How to Start a Business in a Down Economy

Eight things to keep in mind when getting off the ground in tough times

As Ontario-based DemGen’s president and chief growth officer, Gary Evans does what he does best: help businesses grow. DemGen, whose clients range from small start-ups to large multinationals, specializes in supporting business growth by implementing strategies and systems that ensure companies are built to last. Here, Evans has keenly recognized several key steps to ensure a durable, scalable business in a struggling economy.
As Ontario-based DemGen’s president and chief growth
officer, Gary Evans does what he does best: help businesses grow. DemGen, whose clients range from small start-ups to large multinationals, specializes in supporting business growth by implementing strategies and systems that ensure companies are built to last. Here, Evans has keenly recognized several key steps to ensure a durable, scalable business in a struggling economy.

Get solid on your niche

And test-drive it with a few “friendlies” before launching.

Create a Solid Business Model

Often a business starts with a hunch: at first things go pretty well, and then you realize it’s not as profitable or scalable as you originally thought. The best time to have a map is before you begin your journey.

This is Marketing 101

Get really focused on a core market with a very defined need that you satisfy with your product and/or service. Test and measure how to best deliver the right price points, and make sure you can scale.

Add Value to Your Audience Without Expectation of Return

There is a U-turn happening in marketing that says the best way to engage your audience (to educate them to get to know, like, and trust you) is to give away your best stuff up front, for free. Truly qualified leads will appreciate it and want more. They will connect and pay for the rest.

Align, Affiliate, Joint-Venture, and Strategic-Partner Your Growth

Find complementary organizations that already target and serve your ideal audience and collaborate on how to deliver more value to that audience. Share the proceeds.

Source Complementary Team Members to Help You Grow

Often, entrepreneurs hire people they like or are like them, when what is needed is some contrast and different thinking. Challenge yourself to partner with people who have unique skill sets to your own.

Be Accountable to Yourself, Team, and Clients

This is one of the key reasons we have an explosion on the coaching arena—many entrepreneurs are not tracking and measuring what gets done until problems arise. Determine the best way to have your goals and intentions in public view so your team can help support accomplishing them.

Enjoy the Business

Make sure it complements your life. Our professions as entrepreneurs in particular integrate into our lives, and when we love what we do, the passion is there, and everyone—clients, team members, ourselves—buys into it. It becomes a natural fuel for a sustainable business. Typically in a start-up, like personal relationships, there is an initial “falling in love/everything is exciting” phase, followed by decline; it’s very likely the symptoms can be corrected by following the above points.

You can visit DemGem here.