I stumbled upon this great article by Sarah Caron, which I found to be so empowering for all small business owners right now. It is very easy to get wrapped up in the “gloom and doom,” of our current economic conditions, however, this mentality is not healthy for your business. If you buy in to the idea that you can not grow your business right now, then…you’re right, you probably can’t. But what if you changed that beleif? Do you think that with a different belief, you could produce a different result? These 14 companies did it, so can you.

14 Big Business that Started During a Recession

By Sarah Caron | November 11, 2008
It might seem counterintuitive to start a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump.

Why do these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The following major corporations made it big during recessions by doing just that.

Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services such as wifi hotspots.

Burger King Corp.,

with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.

IHOP Corp. is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.

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The markets have had a topsy-turvy week!  Some people lost their shirts, others made a ton of money - what are you doing to ensure your success?

Speaking to dozens of small business owners each week - I can quickly analyze which ones buy into the negative spin media is putting on the recent market whoas simply by the gripes and moans relating to the challenges they are having in their business; too much competition, no one is spending money, housing and stocks are down, high gas prices etc.

On the other side of the coin, I see other business owners in the same industry and the same market flourishing during these same temultous times.

Why is this?

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The economy is facing some challenges, no doubt about it. But now is not the time for small-business owners to develop a “recession” mindset. Here are five tips to help you create your own  success while everyone else is expecting the worse:

1. Start spending: It may sound counter-intuitive, but hard times call for you to increase some of your expenditures. For example, if sales is the lifeblood of your business, you should consider adding to your sales team by staffing up or investing in a product that could make your sales process more efficient. Or, you could boost morale and positive energy within your sales team by raising commissions for top performers, or giving them gifts that they will appreciate, such as tickets to a sporting event or a concert.

Obviously, this does not mean you should increase spending across the board. Rather, make spending decisions with your customers in mind. For example, if you run a coffee shop, consider going from two baristas to three because your competitors are likely trimming their staff, and you could gain customers who don’t want to wait in a long line.

2. Make friends: A friendly phone call or two to your vendors and creditors is very important at this time. Building rapport and camaraderie with your suppliers can be crucial if your own customers are slow to pay. If you have built a solid working relationship with vendors, in some cases you could ask them to lengthen your payment cycles from 30 days to 90 days, or renegotiate rates.

Keep the phone lines open to your bank as well, and be sure to have a plan in place if you need loans in the near future. If you don’t already have a strong history with your bank, it may be to your advantage to take out some small loans and pay them back on schedule to strengthen your credit.

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