Why failing businesses are a good thing

I was driving to meet with a client last week. Along the way, I noticed that a business I used to frequent had closed. This wasn’t an isolated case; lately, I’ve seen a lot of “for rent” signs in windows because cash-strapped businesses have been shutting down left and right.

It got me thinking, this can actually be a good thing for the entrepreneurs who’ve got what it takes to work through the hard times.

For every competitor that goes under, you have the potential to automatically gain a part of their market share even if you don’t do anything different than you’re doing now. If you happen to have the funds to increase your advertising budget at the same time, you can build an even stronger position.

And if you’re one of those entrepreneurs who plans on sticking around through these tough times, be sure to check back this week for an upcoming post on some low and no-cost advertising techniques that you can use to get the most from the situation.