The Business End

It’s not uncommon to run across someone these days who is worried about the market. I think all of us are worried about what happens on Wall Street. What about Main Street? The street you and I work on every day? I think it’s a safe bet to say that most people are looking for deals. There is money out there and services need to be rendered but what do you do as a business owner when everyone you talk to is holding back on making that commitment?

For several years I have been in business for myself. I started out with a Web Design firm which was eventually sold off to a Dallas based advertising firm. Even in good times I noticed that people shrunk back from time to time. It seemed to be emotional and there was not much I could do about it. Until one day, I went and met up with friend of mine, Dustin Schilling. He was telling me that there are only a couple places you could go where you would find people who were “doing deals” as he would say.

It’s like the old advertising adage: “You need to go where the eyes are”. Dustin, recommended that I go to places where people congregate and although it may sound a bit weird at first he mentioned a popular steak house in Dallas. Believe it or not he was right! I was able to find work even though people seemed to be falling behind.

The trap that you can easily get into is that you sometimes get used to business just falling in your lap when times are good. You need to get off your butt and get out there and do something. That is what will separate you from those who fail.

So if you are feeling the crunch, try to seek out new places to go and things to do where other business professionals frequent. By doing this you will be making a great investment in your future business and relationships.

Its time for me to post something again. I seem to have had writers block this week. So here goes! As we all know there are many factors that affect the market conditions. Much of that is speculation and emotion. Sure there is a science to investing but more times than I would like to admit, Emotion takes over science. When we here of things happening in the market we often are first to think about Wall Street. Really, we should think about main street. That is where you and I make most of our money, and isn’t the failure on main street that ultimately caused the failure on wall street?

I heard a reporter talk about what is known as The CNBC effect. When people become more aware of things due to the way the media reports they emotionally decide to buy or sell. Watching Jim Cramer’s show Mad Money is a good example. A market “reaction” is what usually is referred as a Wall Street reaction.  I have noticed reactions in main street. Companies are cutting back and holding on from spending.

Ford Motor Company was down in sales 30%. Those on main street have decided not to buy cars. Why? It’s not because they don’t have the money, its the fear of the unknown. That is the one thing that we all can understand. When in doubt don’t spend it.

The good news is that you do not have to let other people scare you into hording cash under your mattress. If you are a small business or a new start-up, you are a bit more agile than the big company because of your reduced overhead. I think that in this financial crisis wall street is facing, now is the best time to start a business. Of course you need a business idea that makes sense. The consumer has money but is looking for ways to stretch their dollar. I am a perfect example. I have money to spend on a TV but I probably won’t buy one until I know I get a steal. My wife has been wanting a new TV for some time but I don’t care. (I know its weird… she watches more TV than I do.) I am using my leverage to hold out retailers until they get to a price I deem “A Good Deal”.

If you are having trouble with sales, this is probably the same thing your prospects are doing. Education goes a long way to showing the client all what he or she gets from the transaction. If the client feels that they have a good deal and its something that will ultimately help them or their business, it should be an easy sell. I have sold more than I have in a very long time and I think it has to do with adjusting to the conditions on main street.

Give it a try, I’m sure if you focused in the right place you would see great results!