Tips for Entrepreneurs to Turn Recession into Revenue

We’ve all heard the bad news: There is a global recession, the housing market continues to decline, the banking industry is struggling and unemployment continues to rise.

But, if you are one of the many whose employment has been affected by the recession, there is a silver lining. Entrepreneurs account for 50 percent of the gross domestic product and 50 percent of job creation in America. Small businesses grew rapidly in the last two recessions. If you prefer being part of an existing company, many companies are looking to upgrade their talent, especially smaller companies who will value previous experience.

Ready to start your own business?
A recent study by Network Solutions and the University of Maryland investigating the overall health of U.S. small business shows that 69 percent of small businesses were profitable in 2008 and, of those, 69 percent say their success was equal to or better than the previous year.

“This is a great time for personal change. Pursue a lifelong passion or turn your professional experiences into profit for yourself,” says Rebecca Rodskog, a corporate change management consultant and founder of Rodskog Change Consulting in New York.

Ever thought of freelancing or consulting? Have a penchant for chocolate? Do you have a talent for knitting? Is calligraphy something you happen to be good at? Believe it or not, you can make money from these skills by starting your own business, says Rodskog.

Having started out on her own after years in corporate America, Rodskog now offers several tips for turning the recession into revenue:

Take it small scale at first.
We’re not talking comprehensive business plans and venture capital commitments. Step one would be to get yourself online. Creating a Web site for your business or to tout your skills is neither difficult nor expensive, and it’s a great way to get yourself started. Let’s face it, everyone searches online first when they are looking for a service or product.

Proactively network.
Connect with new people on social and professional networking sites such as Twitter, Facebook, LinkedIn, Plaxo and Xing. And don’t forget to network offline too. Attend industry, chamber of commerce and community events and always have a business card with you. Some of your best marketing can occur through your own face-to-face and offline communities.

Work with partners.
Don’t be afraid to ask for help from those who have an expertise you don’t. You can also consider bartering your skills for theirs to keep your costs down.

Not ready to go out on your own?
If starting your own business isn’t in the cards for you, Rodskog also suggests a few things to keep in mind to be sure you stand out in the crowd.

In this market, flexibility and adaptability are key essentials to finding a new job. Consider new categories and positions that you otherwise might not pursue.

Tap into one of the many Web sites that specialize in career changes like: http://www.careerchange.com, http://www.rodskog.com, http://www.careerapple.com and http://www.how-to-change-careers.com.

Believe in the power of the collective. Offer to help others when you can whether it’s passing along a job tip, article or helpful contact.

For more information and other valuable tips from Rebecca Rodskog and Network Solutions, visit http://www.growsmartbusiness.com.

- Courtesy of ARA

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