As the economy keeps on tumbling there are a lot of worried people wondering what they should do. Well below I have listed a few scenarios to think about:

Scenario 1: As a small business owner if you are short on cash then you may have to start liquidating your inventory by lowering the price a bit. Also, cut back on utilities and hours that may not be helping your business. On top of liquidating start looking into the service industry if you already do not partake in it. You may be able to help your business by providing consulting or technical support in that particular market. This may help provide another stream of income. If you are really strapped You may want to shop around town and see who you could merge with. Obviously, this is tough decision on you, but it maybe your last hope. (more…)

As everyone has noticed the market is down. This is obviously effecting your business just like everyone else. But what can you do to help your business stumble through this recession? There are two ideas I have for you to think about. One is in regards to your marketing concepts and the other is in regards to typical economics. 

First, just has everyone has stated in the news, try extending your sales period. I would say not only extend your sales period, but try to capitalize on customers returning items. You already have them in your store so now it is your time to convert them into another sale. Where do you advertise to them? Use the Internet to your advantage! Start your gorilla marketing campaign now!

(more…)

After numerous bank closings and watching the Fed cut rates down to 2.0% the signs of a recession are getting stronger. The market is hitting a five year low while oil prices continue to rise as the US dollar falls. So, what are you doing to keep the “Open” sign in front of your business? As a student in economics and being the frugal person I am here are some ideas on how to help your business cut cost on numerous fronts. Please be in mind that you want to cut fixed cost as low as possible while limiting the usage on anything that is a variable cost. This tip alone should help you save a few bucks.

First Tip, cut the power usage in your business! How do you do this? Start by installing fluorescent light bulbs in all light fixtures. Another way to cut electricity is turning up the thermostat during the summer or having it automated to fluctuate during certain periods of the day. If you own your own building look into getting a soy roof or a green roof. This should help the longevity of your roof and help reflect the light during the summer which will help your building stay cooler. With this in mind look into getting an awning for your front windows to help reflect the sun off the front of your store to help save some cost. Lastly, shut off the lights in rooms that are not being used frequently. This was always drilled into every child’s head while growing up. (more…)

This week gas has hit an average of $4.00 a gallon for gas in the USA. As many people are surprised by this astonishing price tag many others have been preparing for this day years ago. I so happen to be one of these annoying people stating that gas would go up and people with an SUV would cry about it. Let me go over a few steps I took to analyze why this time would come and how you as an individual can approach rising energy prices.

(more…)

With gas on the rise many business owners are having a hard time paying at the pump. Being a young economist I have found a few things that have worked for me as well as many other small business owners. Some of you may already be partaking in these activities, but hopefully I note a few ideas that you may have overlooked.

(more…)

After getting a first hand experience of going to a conference while trying to maintain my business and my blog I noticed a few things to soften the blow. With technology moving at a face pace there are countless tools to help you get things done. My favorite was tethering my phone to my laptop. Today, I would like to cover the benefits of remote PC, bluetooth, and broadband wireless access. These to me are tools I can’t live without.

(more…)