How my business thrived in a recession
We are living in unprecedented times. No one really knows what the near future holds which causes some people to sit back and wait to see what happens while others take action to see where opportunities lie.
Data from past recessions shows that launching a business in difficult times can be highly rewarding. Why? Because in a contracting market demand may slow, but it does not go away. Business owners who commit to maintaining or even expanding their services by being persistent and creative will flourish. Those who sit back and wait for better times will not survive.
Nearly 15 years ago my husband and I were working through the final steps of opening our dream business, a childcare center. My personal motivation had been to exit my 22 year career in healthcare by becoming a business owner. I was looking to gain more flexibility in my personal life as the mother of two young girls while building a business that would reward me financially while also providing us an asset.
The planning phase for our childcare business took four long years as I had to develop my own roadmap by reading everything I could about the industry and even investing over 60k and countless hours in coaching provided to me by experts. Ultimately, we felt we had a good working model so we sought financing, acquired a property and laid the foundation for opening a childcare center that would grow to serve 140 children ages 6 weeks to preschool.
Our grand opening was in January 2007. Little did we know that the “great recession” was just around the corner. Was it difficult? Yes, extraordinarily so. But because we doubled down, the business grew and even thrived. So much so that in our fourth year of operation we received an offer we could not refuse and decided to sell the business. We thrived in a recession not only because of the business we were in but also because of the determination we had to avoid being another statistic. Customers needed what we offered. We sought them out and they responded with their loyalty.
By 2014 we were ready to jump back into ownership. My husband and I opened a franchise in 2014 while I simultaneously launched a consulting practice dedicated to helping people explore ownership through franchising. My internal desire this time around was to share my knowledge, experiences and wisdom gained from becoming a successful entrepreneur.
Today we face a different kind of ‘recession.’ It is hard to see where the end will be. What is clear though is that as we move forward in our communities people will continue to have needs for products and services. Our markets also have a pent up demand for employment. In your local area there will be entrepreneurs who find a way to thrive in these troubled times by building businesses that flourish. They will be rewarded for their foresight, courage and of course hard work and determination.
We are a nation of small businesses. Are you interested in learning whether there are opportunities right now that are looking for our next generation of business leaders?
If I can help you or someone you know who is looking for a new direction let’s schedule a time to chat. Please feel free to text or call me at 207-991-0138.