Showing posts with label Start-ups. Show all posts

What businesses to start in a recession?

Providing consultancy and training on credit control processes.
Providing outsourced credit control and debt collection.
Providing factoring.
Providing credit insurance.
Providing company credit checks.
Insolvency practitioners.
Private investigators

Source:

Unemployed people need assistance in finding new jobs. You could consider starting an employment agency, a life coaching service, a personal image consultancy, job skills training, or a resume writing service. Helping people become employed is a public service as you help other companies find talented staff people. A job is the best social program in existance, and a potential life saver for the person landing the new position.

Helping companies increase their customer lists and boost their sales success is a powerful form of consulting service. Working with business owners and staff on enhancing sales and marketing skills, improved public relations, and better customer service will boost the organization's bottom line. It will also keep people employed and even add more staff members. Along with sales and marketing advice, new idea brainstorming sessions could be offered to creative minded companies.

Source:

How to earn more money during recession?
1) Search for more money opportunities: I am considering blogging opportunities. All online job opportunities that requires no or very less investments.

2) If you own a blog, think to start another one. This will take some time to see the results but will be helpful to double the income if the recession period is too long.

3) If you are selling 1 ad space on your site, make it 2 or 3 ad spaces. Even if you think ads are distracting to your readers, forget this thought at least for some time i.e. till recession period.

4) Look for more publisher ad opportunities. If you are running Google Adsense on you blog why not think to join any new publisher ad network like CPM ad networks.

5) Approach to more advertisers directly to place ads on your blog. Offer some discount in recession period. Instead of stopping the complete business everyone think to cut the cost in recession. So your discount offer might be appealing to advertisers.

6) Think about freelance writing opportunities. Write some guest paid posts on other blogs. You will get money as well as some exposure to your blog.

7) If required spend some money on online marketing even if you have not spend a dime before. But keep the eye on ROI. If no ROI, stop spending.

8 ) Look for some affiliate deals: Sell some books on your blog niche topic.

9) If you are expert in some topic don’t hesitate to write book on this topic. Keep your books short and cost effective so that people can buy them even in recession. People starve to increase sell in recession period by any means. So your business ideas or expertise can help them in recession.

10) Look for part time job opportunities: If only blogging income is not sufficient for your living, think of some more job opportunities. May be in companies interested in your skills. More part time or contract job opportunities get created in recession period.

There are plenty of online recession proof business opportunities other than blogging. Try them.

Here are some of them:

Purchase and sell domains (Warning: Requires very good knowledge of domain market)
Purchase and park the domains. Spend some money on marketing parked domains. Use your existing blog portfolio to get traffic to parked domains

There is no need to tell other common cost saving daily life ideas and habits during recession.

Source:

Jim Surguy, senior partner of Harvest Consulting, said the secret was to remember that, during an economic downturn, consumers will think hard about what products to buy.

“When times are hard people will search for value, so the response should be to make smaller versions of the same things they always buy — drinks in half-sized bottles, or seeds not plants, or holidays lasting five days instead of seven days.”

Another option is to keep everything the same size but “value engineer” products down to get a lower price — in other words, reduce the cost of the elements that go towards making it.

“You can make the packaging cheaper, you can make the plastic thinner, you can perhaps alter the ingredients, but keep it the same size and you can then lower the price,” said Surguy.

One example of value engineering, he said, is Tesco selling unripe fruit that will ripen at home. “That saves Tesco having to store the fruit and ripen it themselves, which costs them money. They are just taking money out of the system.”

Another avenue to explore when considering what products or services to offer in a recession, is the concept of the affordable treat. “When times are hard you have to satisfy people’s emotional needs beyond just value,” said Surguy.

“In the last recession in the early 1990s one of the things that was successful was Häagen-Dazs ice cream. It was luxurious in its sector, but it wasn’t hugely expensive and so was an affordable treat.”

Source: The Times

Can you think of any more?

Dominic McVey

Today in class I was talking about Dominic McVey. From startups.co.uk I reprint this story. Make sure you read to the end...

At the age of just 13, Dominic McVey exploded into the public’s consciousness when he started importing collapsible scooters from the USA, making him a reported £5 million. Now 19, McVey has sought to find other lucrative niches in the market, with varying success. Here the outspoken entrepreneur talks exclusively to Startups.co.uk about his astonishing rise, his views on UK business and his plans for the future.

How did you first come up with the idea for importing the scooters?

I had been looking round the internet and was looking for the credit card website Visa, but I spelt it wrong – Viza, and I came across this website which was manufacturing scooters and I really wanted one. But I couldn’t afford one, and neither could my parents, so I emailed them and said “I think you should send me a scooter, I would sell loads over here.”

They said no, but if you buy five, we’ll give you one free. So as I really wanted one for free, I saved up to buy five, which I did by organising under-18s discos, buying stocks and shares and selling mini disc players in Japan.

So I got five over, and got one for free, which I was really happy with, but then I thought I should sell the other five, which I did within a week, to family and friends. The next week I sold 10, and it just went on from there.

I never really saw the potential until the product landed on my doorstep, and I guess I had to move on it. A lot of people say it was luck, but if you look at football teams they can score a goal one week, but they are not going to score goals every week if they’re bottom of the Premier League.

I looked at in a very childish and naïve way, which is probably the best way to do so at the time because you weren’t bombarded with stress and issues and problems.

I was very, very competitive. I guess I was very mouthy about other products out there, but all the others out there were crap and expensive. The press really liked me and everyone liked the product, so that really helped.

You’re quoted as saying you weren’t very keen on the scooters, but you saw the business potential in selling them, which must be quite unusual for someone quite young?

After a week, I guess I was bored of the product. What really shone to me was that I could see everyone in London going to work on one, everyone needs one in the boot of the car if they got stuck in traffic, I really drove that message home.

I used to go up to Liverpool Street station and get chased around by the security for handing out flyers, I’d shoot of on my scooter in my lunch break from school. I sold to a lot of city executives as toys, but people began to commute on them, which caused a bit of a fuss with road safety people.

Did you find your age was a problem in terms of being taken seriously?

I blagged it a lot – a lot of the business I did was over the phone or on the internet. I was very good with computers at the time and had friends who were great with IT, so I had great presentations. Whenever I did meet companies, even if I thought I couldn’t get any business out of them, I asked them a million and one questions about how they did business. They loved telling me because they felt like the other brother telling the kid what to do. The added advantage is that the money you make is in a sense all yours, because you don’t have a mortgage or bills, all I was paying for was the internet and my mobile phone.

So you overcome the age gap with technology?

Yes, everything was done from my bed!

You didn’t go on to university – do you feel there is too much to pressure for young people to do that rather than start up a business?

It’s all wrong. The only reason that the government are pressuring people to go to university is because of the banks. Banks make more money from student loans and overdraft than anything else.

The banks tell the government they will not employ anyone without a degree, the banks being the biggest employers in the UK, the government reacts to this. A lot more people should be encouraged to take their own steps in life and encouraged to go into apprenticeships and traded skills. There is a huge skills shortage, especially women.

Do you think there’s enough support for young people who want to start up their own business?

I think there’s a huge lack of support. What I’ve noticed about young people trying to get into business is that they aren’t really my cup of tea. There are very few young people who are trying to start up a business and there doesn’t seem to be enough of the right sort of people. Back in the 40s, 50s, 60s, they would’ve been working on market stalls, that to me is the tight kind of entrepreneur, ducking and diving, trying to make his money to get into the bigger picture. But a lot of the new breed of young entrepreneurs they don’t have to seem to have this streak in them, they seem very middle to upper class, parent may have a lot of money and not much to do with it.

What more could the government do to help young entrepreneurs?

There’s far too much red tape, there’s nowhere for people to go. I went down Walthamstow High Road the other day and I went into a local frame store, which is opposite Waltham Forest Town Hall.

I said to him, “you’ve only been here six months, how’s it going? Are the council helping a lot?” He said, “What? I only hear from the council when they want their fees paid.” I said, “is there no forums, no networking groups, no grants, helping you out?” He said he wouldn’t even know where to call and they probably don’t know he exists. It’s the same for everything in this whole street, which is a nice street and is beginning to buzz a bit.

So what you think of support groups like Business Link, Shell LiveWIRE or the Prince’s Trust? Have you been in contact with them?

Prince’s Trust, I have no respect for, none whatsoever. I tried to get a grant from them and because of my circumstance I got put through to someone quite senior. Their comment was that they did not believe that anyone under the age of 21 is capable of running their own business, although they will provide knives if you want to be a chef or decks if you want to be a DJ.

Prince’s Trust do these huge events and you see three or four success stories coming out of it. For me, it’s disgusting. They are making millions of pounds, where is it going? It’s going on their Mayfair offices, it’s going on their swanky parties, it’s going on their swanky concerts and it’s pleasing these multi-millionaire Sirs and Lords that are at the top of the charity. It’s crap.

What about Shell LiveWIRE – did you go to them?

They wanted me to be a judge, but I think they are very understaffed. I gave up with them. I don’t see so much as a role model, but I see myself as someone who has done it, so why can’t you?

Once you achieved success, did you think “what now?” or did you have lots of ideas lined up?

I made the mistake of thinking I could do anything, and I lost a lost a lot of money. I had about 30 goals, which was the problem. You really need to consolidate your interests, I guess take time out to work out where you’re going next. I didn’t do that, I rushed in to everything, I wanted this and that and wanted to do it all and ended up losing a lot of money.

It was depressing because I didn’t expect it, but I will say that I’ve taken a route in life in which I will experience serious highs, but I will also experience serious lows. But if I wanted to be a teacher, I would experience those lows, but I also wouldn’t experience those highs. When I hit 17, I pulled back and did a lot of work for the government and managed a band. It burnt a hole in my pocket but it was worth it.

Can you explain what you are doing now?

I’m the business careers adviser for Hachette Filipacchi (a publishing company) and I do careers supplements for Elle Girl and other titles they have. I’m writing a book, it’s not a biography, and it’s not about myself, but it refers to my experiences in life about me as a businessman.

I’m very involved in the pharmaceutical industry now, manufacturing products for some very high-end retailers and brands, which I can’t mention because they like to pretend they manufacture them.

I’m involved with customer service telephone lines. We have these huge call centres where you can call in to say “my Johnny has reacted badly to this cream.” Customer service in the UK is crap, it’s all being shifted out Bombay. We’re going to manage the infrastructure of restaurants, hair salons, whatever it is, you will not need a receptionist any more, we take all the bookings, all the credit card details.

We’ll do all this for free, unless you sell products, in which case we will charge you a very small fee.

So what you your advice be to a young entrepreneur who has a great idea but doesn’t know what to do next?

Well, when someone’s telling you that you are doing wrong, turn that into positive energy and prove them wrong. Have enough drive in you that you do not see those brick walls and no-one stops you, whatever happens you have got to get there.

You have to look upon yourself as someone that is a failure, because you have to fear not succeeding. Because if you don’t, you have no drive pushing you in the right direction.

You’ve just got to get on with it, you’ve got to focus on one thing and go for it. Stop talking about it, don’t talk about it with your family and friends, get on with it. Because if you don’t, in a year’s time you will see someone else doing it."

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Everything is almost in place...

..for the wonderful Economics students engaged in 'the project'. From your point of view it is VITAL that you are all working equally hard and you can all rely on each other as this will make an enormous difference to the success of the project. Ten people in all are involved with 'outsiders' from four different countries.

When it is explained - which will take some time - you will be breathless.

Remember, life is not measured by how many breaths we take, but by the moments that take our breath away.

But you have to do your Podcasts, your website, your booklet, your mind maps, your teamwork, your translations and...be ready.

When this has proven to be successful I expect others to join in - Kirill, James, Rebecca and others - but that's for you to decide, not me...

Keep working (on your laptops); keep reading and keep organised...

Making sure you read posts

It seems people are not reading posts at all, or are not reading them properly.

I don't need to see comments from people asking me what a podcast is - click the link!!!

I don't want to see lists of nonsense about work to be done for Economics when people who have posted that clearly have not read the instructions.

(I also don't want to see swearing and rudeness in Russian...)

Also make sure you understand LIBOR and why it is important

I see only Lotfi and Anastasia are coming to LSE - OK then, so be it.

Also, sort the dates and times out in your blogs - and don't suggest I am writing about haircuts!

Business competition closes soon.....

I never wrote:

"What do you need to do with your chapters:
1. Read it carefully, write a detailed review."

or

"Each of you must read the introduction and two reviews sections in this book."

Some people are not following instructions.

Do as I say and in about 2 weeks time you'll be very very proud; in 20 weeks time you'll be even more proud; in 43 weeks time you might be quite rich!

It's all so simple - and yet the possibilities are endless. This will have an impact on:

Your university application
Your examinations
Your family
Your long-term career aspirations
Your personal wealth
Your confidence
Your friends elsewhere

If at least one of you (preferably all) are good at ICT then the future is really great!

Just read the blog, you'll be fine...

In fact the more I think about it you'll be a lot more than fine - you'll be very well indeed. You'll be able to look forward to a life of luxury - having graduated from University with a 1:1 degree, rich and famous beyond your wildest dreams...

In the later stages there will be a new person joining you...from outside the college...but more of that later.

Further developments

Make sure you keep referring back to this

Things are moving along faster than expected - there will be some events happening very soon....

You will be startled, surprised, happy, delirious, very very excited...