8 reasons the economy means opportunity

Opportunities for consultants in a bad economyWorried about the economy? Don’t be.

When you’re a consultant you’re in control. You create your own business, your own contacts and your own client list. Being in control is one of the many reasons why consulting rules.

Here are 8 reasons the economy means opportunity for consultants:

1. Layoffs mean gaps that need to be filled

Fewer employees in the workforce mean that there are unmet company needs that can’t be filled by regular employees.

2. Less competition

When the economy is threatening to go sour many on-the-fence consultants looking for a change take the opportunity to get back into the regular 9-to-5 workforce.

3. More short-term contracts and one-off projects

Many companies are hesitant to take on new employees during so-called “bad” economic times and turn to consultants instead.

4. During a down-turn companies get serious about growth

During a shaky economy companies tend to get serious about marketing and planning their future. This can mean more work for consultants who offer strategic advice.

5. Opportunity to diversify your client base

If your regular source of work dries up during tough economic times it can be a great time to tweak your primary target market. Try government or healthcare or other industries who are less affected by the economy.

6. Look for new opportunities that weren’t there before

Downturn in the economy? Consider the market and whether that downturn has opened up a new opportunity in your service offering.

7. More time on your hands? Get focused.

Finding yourself with a gap in your schedule due to a slow economy? Take the time time think. Have you been too reactive when it comes to accepting new clients? Why not take this opportunity to go after the clients that you really want–rather than take the jobs that come knocking on your door. If you’ve been running from project to project without a chance to catch up or plan strategically, get serious about your business and go after the clients that will really take your business to the next level.

8. Work-life balance

Many consultants take few vacations and operate on a boom and bust schedule, often working erratic schedules if they are driven to grow their business. Finding yourself with a bit more free time? Relax. And take a moment to catch up on your work-life balance.

So don’t get sucked into worrying about the economy. Focus on the opportunities that are out there and how you can provide value in your industry.

Do you agree with these 8 reasons the economy means opportunity?

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Lauren Sarreal says:

Does anyone agree with me that all these layoff are the perfect time to start an online business? It seems to me that more and more people are getting blogs or home based businesses because they can’t find jobs anywhere else. Good idea? No?