Do you, as a solopreneur, welcome a down market? Of course you don’t. But, you can recognize and welcome the opportunities that it creates. You may not welcome the occasion, but you can take advantage of it.
When life gives you lemons ….. make lemonade, right? Only if you are unimaginative and average.
While the average entrepreneur is selling lemonade for nickels at his homemade stand, the strong solopreneur will create multiple market opportunities by turning this seemingly single-use fruit into a fingernail cleaning, acne removing, sore throat soothing, fruit freshening, stain removing, metabolism boosting, insect killing, kitchenware disinfecting, aromatherapy wonder.
Here are 6 upsides for the strong solopreneur in a down market.
1. Differentiate and dominate. A down market is a great means of thinning out the business gene pool – differentiating the strong from the weak, the swift from the slow, the decisive from the less passionate and the resourceful from the market-assisted mediocre. Strengthen the image of your unique ability to service the market, take decisive action and come out on top.
2. Redefine business “needs” from “wants”. Good time markets can bring some extra bulge to your business “waste”-line. A down market is a great opportunity to test your entrepreneurial resourcefulness and lean up your business, putting you in better shape for when the market rebounds.
3. Re-evaluate goals and objectives. Are your goals and objectives in line with the reality of the market? If not, you probably are becoming discouraged – opening up the opportunity to make you one of the weak in the herd. Take the time to set appropriate goals and objectives with effective strategies and tactics to get you there.
4. Identify new methods of going to market. The market is moving and so should you. Your methods for gaining market share effectively may be outdated. A down market is a good motivator for identifying new and improved methods like co-op marketing, JV programs, and bartering for advertising.
5. Identify new markets. Just as in the lemon mentioned above, why stop with lemonade. Find new markets for your products and services. When the market is down, turn up the creativity. Be willing to look at your business products in a new light with new uses for new markets.
6. Stoke the flames of passion. Are you truly passionate about what you do? A down market is a great test to see if you have the dedication to your business. Did you marry yourself to a business that you are only dedicated to in good times and not in bad? If so, find out quickly what you are passionate about and make the transition. Why put more energy and resources into a venture that doesn’t create the future that you want?
I’m guessing that, like me, you believe that you were blessed with the solopreneur DNA to dominate. You didn’t start your business with the belief that you were born to lose. A down market is a great test to see if your self-faith is well founded or if it is an egotistical bad bill of goods.
Will you be one of the few to seize on the opportunities of a down market becoming the victor or allow the market to claim you as a victim?
All The Best,
The Solopreneur’s Guide