It's not all bad - get some inspiration from this post about people who succeeded despite the odds.
With the economic downturn in full swing, analysts say things are bound to get worse over the next few years before they start getting any better. So how do you beat the recession and keep your online business profitable?
1. Treat every problem as an opportunity waiting to be exploited. Everyone should by now be familiar with the business joke about two shoe salesmen sent to Africa. One of them calls back and tells the head office, “I’m going home. There’s nothing for us here. No one wears shoes.” The other one also calls back home, and can barely contain his excitement. “Quick! Send a million pairs of shoes here… we’re gonna sell so many shoes!” That’s the way it’s going to be with the recession. You can either treat it like the end of the world, or the beginning of bigger and better things. Train yourself to spot the opportunities around you.
2. Innovate. These days, Post-It Notes are standard-issue for business. But this ubiquitous tool for personal organization was the result of a failed attempt at developing a super glue. Instead of throwing the whole thing out the window, the bright boys at 3M Corporation found a way to use the botched adhesive in a different way, and the rest is business history.
3. Seize the moment. While everyone else is standing still, it’s the perfect time to act. In 1974, Paul Allen saw on the cover of a magazine the first microcomputer. He bought a copy and showed it to a buddy of his, a Harvard pre-law student named William Henry Gates III. At that point, they realized that microcomputers were on the verge of getting big, and Allen and Gates seized the opportunity to build Microsoft into the software giant it is today.
Sure, things look scary now. But this, too, shall pass. And when the upturn comes, all the work you put in now will bear even more fruit for your online business. So, are you still afraid of the current recession?