Capitalize On Your Unique Skills And Experience

OK, so the economic meltdown is forcing you out of business. This is happening all over the country. Many small businesses will not survive this turmoil and in the end, many involved will be out of work looking for a new way to earn an income. For many, the old ways are all but gone and will not be returning.

But, you all still have skills – valuable skills – as well as contacts, knowledge, experience and perspective that you can convert into a business opportunity if you think it through and use your head. You can leverage years of entrepreneurial experience into a new way of earning with your skills and knowledge.

I will describe some scenarios:

1. Be a broker for the product line you were involved with. You know the players and with your experience, knowledge and established relationships with major customers, you would be a great broker and potentially very successful. There are low barriers to entry and it will not require a lot of start-up capital. It may be a great fit.

2. Be a sales manager with a commitment to bring in certain special accounts you have excellent relationships with. Sell your relationships; it’s time to cash in and it could be very lucrative working for your major competitor.

3. Reduce your product line down to one or two items, just the best sellers. Remove all excess employees, subcontract as much as possible and run a small but lucrative specialty shop. Use the Internet for sales and market like crazy making a living off a few items with low overhead, a few people and yourself. Expand your territory to include the world because that’s what the Internet will bring you.

4. Write a book, a manual, a how-to guide and become a consultant for the industry. Market yourself through the industry trade organization and convert your knowledge to a marketable commodity for start-ups and other specific problem-solving opportunities. Monetize your knowledge.

5. Get a job with your industry trade organization. Start by writing an article for the magazine and offering to speak at the annual convention or trade show. Work your way into the organization. Or, perhaps an industry business will be attracted to you as you increase your contact because of your new visibility.

6. Explore the vertical chain looking for an opportunity. Open a retail or service center, or parts provider, or become a mail-order provider. Find a niche and fill it somewhere in the distribution chain, looking up and down the chain to see where the opportunities may be.

Be creative. Leverage what may be your most valuable resources – your experience and knowledge – and create a business to exploit your skills.