You Can Still Start A Business in A Recession

1039-woman.jpgYes, you can start a business in a recession. 

We know the headlines are bad, and this is not downplaying the effect of the economic upheaval the U.S. is facing, but no matter what, the world is not going to stop.  You can still start a business, you can still follow your dream, your entrepreneurial fire; you just have to be a little smarter and a little original. 

Recession fears haven’t slown down the venture capitalists, they invested a 6 year high of $29.7 billion dollars in 2007 :

“The industry’s optimism stems from a belief that many of today’s hottest concepts either are recession-resistant or are developing moneysaving products that may have even more appeal during an economic downturn.

The investment areas spurring the optimistic outlook include: health care and biotech; the Internet; and technology aimed at developing alternative energy, reducing pollution and promoting conservation”

         -Yahoo News

A word of caution, I’ve mentioned it a few times already, this is not the time to head into social networking.   If you don’t already have an idea of how to completely revolutionize social networking – please don’t start now.  I believe I’ve reported on at least 6 new sites in the past month; the market is becoming clogged; this is not the time to try to squeeze in.   

Not that social networking isn’t an important aspect of any marketing/promotional campaign in 2008,  just don’t bet the whole kitty on it – don’t be another social networking site.

Look for a niche – find something new – look towards green, the environment. Just because it’s good, doesn’t mean it’s not profitable, and there’s nothing wrong with that.  I wasn’t kidding about the designer grocery bags – with plastics being banned with increasing freqency, it’s going to take a special bag to stand out at the grocery store. 

Keep your eyes open, look for that opportunity to jump out, and no matter what you do,  write a business plan. Do not just take off running, this is not your college road trip.  Work it through,  there are details you haven’t even thought about thinking about yet. 

I’m putting together a detailed post on what should be included in a business plan.  In the meantime, feel free to email me for a business plan outline. 

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Social Networking +Gambling = HubDub

hubdub.jpgThe Scottish have done it again. Nigel Eccles and his partners, Tom Griffiths, Chris Stafford and Rob Jones, have just launched Hubdub.com. A cross between “Digg” and Las Vegas, Hubdub lines up the news stories of the day and members bet on the outcome. When you sign up, you automatically receive $1000 hub dollars, logging in gets you an extra $20 hubs, and if your prediction is right, you win the whole hub kitty.

I’ve already signed up to try it out – I did not receive my $1000 hubs – but I’m assuming that’s just a glitch at this point. My biggest concern for the team right now is the layout – there’s something about the colours and the fonts, that’s just not appealing to my eye. However, we do like to gamble don’t we? We like to be right don’t we? And what better way to prove your intellectual superiority then beating a bunch of absolute strangers?

I think this one has some traction to it.

read more | digg story

MySpace Keeps the Heat on Facebook

Ever since Microsoft bought into Facebook, all anyone’s been talking about has been Facebook, Facebook, Facebook. Myspace has been the “Jan” of the social networking family, but I think Jan’s braces may be coming off.

According to USA Today:

“Celebrities have a new home on one of the Internet’s most popular social networking sites.

MySpace launches its Celebrity Channel today (celebrity .myspace.com), a move that will allow the site’s 110 million users virtual one-stop access to the personal pages and blogs of more than 300 actors, musicians, athletes and other high-profile types.”

My whole argument with social networking revolves around the fact that people only have so much time. So yes, we all love social networking, but we can’t be spread around 27 sites trying to hang out with everyone. That’s why I believe, that after we are swimming in an ocean of social networking sites, most will drop to the side while we all migrate to one or two sites.

Having all these celebrity blogs could definitely start fingers typing myspace.com  again.  It will be interesting to see how many celebrities take the bait.

read more | digg story

Facebook is not a cash machine

The other day I mentioned that personally, I don’t believe that social networking is going to be the all mighty saviour that marketers think it is (here). Here’s a great article from Jim Meskauskas, at iMedia Connection, discussing why hype is oftentimes just hype.

read more | digg story

Social Networking – Next Big Money Maker

A report from The Financial Post – telling us that social networking is going to be the next big thing for everyone – some interesting numbers, some interesting anecdotes.

Personally – I think we’re going to be flooded with social networking in the next year – but at the end of the day, one or two sites will come out on top – not necessarily myspace or facebook though

just my two cents 🙂

read more | digg story