This economy is allegedly rebounding.
That is despite a .
Now is the time to make plans for personal wealth and expendable income returning to the American household. But where is the money to be made, and how does one make it?
Verticals to Attack Now
Green Technology – This area is read hot, and being picked up by companies throughout the Fortune 500, including IBM. Retailers can pick up business by offering eco-friendly products and optimizing for those terms. I recently bought an eco-friendly Toshiba laptop, and moving into my new home we have made several eco minded purchases.
Publishers should look to add Green Technology content if applicable, and look to capture some of the advertising dollars that will be rolling into the market in 2010.
For the industrious affiliate marketer, there are a plethoria of green technology based affiliate offerings.
Travel – A ton of affiliate marketers abandoned the travel vertical in the down economy looking towards the booming finance vertical. 2009 was one of the worst years for online bookings. Expedia, Orbitz, and Priceline are looking at a combined reduction of 4.7% in gross revenue.
However, the industry is looking at double digit growth next year.
I would look towards the Caribbean. With the drug issues still plaguing some of the more popular Mexican destinations, the Caribbean should not only see growth in tourism dollars due to the rebounding economy, but also from spill over travelers that no longer want to risk a trip to Northern Mexico.
How to Get Things Prepped
Streamline everything. The worst thing people do when revenue jumps up in a business is increase overhead. If you create streamlined processes now you will be able to effectively make transitions regardless of workload.
Tools to Streamline:
Odesk – Awesome outsourcing platform. Grab whatever labor you need on a temporary basis and on the cheap
SEJ Tools – Tons of useful tools for SEO and repoting
– Cool tool to build your twitter account
Twitcleaner – Kill of your twitter spam
EasyTweets and SocialOmph – Manage your Twitter accounts and content
Zoho – I love me some Zoho. Amazing invoicing system that allows multiple payment gateways
99Designs.com – Run a contest for all types of design needs and pick the winner and have them create the work on the cheap.
Second Step Search – This is our newest company. The tools we have built here will allow SEOs to buy as much low cost high quality hand written content and organic white hat links as they could ever need. We have taken the labor out of the SEO process, and now SEOs can just focus on optimizing a site, rather than the grunt work. For small companies, we are launching a low cost SMB SEO product based on the technology behind these offerings. Small businesses won’t have to worry about being taken advantage of by SEO companies that pray on the low end of the budget spectrum, they can now work within a highly customizable platform to manage their search needs.
With these tools in place you can rampage the Interwebs without bringing on a large full time staff.
Learn from the past
What everyone should have learned from the downturn was that investment and risk are not synonymous. People that took unneeded risk in order to hit financial homeruns where hurt the worst. Once you find a niche that works in the rebound, invest the revenues back into your overall gameplan in a sustainable manner. This means not wasted overhead, but instead developmental concepts that will yield returns over the long run.
What are you planning?
I want to open a discussion amongst entrepreneurs to see what everyone is planning as we escape from the clutched of this dismal economy.
Dave,
Great post! Thanks for the insight. I think most people can agree the economy has affected them or someone they know financially to some degree. I had actually researched and knew of our ecomomic state before we hit a recession. A well respected economist had published an article in 2000 stating, based on previous economic variables, our economy would face recession in 2008; but few listened because the economy was only gaining momentum at the time, due to speculative building. I made a decision to go back to school right before the recession hit in 2007, which was the best decision I could have ever made. I now combine my education in business with my years of knowledge in the computer industry to network with entrprenuers interested in using social media applications to boost their clientel. For example, facebook.com, I rip apart the program, learn it inside and out, develop applications, analyze competitors and businesses using it to their benefet. Then, I write white pages full of insight and strategies to optomize results from the social media resource. My hopes in focusing on this profession is to act as a consultant and provide businesses with information on which information systems (BIS) (KIS), even social media information systems, to manage their potential ROI a little my accurately. Fortunately, as a result of consumers spending less in this economy, businesses are willing to cut back in operations, and spend a little more in other areas such as internet marketing.
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