Scrapbook Business Survival in a Recession

Recession is defined as a temporary decline in economic activity. More specifically defined as an extended decline in general business activity, typically two consecutive quarters of falling real gross national product. Whether or not we are in a recession, I am not sure. But we are definitely feeling the affects of one. Due to higher prices and the mortgage industry failing, Americans are spending less. And the biggest area where we tighten our belts is on leisure activities, which includes our beloved hobbies.

We are feeling the effects of an economic recession, so how can we keep our businesses afloat during this time?

Understand your Customer

In order to survive a recession and be able to sell your product or
service, you have to understand your ideal customer. Have you defined
your target market? Perhaps it is time to take another look and redefine. Learn about the buying habits of your customer. Answer the important question about why they buy, and you’ll be ahead of the game.

Focus or generalize
The more focused you are the better chance you have of hitting your target(market). If you try to meet too many needs, you will be shooting aimlessly and possibly not hit anything. But what if you want to offer more? Offering more or additional services is tempting when you are trying to reach more potential clients. Consider this carefully. If you aren't too far off from your original focus, it may be a good strategy to attract more clients. Another suggestion would be to find new customers via your target market and then follow up with additional services you can offer them.

Time for Change
When we change, we grow-both personally and in our business. What changes can you make to your business to aid in your survival during the recession? What is or isn’t working? Find what isn’t working and change it first. One possible solution is to offer a lower priced service-I am not saying lower quality. For example, instead of a larger album, offer a smaller themed album.

Increase Profits
Can you increase your profits without increasing your workload? You may have to get creative with this while not compromising quality. If you can figure out how to save time, then your hourly wage will increase right? Often the most time consuming part of creating a layout is the design process. So when you find a page design that you like, photograph or sketch to use in future projects. Small tweaks, different papers/colors, new photos and journaling can make it unique yet you didn't have to come up with an entirely new design.

Step it Up
It is time to step up your marketing efforts not reduce them. There are plenty of inexpensive and free ways to market your business. To name a few: write and distribute a press release, add fresh content to your site, spend time learning new techniques, get social and find a mentor. There are plenty of ideas to incorporate into your business marketing plan-you just have to take some time to do them!

Expectations
It is important to meet your client's expectations to ensure lifelong customers who are happy. But what are your expectations? You have to be realistic and know in a recession your sales will be down. You can plan for this and hope the recession won't last long.

In conclusion, don't let a recession get you or your business down.
Understand your customer, make a few changes to your business model,
evaluate, continue learning, be realistic and most of all don't give up!

Article Source: http://www.wahm-articles.com

Dawn Stegall is dedicated to helping you succeed with your scrapbooking business. You can find more scrapbook business tips along with a free eCourse and scrapbook business roadmap at www.ScrapbookBusinessTips.com.

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