Tips on Keeping Your Retail Business Afloat During a Tough Economy

By: Chuck R Stewart

Our country is in a recession and no one knows when the economy will improve. It may be six months, a year or possibly longer. Businesses, both big and little are struggling during this time. Retail businesses are one type of those companies that are struggling. Recent sales at many companies during the always profitable Christmas season proved to be dismal for a lot but not all.
What did those retail businesses that are doing well do differently than the others that are going out of business? Several businesses have had to get Plano debt relief or even file Chapter 11 with a Plano bankruptcy lawyer to try to save their businesses from going under.
What could you do to not have your business from failing? The first thing during a recession is to decide what you can do in a alternative way to accommodate those shoppers that are struggling in this economy. Make special deals, discounts and sales available to shoppers. Several stores have taken this approach and although their sales are not as good as in the past, they are still alive and kicking. Another idea is to think outside of the box in terms of marketing. Reinventing your current business can pay off in large dividends. Perhaps off an economic stimulus package of some sort to bring people in. One small smoothie shop in Cincinnati did just that by mailing a free smoothie coupon called as an Economic Stimulus Payoff to everyone in town. This brought many people into the shop that had never been in before, thus increasing the chance of gaining new customers during a difficult time.
Some businesses are doing better because of the poor economy and the stresses that go with it. One home brewing business is booming right now. This could be for three reasons. The first is that people are choosing to entertain themselves at home rather than going out and many have taken up new hobbies they can do at home, like home brewing. The second is that if they really enjoy beer, they can now make it themselves instead of buying it which saves them money during economically difficult times. And third reason, that this home brewing shop could be doing so well is that all alcohol related businesses have improved due to the enormous stress many Americans are feeling. They tend to try to rid this stress by drinking. This particular home brewing business owner is not complaining that is for sure. Because his business is doing so well he has plans on opening a second home brewing store. This too is a smart solution because he can get the space at a low cost right now due to the struggling commercial real estate market. What is a successful business keeps on improving.
One last idea is to try to combine your company with another one that may be having a bit of a hard time too. A good example of this is a cycling shop in Boulder that decided to combine with a Multisport triathlon store. By saving money on the rent and combining two similar interests, the business boomed in the outdoorsy and active Boulder.

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Chuck Stewart was very impressed with the quality of workmanship performed by the Plano bankruptcy lawyer at the same practice where he worked. He recently reviewed a Plano debt relief legal practice while preparing to write a paper on the subject of bankruptcy.

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