Listen Carefully…

Opportunity knocks softly…
In light of our economic downturn (nationally as well as globally), there are still plenty of opportunities out there in the world. January of 09 saw close to 600,000 job losses. So what do the unemployed do? Where do they turn? I have a hunch that this will be the dawn of many a new entrepreneur.

Let’s take a look at Circuit City for example…
When a huge big box electronics retailer tanks, does that mean that there was not a need for their products? I’d venture to say that in the local communities that they served, the residents found Circuit City’s retail store very useful. However, on a Macro scale I’m sure the store was experiencing its fair share of decreasing sales, and thus the big decisions needed to be made, ie – shutting down, closing up shop.

Now let’s ponder for a second…
Could a smaller, well equipped Mom and Pop electronics store take Circuit City’s place? A store that hires an 1/8 of what the big retailer was hiring? A store that could operate on an 1/8 of what the big retailer needed to operate on (electricity, utilities, insurance, employees, etc)? A store that could still service the basic needs of its local community? I don’t know the answer for sure but, I have a hunch that says yes…

Another scenario…
I have a friend that owns a guitar retail store on Sunset Blvd in Hollywood. He has been at his location for over 25 years and he has taught lessons in the back for all those years. Eventually, through the years 2 major Chain guitar and music equipment stores opened on his same block. I believe that competition is good for business and I’m sure my friend will agree… But the difference is that when push comes to shove, share holders are unhappy and stocks are plummeting, the Chain retailers might have to make very drastic and harsh business decisions in order to keep their doors open, whereas the small privately owned retailer has a lot more room to breath and flexibility due to the fact that he has lower operating costs and overall expenses. If in the event one of those Chain retailer decides to shut its doors, My friend the independent will still be able to service his local community.

The point is simply this…
Just because there are major layoffs and giant corporations are shutting down doesn’t mean that there is a lack of need for their products/services in the local community. It just means that their business models weren’t flexible enough to get them through the storm, mainly due to their size.

That’s where you the entrepreneur comes in…
If you managed a major store in your area that closed and you think you can open your own smaller location that can continue servicing your area, by all means start writing your business plan. If the plan is solid enough and the facts and figures add up, then go for it. Chase opportunity relentlessly!

TM~

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