves thriving as they can clearly see a world of opportunity that lies in front of them and not a waist land.
Protecting oneself even during the hard times can simply be put down to have a good solid plan.
Without one you can put your family and your business at risk.
Here are the top 5 ways you can make money during a depression.
1) Sit Down & Plan.
Sit down with your family and roughly sketch out a plan.
Work out how much money you can save for a rainy day, earn extra income where possible and update this plan as your business goes through changes.
2) Supply & Demand.
Realize that in a depression, supply and demand does not die.
It just changes greatly.
If you can become a smaller provider to the services and goods that are needed during these times you will not only survive but thrive as the economic environment changes.
3) Adapt To Your Environment.
Depressions are sometimes long and drawn out, but they are full of many surprises along the way.
Make specific changes to your business from month to month if required.
This will keep you ahead of the pack and not well prepared if things get worse.
4) Staff & Wages.
This is such a big issue these days, as you are playing with peoples livelihoods.
But to survive yourself be sure to go to minimum staff if necessary.
You will need to minimize your overheads, and maximize your gains strictly.
Have an open and honest relationship with staff so they also can formulate plans with you.
5) Advertise more.
During economic slowdowns, almost all businesses feel the pinch.
But use this to your advantage.
If you are seeing a slow down, simply advertise more.
Advertising agencies will have to reduce their prices to attract more clients, and sometimes it will be the same price to get your name out to a more wider audience.
In effect this should attract more customers and also more money for you business.