Better Business Options

Please join me in a moment of silence and prayer for the victims of the deadly earthquake in Turkiye and Syria. May they recover and prosper.

~February 2023

If you are an entrepreneur or thinking about starting a business,  things can get pretty complicated these days.  Finding the right location, industry and even product has become a bit more challenging as the world has made some anti-business moves lately Increasingly the business environment is making it more difficult for SMEs and smaller enterprises to scale. It’s not pri-business if it only advances big multinationals and corporations.  Real business is small, and person-to-person.

Remember,  the stock market isn’t a business model, it’s more like gambling scheme for corporations and multinationals–so it might not help you.  For businesses that fall outside of the size and earnings of the Wall Street crowd, increasingly the protections and opportunities have become scarce.  It seems we see that the free market is not so free. So what should a business do in trying times like these?  Here are three options that might help you.

OPTION 1: Move.

Yeah, that’s right, get out of town.  Find a better business environment that fits your industry and your business size. Find the people that buy what you sell.  Do your research, make multiple visits and interview locals and business owners. Find out about the regional business opportunities and outlook.  Since moving is not a small thing, it’s  recommended that you move before you start your business.  However, even if you have been in business 10 years, there may be greener pastures elsewhere.  An interstate, international or even city change, might be good.  Particularly if you are part of a marginalized and racially targeted ethnic group. It may be in your best interest to find greener pastures to start or start over.  Perhaps your industry has been politicised in your country, find a region that appreciates what you offer.  Do your research well.  If you need to move internationally, try to find a country that offers the best and most flexible passport.

OPTION 2: Change Industries

It’s possible that some products and services run their course. There are no more VHS, 8-Tracks or Gameboys.  But music, computer games and movies remain. Sometimes you don’t have to change your industry, you have to change your method of distribution.  Unless you sold VHS cassettes or gameboy consoles, you could pivot with some careful planning. If you see your market or industry winding down, don’t wait until the merry-go-round has stopped. Make a plan and jump. The first few years might be tough, but stay the course.

OPTION 3: Partnerships

If you can’t move or change industries, you can partner. Lots of SMEs forget this very valuable option. You don’t have to change your product/service or location if you partner with businesses that can engage your product and services or offer you entry into a new market.  Partnership can be official or it as simple as an MoU, distribution agreement or sales contract.  Find companies that have the ability to go into markets and industries you don’t yet understand or have a presence.  You can offer them similar coverage in your own industry.  Partnership should never be overlooked.  Two heads are always better than one.

If you like these tips, please feel free to contact me about business and professional services. I help people write grants, CVs/Resumes, product descriptions and marketing copy in addition to developing new product/service models and methods. We think outside of the box here. Schedule an ideation session to develop, market or sale your products and services.

Also I would like to wish everyone a Happy Black History Month!

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