6 Secrets to Help Your Craft Business
Survive the Economic Crisis

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6 Secrets to Help Your Craft Business Survive the Economic Crisis

By Sally Robertson MA, MA, LPC

At the heart of this economic crisis is intense, numbing fear. Everyone is feeling it all around the world. This crash of the mortgage, investment and banking industries came so quickly and went so deep that it shook all of us. Now that it has become clear greed and avarice were the true causes of this problem, we are also angry. We have been had and we know it.

Part of what makes these feelings of fear and anger so difficult to work with that we have been deliberately violated and deceived. Those of us who are honest and who value serving our customers have a lot of trouble grasping how crooked some people can be. We would never do what the heads of the mortgage, investment and banking industry did any more than we would break into someone's house and rob them. It is truly mind-boggling.

Here is what to do to help the survival of your craft business in this economic crisis.

1. Handle your own feelings of fear and outrage. Even though we craft business owners did not cause this problem, the fear and anger it generates in us will still influence our business in a negative way. Workshops and books teaching how to succeed in business all agree that a positive attitude is critical to generating success. Do whatever you have to, including counseling, to resolve your negative feelings and develop a sense of well-being about your own craft business.

2. Bend over backward to be trustworthy. Everyone is going to learn how to intuitively pick out who they can trust as a result of this economic crisis. My business mentor, Bill Weinberger, has always said that having a successful business is all about having good relationships with the customer. He started his o-ring business in his basement about fifteen years ago and it now sells millions of o-rings around the world. Bill always works to treat customers fairly and takes the loss whenever there is a dispute.

3. Get conservative, run your company without debt as much as possible. If you have to, scale the business back so you can handle it financially. Put money away to handle cash flow crunches in the future rather than relying on borrowing. Also, remember the lesson from the dot-com and mortgage "bubbles," the real security for your craft business comes from the value your company provides to your customers, not quick easy profits or huge expansions you cannot handle.

4. Give to your business, don’t just take. We are all a little desperate right now and feeling an imperative need for our business to succeed so we have enough money to survive. We have all seen some single women who are so desperate for a mate that they look everywhere for Mr. Right. They have little to give and are totally focused on what they can get from the man - and no man wants to be with them. Your craft business may need a little extra love and care right now and not demands it provide you with money.

5. Visualize Success. With the constant gloomy news blasting us from TV during this economic crisis it has become hard not to conger up a mental picture of our business doing badly and maybe even failing in the future. Take a lesson from the most successful athletes and close your eyes, relax and picture success in your own mind. I have personally been visualizing success with my small craft business for years and find that it makes a tremendous difference. During the times I am visualizing regularly, the sales keep coming in. When I stop, they drop off.

6. Unless your business looks like a total sinking ship, use any extra time and money you have to prepare for even greater success after this trouble time of trouble is over. After all, where in the world could you safely invest your money and make a reasonable profit now? Invest it the survival and greater success of your own craft business!

Next article: 12 Free and Low Cost Ways to Market Your Craft Business

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