Being a part of an SEO and Sales Acceleration firm, we have, what I consider, unique insight into the small business community in Denver and All across the Front Range of Colorado.
So, if a young entrepreneur where to ask me, what type company should I start now, in this economic environment, I would stick with the same answer that we would have given 10 years ago. Build a business on what you love to do, and do very well.
After you have that in your pocket you can start to work on how to make it profitable in whatever economic environment you find your business sailing through.
Many of the clients we work with have been in business for 10 years, some 60 plus. Those businesses have earned through hard work and excellent performance, a customer base and reputation that sustains (at a minimum) their revenues through even the toughest economic times.
As a new business the truth is, in 99% of the cases, you are going to have to earn that customer loyalty. You do that by operating on lower margins because you are going to have buy customers at a much higher expense than the business that has 1000’s of happy customers.
Business that we have worked with or do work with that have done well, and continued to grow in the last 4 years all have adjusted and found new ways to entice new business, through expansion of products, pricing, or different and better ROI advertising.
Starting a new business. Focus on providing great value, not lots of revenues. Ask yourself what your business can do that is unique and goes way beyond what any other competitor provides.