How does the economy effect my business and that of my competitors?
My business is in tutoring, but I’m also a merchant on amazon and ebay.
In a slower economy, as a tutor you can see an interesting result.
One might initially think that as a tutor you are going to see less business as does all other industries in a slower economy based on the fact that people generally have less money available for "luxuries".
However if you come up with a proper marketing strategy you can actually turn your business up as a tutor during a down economy.
Right now is a perfect time to emphasize the importance of education and higher education (depending on the grades you tutor) and why it is important to keep children ahead of the curve.
Put together statistics for yourself showing the percent of unemployed amongst those with degrees and those without degrees then use some creativity to incorporate this into a marketing strategy.
Your appeal to people will be that through the use of your service they may save their child from future unemployment in a down economy (the economy has turned down about every 10 years for the past 100 years).
In terms of your merchant business on amazon and eBay. You will generally see less business because people have less money to spend.
However you may not be hit as hard as you would be if you had an actual store front because the fortunate thing is your audience is anyone who shops on amazon or eBay (as opposed to only the people walking pass your store front).
Amazon has been steadily growing each year, and this growth, even during this down economy, comes only because of an increase in sales from its users. Thus meaning that people using amazon as seeing more sales, meaning your sales should not be effected too a great extent.
Good luck to you.
I hope this helps you.
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