Why A Bad Economy Is Good For Your Business

by Bonnie Boots

 Is all the bad news about the economy eating up your self-confidence and causing you to put life on hold? If you've downsized your dreams and pulled back on your efforts to grow your business, then listen up as I explain why a bad economy is actually good for your business.

I'll start with a personal story. In the wake of the 1973 gasoline crises and the 1979 energy crises, the 1980's didn't exactly begin with a bang. In fact, the 80's ushered in the worst economy in the U.S. since the Great Depression.

Unemployment rose. Banks and savings and loans failed. And no matter what you heard during the last few weeks, we did NOT recently see the worst drop in the stock market since 1929. The stock market crash of the 80's was worse. In fact, in dollar value, the stock market dropped further in 1987 then it did in 1929.

Back then, the economy was as bleak as many of us had ever seen.

You know what I did? I started a new business.

Worse yet, I started a business I knew nothing about. I had to learn it on the job. I was painfully undercapitalized. I had no references, no industry background and nothing to recommend me. I was competing against big, well-known businesses. And I was a woman in a primarily male industry.

An advisor at the Small Business administration assured me I would fail.

Yet in just a few years I grew it into the 3rd largest privately owned business of its kind in my county.

How did I do it? Through determination, hard work, creative marketing and a deep-seated belief that every cloud has a silver lining.

When I was living through it, I thought the "silver lining" of the 1980's recession was that big businesses were slower to react, leaving openings a small, independent contractor like myself could sneak through.

But looking back, it's easy for me to see that the REAL silver lining of that dark economy was this-- it forced me to tighten up. I had to tighten up my purse strings. I had to tighten up my thinking. I had to tighten up my focus.

In that bad economy, I had no room to spend unwisely. I had to make every penny count.

In that bad economy, I had no room for sloppy thinking. I couldn't afford to run from one  idea to another. I had to make a plan and stick to it.

In that bad economy, I had no room for self-indulgence. Negative thinking was a luxury I couldn't afford. I had to keep myself confident and motivated.

By narrowing my focus, sticking to my plan and persevering despite what anyone said to me, I succeeded against impossible odds in starting a new business and, after a few years,  selling it for a good profit.

In good times, we all have a tendency to be sloppy: sloppy in our spending, in our planning and in our thinking.

But the blessing of bad times is that they force us to focus. They force us to be disciplined. And they force us to be determined.

As luck would have it, those are exactly the qualities that lead to success!

If the economy has frightened away your confidence, take heart. Bad times bring their own reward by coercing us to be and do the best that we can.

There's an old saying that if it were not for the dark of night, we could not see the stars.

Perhaps it is in these dark times that you will finally clearly  see the strengths that shine within yourself!

If fear about the future is robbing you of confidence and making it hard to see what to do next, then Bonnie Boots will help you focus on a prosperous future  and guide you to your practical next step. Click here to learn why Next Step Coaching is right for you!

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