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Focusing on the core
The economic downturn has affected every industry, even some of the top enterprises in the StartupNation Home-Based 100.Take a look at Write2Market, a Top Ten winner in last year's "best financial performer" category. This copy-writing shop provides print marketing for businesses, often one of the first areas where companies cut budgets.
The company, run by Lisa Calhoun and based in Atlanta, has maintained growth by focusing on its core business and culling certain services from its menu.
"We're saying no to work we would have said yes to last year, knowing we need to reserve ourselves for work we do really well so we can keep satisfied, long-term clients," Calhoun says.
This has helped Write2Market better hire, and fire, suitable contractors. Tough times have also prompted Calhoun to get an even tighter grip on finances, closely monitoring quarterly numbers and collecting promptly on accounts due.
Though her growth numbers aren't overwhelming, a forecast increase in revenue of close to 7% for 2008 definitely bucks the trend. That's a pretty impressive figure for a business that caters to companies whose marketing budgets get finicky in tough times.
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The royal treatment
One strategy that these home-based-business owners tout universally is supreme customer service.Davenport, whose aviation business caters to clients' special requests, such as organic in-flight meals, stresses that business basics like customer service are especially important during a downturn.
"If one guy drinks a lot of sparkling water and one guy drinks a lot of still water, you have to remember those things," she says. "In a flat economy, you can't afford to lose a customer because the water's flat."
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So, while your first instinct might be to slow down right along with the pace of the economy, seasoned, successful entrepreneurs know that's the last thing recession-busting businesses do. Instead of crawling into a cave to wait out the storm, become resourceful and let your inner entrepreneur out.
To learn about America's most outstanding home-based businesses, visit the 2007 StartupNation Home-Based 100 winners.
Have one of your own? Submit your own home-based business for consideration in the 2008 StartupNation Home-Based 100 competition, which is accepting entries through Sept. 30. The winners will appear on MSN Money in mid-November.
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