How do i get rich in business when the economy of a state is not stable?

Question

I am operating a buy and sell business but due to the instability of the state economy nothing seems to be hapening

Answer 1

stop whining.  the economy is fine.  GDP growth is projected at almost the same levels as last year.  if you can't make money, you have only yourself to blame.

you can make money today just like you would have 2 years ago - by working hard, being competitive, and actually doing something you're good at.

i hate to say it, but if your company can't make money, then it's most likely because you don't know what you're doing.  maybe try selling the business and getting into something you're actually good at.

if you're not good enough to make money there, either, than just give up on being a business owner, because you're obviously not cut out for it.

there's far less shame in throwing in the towel when you can't compete than staying in business, and letting your family go hungry.

Answer 2

If you count food and energy as inflation we have been in recession in the US since the fourth quarter of last year. ("REAL" GDP).  To assume the "core" inflation is correct you have to assume oil and food prices will return to previous levels.

You need to adapt and react to the current conditions in order to survive the downturns while leaving yourself in a position to profit more when things improve.

Answer 3

In almost every market condition, but especially in a recessed or depressed economy, you can only get rich one way: meeting demand with supply. That supply, whether it is a service or a product, must be a necessity or "perceived necessity". In most states in the US right now people are either in a recession or a "perceived recession".

In a recessed economy a business providing luxury products or services which could normally be within reach of the middle class are generally going to experience a setback in sales. Poor people and extremely wealthy people are generally not as devastated by recession as are the middle class.

People MUST have FOOD and WATER. They can go for extended periods without updating their wardrobe or getting the newest and best entertainment devices. A report yesterday indicated June sales of autos in the US were down around 12% --- that's HUGE. Side note: Bob Niardelli ran Home Depot into the ground and now Chrysler, maker of some of the more desirable American cars, is leading the pack in losses under his control. They were down 30% in June 2008.

If you want to make money during a slow or recessed economy you need to provide a product or service that gives a value perceived to be many times it's cost. Example: a water filter that filters more water than the competition for a lower cost, a paper towel that wipes up more and holds up longer for the same or lower cost, a way to easily make brand name tasting soda pops at home in minutes for a fraction of the cost.

Things that don't sell well during a slow economy generally include: high cost mass produced entertainment items and luxury items such as hot tub spas, upper styled furniture, appliances for the sake of upgrades, and most gift items. People are doing everything they can to cut spending right now including not doing scheduled maintenance on their autos and homes.

So to answer your question ask yourself, "What can I offer that people NEED. I am guessing that right now you are trying to sell WANTS. If so you have to be able to convince people they NEED it not just WANT it. Avon, for example, does a good job of this.

Hope this helps.