There’s no doubt that economic changes can drastically affect the original plans of entrepreneurs. When businesses plan for the future, there is an expectation that surrounding market conditions are sustainable. But economic circumstances are subject to change beyond the control of business owners.
Some of these permanently affect the viability of a business. Fortunately, entrepreneurs can adapt to broad changes to the economy.
One entrepreneur thinks that the vibrancy of business activity in Atlanta, Georgia is a reason for his company’s continued growth. The company manufactures nylon compression garments designed to promote healing after cosmetic procedures. But that’s not how the business started. It was originally an operation making intimate apparel for several years before foreign competition decimated profit margins.
A visit to the dermatologist by the enterprising CEO led to finding complaints about the lack of quality post-surgical garments. After devoting time to research and product design, the business obtained some SBA development loans and entered an Atlanta mentoring program called E-200. The technical expertise provided by the program permitted the adapting home-based business to move into an industrial facility.
The business still has plenty of unused capacity in a 50,000 square foot location in central Atlanta. But twelve people are actively employed for the company and growth is expected in the future regardless of economic conditions. The company already has annual revenue in excess of $1,000,000. It all came about because of a new idea and an entrepreneur with flexible planning.
Changing economic circumstances don’t have to become the downfall of a business. Entrepreneurs with vision recreate their companies and know where to find capital and logistical expertise within their communities.