The economy is in deep trouble. It’s bad now, but this is just the beginning. There will be fundamental changes in the global banking system, the use of credit and the value of currencies. It’s going to be rough.
So what do you do? Wait it out?
I think this is a time to be bold. Not stupid or careless, but bold.
So, in keeping with my “Be Bold!” strategy I’m still spending money, investing and growing my business. In fact, I’m working on buying a pretty expensive domain name for a project right now and I plan to launch two completely new businesses in the next two months.
One of my biggest sources of income is selling domain names. [I’m not talking about ultra-premium names I’ve kept in my portfolio for years either. I’m talking about buying and quickly reselling domains for ~$300 each.] Anyhow…In September of 2008, it really appeared that this part of my business was on a serious decline. I couldn’t help but only expect it to get worse.
But, As quickly as my domain sales went down, they came back. Right now, January 2009 is looking like my second best month ever. How much money did I make flipping domains this month? It’s a big number, trust me.
So, if I’m selling domains, that means people are still buying. The world (especially the world of entrepreneurs and small businesses) is made up of innovative people who will strive to survive the downturn. But more than that, there are many that will “Be Bold!” and take advantage of opportunities and weakness in the marketplace.
Your task, if you want to thrive in this bad economy, is to serve be Bold by serving the Bold.