My mind is going in a million directions right now. I’m not sure what to think or even what to write about concerning recent events in the stock market. It’s certainly hard to ignore.

As small business owners, the best thing I can do at this point is give you a few words of wisdom and encouragement during these difficult times:

Call in your financial power team.
Perhaps it’s time to take a good look at your overall financial situation. Call in your financial advisors, accountants, money managers, etc. to give you a report on how you’re doing and help you assess your spending habits.

Be frugal.
Saving is the key. I’m not telling you not to spend money, but I’m simply reminding you to save for a rainy day. If you don’t immediately need it right now, think twice before purchasing. It’s better to have some money in savings and be cushioned than to spend it all and have nothing when the rain pours. However, be sure you aren’t holding back too tightly. Sometimes you have to spend some money in order to make money.

Don’t obsess.
People at the news stations are paid to deliver news. They are all sitting in their comfy jobs and receiving their regular paychecks in exchange for giving you the economic news of the day. Always remember that fear and embellishment sells. I’ve lived through numerous hurricanes and have seen the way reporters grossly exaggerate reality on the ground.

There is still money floating around in the world.
People still need to buy and sell shelter, clothing, and food. Despite the economic situation, I’m guessing there are still long lines at the Disney parks and cars still parked at malls.

Market, market, market.
The difficult times are when you need to market the most. Don’t forget to market your business and be creative about bringing in clients.

The Wall Street Bull
Photo Credit: www.sociallinks.com

The good news is that consumer demand still exists. Americans are still lining up for the rides at Disneyland and the slots in Las Vegas. The lines at Costco are long as people continue to purchase those irresistible impulse items on display. Sundays at the mall are still packed with Americans, shopping bags in hand. Concerts are still packed.

People still need to care for and protect their valuable assets. They are still spending money on services. Americans will continue to send their children to soccer and daycare, hire a repair person, cleaner, and yard maintenance crew. The majority are still renewing their gym and zoo memberships.

Despite all the layoffs, there are still people who have jobs and are doing just fine. Money is still flowing and spending is still happening. Wall Street is still open and companies are still trading. There is no doubt some Americans have tightened their wallets, but these same people are still out looking for great deals that will save them money. Saving money does not mean they will not buy something on impulse.

As an entrepreneur and small business owner, it is up to you to pinpoint demand and come up with the latest valuable product or service to meet a need. Be creative and think about how you can take full advantage of the economy. Here are a few suggestions:

Think: Europe. The Euro is still very strong and European consumers are looking towards the United States to spend money and vacation.

Think: small business. Many small and medium businesses are still doing really well. Think about a product or service they need.

Think: big business. With all the layoffs, companies are looking to save money by cutting costs on many levels. As an entrepreneur, think about a product or service you can offer that would save them money while making you money.

Think: recently unemployed. This crowd does not have a steady paycheck, but they are still spending some money. What service or product will make their lives easier and save them a bundle?

Think: currently employed. Not everyone has been affected by the economy. Many are still receiving paychecks and remodeling their homes. How can you tap into this wealth?