Dec 03 2008
Smart Business Ideas during Slow Economic Times
A Mexican restaurant opened eight weeks ago. The owners purchased the restaurant as is. With a new coat of paint and considerable cleaning, it was ready for business. Following a slow first few weeks, there is considerable lunch traffic and an increasing evening business. Talking with the owner of the restaurant, they were paying the bills.
Since opening, the stock market went down 40% and a $700 billion bailout was approved by the government. The price of food has been on a steady increase and the mortgage industry is a mess. Everyone from credit cards to the auto industry wants a handout.
Yet, this small, family-owned business is able to pay its monthly bills on time.
The business has ideas to expand its market by increasing its takeout menu and catering. Both ventures do not cost additional capital and will add incremental profit. As the restaurant can afford it, they will increase the use of space in the existing building and create additional capacity out back.
The marketing plan involved talking with the neighboring businesses and flyers at local establishments. The marketing next step is word of mouth. Up to this point, the word is getting out. During the holidays, special food offerings will increase sales. A simple, common sense approach is working.
At a time when most organizations are looking for help, it is refreshing to see the small business environment continues to offer opportunities for those that are willing to try. This example shows that with an idea and effort, the backbone of the United States economy continues to thrive.
