Most of us are in the mode of staying home right now and this might be leaving you worried, scared and anxious. We understand! You may have even lost your job and things are probably feeling up in the air to some extent. These are things that almost all of us are experiencing, as the economy affects us all. What we want to talk to you today about is the opportunities that are presented in this unique situation. Despite the slowing down of the economy and people staying home, there is still a need for consumables and services. Just because the ways that the things that are being bought and consumed have shifted does not mean the need is not there. Despite the economic downturn, this could be an ideal time to start a side business and potentially make up for lost income and fill in a void in this new look society! In this episode, we explore four general areas for you to look at, that prove that things are maybe not as dire as you may have thought. This sharp shift that the world has taken means a lot of things and one of those is the importance of reclaiming the value in the economy that will be lost. This is something that is necessary for systems to keep running, even if it is in different ways. Tune in to hear about what has changed, what has remained the same and how you can use this time to build something beneficial for you and those around you!
Key Points From This Episode:
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The benefits of excess time right now, something a lot of us have.
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Helpful effects of the possible stimulus packages for a side business.
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New and old problems that are arising in the current crisis; new opportunities!
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E-commerce, consulting, virtual services and the need for new communication platforms.
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Telemedicine and the adjacent services and industries that can help support it.
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The music industry right now and why there is still a need for entertainment and connection.
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Filling the void left by businesses that do not survive the crisis.
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Buying an existing business if possible and how this might help the seller.
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The strength of lean, flexible business in this kind of economy.
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Testing ads and offers for cheaper than usual with more attention available.
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New routines and patterns that we are all falling into during the crisis.
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The likelihood of an increase in available, affordable commercial property.
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Thinking about the future and safeguarding your business for the recession.
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Cutting down on static overhead items on your expense list!
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The ‘build, measure, learn’ feedback loop for your lean startup business.
Tweetables:
“A lot of people have a lot more time right now.” — @michaelshoup [0:04:41]
“Everyone’s patterns have been shaken up and some of these old methods that we relied on to solve these problems are simply not available to us right now.” — @whatsPaulUpTo [0:08:56]
“There are going to be opportunities for smaller, and perhaps even more nimble businesses to come in and capture a portion of the market.” — @whatsPaulUpTo [0:12:12]
“Entrepreneurship does not always have to mean you have to come up with something brand new.” — @michaelshoup [0:12:38]
Links Mentioned in Today’s Episode: