For all your online business building info! , 2020-08-08 05:19:03
Credit Crunch – Good Opportunities for Online Businesses?
The credit crisis, the last two month you can’t open a newspaper or see the news on television, everybody is talking about it. The prognosis for 2009 is for most company’s not very good. But this doesn’t mean that there is no money to be made.
In a worldwide recession only strong businesses will survive. This means that only businesses that have enough capital on hand or have small expenses can survive this storm. To safeguard their business most company owners are already making cuts in their workforce, because they need to keep down their expenses. (The largest expense for any company is labour cost.)
The great thing of most online businesses (especially the small once) is that most of them don’t have a large workforce or even better, almost none. The expenses of many online businesses are relatively low, especially the once that have good automated systems in place.
Of course you should look if your online business can reduce the expenses even further. Some things you can look at are:
- Hosting cost – if hosting cost is the largest expense than you should try to find a cheaper hosting provider.
- Content Cost – if you pay a writer to make content for your business website, maybe you should look into ways that you get content for free. For instance by adding a forum to your website. This way, users create content for you for free.
- Automation – Try to find out if you can automate thing to reduce your costs even further.
The first thing most offline businesses do if they have to cut their expenses is reducing their marketing budget. Of course online marketing is the way to go for most of them, because online advertising is cheap.
But if you, as (online) business owner, where already making use of online advertising as the only form of advertising then you should maybe look for other ways to reduce your marketing budget. Some good and cheap ways to promote your online business are:
- Forums – you can participate in some forums, with a link to your website of course.
- Something for free – To get those wanted links from other websites you should give away something for free. This always gets some links from other websites.
- Guest Blogger – Become a guest blogger on some popular blogs, of course make sure that they link to your site. Blog owners are always looking for new fresh content.
Take another look at you business plans for 2009 and make adjustments where needed. Try to cut your expenses and look for alternatives ways to promote your business. This way you will probably survive this economic dip.
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