The Upside: What Recession? Solutions for the New Economy
Filed under: Entrepreneurship, Recession, Recession Diaries
"I don't use the word recession," says gallery owner and art consultant Heidi McBride. "Any time I think about financial challenges I say 'I'm dealing with the new economy.' "I couldn't agree more. For two years now the prognosticators have been like unrepentant drunks, promising us that we've hit bottom and that this time it really is going to get better.
Don't believe them. In the aftermath of a bull market all that's left is B.S.
But even though I'm one of the U.S.'s many underemployed, I'm not depressed. That's because I've already gone through denial, anger, and bargaining, and have finally moved on to acceptance.
The key is flexibility. Which is why, in addition to seeking work in other media (why else would the guy who can't balance his checkbook write for a finance site?), I've begun doing Recession Yoga. In just a few weeks I've mastered Downsizing Dog, Can't Afford Childcare Pose, and Bikram Meltdown. Supplemented, of course, with Head Tilting Tequila and Falling Down Drunk.
It doesn't earn me any money, but it's done wonders for my ass.
Others have chosen to stretch their businesses in new directions. Like Karen Kane, a travel consultant and owner of Paris by Design. When business began to falter last fall, did she pull out her hair, gnash her teeth and shake her fist at the gods? Probably. But she also adapted. Instead of focusing on once-in-a-lifetime excursions to the French capital for high-end clients, she zeroed in on affordable travel to "the next best thing to being in Paris--and at half the price."
Introducing Montreal by Design. Kane even went one step further by creating downloadable self-guided tours for only $14.95, including Cheap Eats Montreal, Montreal for Francophones and Montreal for Chocolate Lovers. I'm there as soon as she comes up with Montreal for People Who Forgot Their High School French.
If you've already downsized as much as you can, what about upsizing? A friend who owns a creative firm got really creative when he proposed teaming up with his competitors. That's right, his competitors. Now three regional firms will share staff, projects and overhead, allowing them to maximize profitability by pursuing larger jobs internationally. Oh, and saving their businesses from going under.
Lean times caused the world-renowned Oregon Shakespeare Festival to trim some of the fat out of its budget, but it's still trying to make some gravy. The festival has experimented with "dynamic pricing," charging a premium for shows that are selling out. "We've been doing dynamic pricing on the downside for years with discounts and two-for-ones," says festival executive director Paul Nicholson. But by adding just $4-5 per ticket for their most popular shows last season, the festival gained an additional $133,000.
OSF is also expanding the use of its current resources by developing "synergistic venture projects" with other theaters, whether it's jobbing out their costume department or marketing the software program they've developed for their state-of-the-art lighting system.
The name of this new LLC is OSF Solutions, an apt moniker because this new revenue source provides solutions for other companies as well as its own. Which is just one way to survive in the New Economy.
And that, my friends, is The Upside.
Reader Comments (Page 1 of 1)
7-02-2009 @ 12:27PM
sidney said...
The rules have changed. If you're looking for a great job, with a great company, with great benefits, that you will have your entire life, until you retire, stop looking. That was then this is now. That job doesn't exist anymore for 99% of us. Unless you have unique and remarkable skills you better figure out what will work best for you and your family. I am a former executive who left the corporate world to help people adjust to the new realities. My suggestion to most is to do what millions of people are doing now, find a good home business. That won't work for everyone but if you find one that you can get into for virtually no investment and learn the right skills, you should do well.
There are two opportunities that my clients have had the most success with. One is an amazing opportunity to profit from Ebay and there are well over 720,000 people making a full time living with them. http://cli.gs/HomeBizSuccessSystem That's a huge company to work with. The other great opportunity is working with a company that we all know, Google, http://cli.gs/GoogleHomeBizSuccessSystem
So many of my clients tell me that they are loving working for themselves, making more money than before, in less time, and enjoy the extra time they have to spend with their families.
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7-02-2009 @ 12:44PM
Justin said...
I was a manager of a Circuit City store. I was making over $70K a year but they let me go right after Christmas. In retrospect they did me a favor. I got a couple of months severance pay and used the time I had to find something new and different. I had read many books by Robert Allen and decided to check out a program that he had available. It was a way to develop multiple streams of income, http://tr.im/RobertAllenIncomeStreams . I have to say that he knows his stuff and has excellent ideas and training. I am now making a little more money than I was before and see that my businesses should continue to grow. Best of all, I'm working less 20 hours a week, when I was putting in close to 60 before. I'm able to play ball, have a hobby, and best of all, spend so much more time with my children.
7-04-2009 @ 2:20AM
Happy Now said...
I lost my job and after not finding one for a couple of months I was losing hope. Then a friend of mine told me about a service that promises to find you a job or they will pay you $250 http://cli.gs/GuaranteedJobHunt . It cost next to nothing to try so I gave it a shot. Within two weeks they found me a job that I love and that pays me more than the job I lost. Life is good now :)
7-04-2009 @ 11:28AM
Karen Kane said...
Merci beaucoup for your mention of Montreal by Design. Let the record show that there was only a little hair pulling and teeth gnashing, and no fist-shaking at the gods before I started the Montreal venture! It was actually an exciting proposition. I tested the waters with an idea I had been harboring for months, and the response was very positive - which I took as a sign from the gods. (Everyone needs encouragement, n'est-ce pas?) I love your idea of a self-guided tour for People Who Forgot Their High School French. If I create one, you'll get full credit for the idea - and a free copy of the tour.
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7-05-2009 @ 10:18PM
Kristen said...
Agreed - finding the silver lining in the "new economy" and a lay off can pay off - financially and emotionally. But getting going does require a lot of energy and work. Hats off to those who can do so with smiles on their faces.
On FiLife there's a good conversation going about "what to work on when you can't work." It's worth a look: http://www.filife.com/stories/furloughed-what-to-work-on-when-you-cant-work
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7-06-2009 @ 10:50AM
Louida said...
Stop raising taxes would be a start.
Lou @ http://EarningFreeMoney.com (Free list of work from home programs that won't cost you)
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7-08-2009 @ 6:18PM
Thomas said...
Why not lower the retirement age to 50.
Let the older generation retire if they want. being company's and businesses are looking for younger more energetic and physically capable adults to do the job.
It would open up more jobs for those just getting out of school ,that have been trained in the new job fields.
Don't worrie about money..
the value of money isn't worth the paper its printed on.
Its just a bank note
Printed by the Federal Reserve
There should be no problem printing more money to distribute around to pay off this debt.
Money its self has no value.
Truth is people producing / working have value.
Money is just a manipulation to get people to work, to do the job.
Its used by the upper class to have power and control over the working class.
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7-17-2009 @ 1:00PM
Willy said...
Testing. (Sorry.)
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9-03-2009 @ 6:39AM
Jane said...
We could also look at the situation as a new opportunity to rise and live beyond our comfort zones. It is during times like this that the unexpected happens. Thanks for a great post. By the way, this might interest you too. I ask you to take a look at this unbelievable Educational courses available to all levels of traders, to Alternative Investment Opportunities that will give you massive returns for a small initial investment, you will be on your way to creating multiple streams of income in no time. Have a remarkable day!
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