Chosen Thought

Posts Tagged ‘Recession’

With a family to support he spent many hours researching other sectors, industries, products and services to see how they could use their current infrastructure and adapt it to generate income from a new sector. After 10 years recruiting in the IT industry he decided to introduce a consumer cleaning arm to the business and a wedding services firm hiring wedding chair covers .By targeting the upper class consumer and implementing correct marketing strategies, they were able to create strong brand awareness in these demographics.

As the economy slowed and consumers pulled back, a small {business
|company|partnership|firm} in the child clothing retail sector decided the time was right to invest and start a new business. This company owner I also met last week at the same presentation.

She explained to me that with the new design clothing sold at discount prices within supermarkets and the increase of the internet, her customer base began to dwindle before the credit crunch started. Borrowing off her credit cards and utilising her company overdraft, she set up an online Nanny Agency recruiting experienced nannies across London. Investing £10,000 to build a customer website, off the shelf database and stationery, she then began to ask herself if this was the right thing to do.

After this she reached out to her potential clients, telling them about the services on offer and offering discounts to promote sales. From her knowledge and experience in marketing, she employed a leaflet distribution company to target the wealthy demographics in London. Advertising in local directories worked well, whilst all this was happening her domain name was becoming more and more popular. The organic google listing began to rise through the rankings, thus making more sales leads.

From speaking to these 2 entrepreneurs, it is quite clear that if they held back and wasn’t brave, they could have lost everything. I guess borrowing money and growing your debt can be very daunting, however the power of the internet makes researching a {business
|company|partnership|firm} idea easier.