Normally my e-mails are very upbeat and I’m shouting success from the rooftops, today however it’s time for some other reality.
Britain, Europe and America are in one hell of a recession.
The politicians are lying about it and the media is too blind to see it. However, consumers know. They know it in their guts and they’re running scared. They’re tightening up the purse strings like a hooker with a headache. Almost every entrepreneur I know says business is down. Way down. In my case, I’ve got media buys, PPC campaigns and print ads that, a short time ago were working like gang busters. But now, some are just limping along and sometimes, even losing money.
In this post, because of the economic situation, I simply want to give you something to think about. Something that can give you an “edge” during today’s tough times. So, get yourself a cold drink (beer/wine/milk/water), settle down in your favourite comfy chair and tell the kids not to disturb you so you can ruminate and cogitate about this.
It may be smartest to quit. Neil Asher
Let me tell you 2 little stories;
1. last night whilst reading Forbes I read a great story about an English guy who saw that Gold was at record highs and that the people in Greece are basically screwed.
Seeing an opportunity he moved to Greece and set up a pawn shop doing “Cash for old Gold” you’ve no doubt seen these shops on the high street.
Fact is they’re killing it making oodles of cash as people sell anything they can to get by.
So imagine how this went down in Greece where it’s customary to give Gold as gifts…. he’s making OODLES of cash! in fact he just raised €25 million to open 50 more shops to add to the 16 he opened in the first 8 months!
Lesson – stay open to opportunities as the market shifts, there is ALWAYS money to be made if you’re open to change.
2. I had a call from a VERY high profile seminar guy this week who wants me to help him with his business. I know he’s suffering because people only call me when they’re in the shit and they need my help to stay afloat…. BIG ego’s in business that don’t like admitting they’re screwed and need help.
I took a quick look at his niche and within 1 hour I knew he was f*cked (scuse the french). His business model is based on selling something people no longer want or need.
Yet he’s fighting to stay alive in his business because he’s too close to the business to see that niche is gone. He “is” the business, if that makes sense.
So, when I told him he should close the business and start in a new niche (I gave him the niche) he told me I was an idiot (reasonably true) and I didn’t know what I was talking about (also true), So I bid him farewell and I’ll take scant pleasure in seeing him struggle in a business that’s no longer viable.
When It’s Over, It’s Over!
Sure it’s hard. I know that. But when a love affair has gone irretrievably bad, when a business is no longer viable, when your media buys, PPC campaigns and direct mail letters stop working then… think about quitting, cutting your losses and getting into another game.
I’ve said it before and I’ll say it again, 4 out of 5 of the businesses I test flat out don’t work, 2 lose money, 2 barely break even and only 1 will go onto to make a profit… out of 5 that make a profit only 1 is a blockbuster that I focus lots of energy on. I may LOVE the idea, but the market tells you if it’s working or not.
You’ve gotta detach from your business… YOU ARE NOT YOUR BUSINESS.
The Delphic Oracle said it best
Know Thyself, Be Thyself, Love thyself.
Look, in spite of this bizarre metaphysical example, I’m trying to make a serious point here Neil asher
Has your business failed to make a profit for a long time? Do you see sales slipping and things getting tougher?
If so, maybe it’s not viable anymore. Maybe it never was. Maybe it’s time to close up shop and go on to something else. Think about it. That’s all I’m saying…
Business is TOUGH at the best of times, in a recessions you NEED every possible advantage with you just to survive, if you don’t have a product or service that people want anymore, maybe it’s time to change … Think about it.
Listen this is a call to action, take a step back from your life and with fresh eyes ask yourself “knowing what I know now would i get into this business, relationship, job or situation” if the honest answer is no, it’s time to act.