Don’t allow the current economic turmoil to impact your creativity. It might be tough out there but now more than ever it’s important to think big. A lot of businesses are struggling to stay afloat at the moment and you could be in a position to help them out by partnering with them, and in turn grow your own business.
This doesn’t necessarily mean you need to acquire a business exactly like yours, instead take a look at your local newspapers, news sites or even facebook pages. Local newspapers and community groups are in dire need of funds, you are in dire need of traffic. An investment from you could be the start of a beautiful relationship.
If you become a part owner in a paper for example, you could also become a featured writer/educator. This will build trust in your local community with regards to your business, and you are more likely to be seen as an authority.
One place you might want to avoid for this particular exercise is LinkedIn, you should have a presence on there, but it’s oversaturated. Look for a clear blue ocean, not where the water is red. Look around for assets you can acquire that will bolster your business.
All of this is of course on a case by case basis; but don’t limit yourself mentally, at least. There are assets you can acquire for very little money. There might be great assets where there’s visibility and possibly cash flow. The important thing is to be on the lookout for a golden opportunity to invest and not close your mind to it. In finance terms it’s a high gamma option or fat tail option.
In order to grow your business in these times, you need to be more than a financial advisor, you need to be an educator, and an influencer in your local community. Don’t restrict yourself, go upstream.