In the midst of bad economic times there is the shifting economic picture and opportunities for new businesses open up. In the Pasadena area businesses are closing as they are across the country. This means that there are new opportunities opening up. You don’t buy stock when it is at its highest value. The rule of buy low and sell high is in play. A business owner who is looking to close a business is willing to deal. He/she may sell low to cut their losses and selling low creates an opportunity for someone looking to get into business.
Bad times create a good News Bad news situation. The good news is that the present owner or owners of a business are looking to get out and a new owner is looking to get in. One opens the door to allow another in. A restaurant owner looking to close a business because they don’t make as much as before may provides the perfect opportunity for a person whose job has played out and they have longed to get into the restaurant business with a new and different menu. Looking around town you will see an art store closed and a consulting business opened in the space. A barbeque restaurant closed and was replaced by a Mexican restaurant. One beauty shop closed and another Beautician re-opened in the same space. The new owner takes on less space and should be able to negotiate a better deal with the landlord. The bad news for the landlord is that there is empty space. The good news is that a true entrepreneur is always looking for an opportunity. In a case like this everybody wins. The land owner/ landlord keeps his/her place occupied, and the entrepreneur has a new venture.
Nature abhors empty space as it creates a vacuum and is always looking for something to fill it. A church in Altadena, moved out of a space and two beauticians joined together to form a partnership or a joint venture and the space is now a beauty shop. A drug store owner decided to retire and a church looking to enlarge rents the space is perfect. A large commercial building sells its land to a church looking for a new home.
Pepperdine College, once located in South Central Los Angeles, moved from it’s location in 1969 and sold the land and building to a Christian organization which is now Crenshaw Christian Center. The Forum served as home to the Lakers until it moved to the Staple Center; now it is home to Faithful Central Church.
This is the time to sit down and determine what is in your future and look at opportunities based on your skills and the ever changing economic landscape. The companies that once built wagons and horse drawn carriages are out of business. In their place are companies that build cars and now the kinds of cars they build is changing. The companies that built radios, or typewriters, no longer build as many. That was the bad news for the typewriter builders the market for typewriters is now out. The same news that came as bad news for typewriter builders and radio builders is good news for computer builders and television builders.
Take an inventory of your skills and prepare your own Plan B. There is something in your future if you look at the bad news as an opportunity rather than the end of the world. If you are in a business and are looking for new opportunities you can always open a branch. The University of Phoenix started in by a then 39 year old Cal State University San Jose professor named John Sperling.
Sperling started the University of Phoenix with one school in 1972 with only $26,000 because he had a new concept for older people who wanted to go to College while they worked. Today he has branches in 35 states with 120,000 students. Burger King and Mc Donald’s has branches everywhere in the world. Whoever told you that you couldn’t have more than one business? Business is not a potato chip. You can expand into two, or more.
Open up your eyes to opportunities and remember the old Chinese Proverb that “pain teaches” or the American version “no pain no gain.” By the way, the answer to the question ,“aren’t there risks?” is yes, but why not takes the risk while you have more to gain.