Don't Close Your Business, Change It

When Amy Lechelt-Basta opened her clothing boutique on Chicago’s north side in 2006, sales were strong and business was bustling. But by this past summer, things had deteriorated so rapidly that she had to close up shop. However, all was not lost, because she transitioned her skills and expertise selling clothes into a consulting business that advises individuals on their wardrobes. Take a lesson from Lechelt-Basta: When life throws you lemons, make lemonade.

If you’re one of the many business owners whose companies have been pummeled by the economy this year, you don’t have to throw the baby out with the bath water. Even if you think you’ve hit the end of your resources and are considering bankruptcy as the only option, you probably still have some tricks up your sleeve; find the hidden strengths in your business and needs of your clients and you’ll find a new market opportunity.

[Read More tips on transitioning your business in the recession]

--Posted by Julia Rogers, RecessionWire.com

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