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Wednesday, October 21, 2009

Taking Risks in this Economy

Tonight I am going to discuss risk taking in today's economy and if it is a good idea. As I am sure you all know, the economy does not seem very healthy yet. Still, there are opportunities out there, you just have to know where and when to look. If you think about it, the people with money still have the money. The key is to find that niche that puts you in front of those with the money.

It is important to keep your business model very fluid, you need to be able to re-adjust your attention to the areas that are producing results now without just jumping from one idea to another. You do not want to jump from idea to idea willy-nilly, that will kill your business faster than you can imagine. In this economy, it is extremely important to be nimble. If an opportunity appears, and it is in line with where your business is currently going, it is best to jump on the opportunity.

It is critical that you do not choose a risk that does not match what your core competency is. If you choose an opportunity that does not fit in with your current business model, you will need to look very closely at the opportunity. Jumping from one opportunity to another will have your customers wondering if you really have a solid business plan. A scatter-gun approach to adding business opportunities will cause you to lose focus on your core business goals and your customers will become just as confused. It is very important to test and analyse the new business opportunity before you commit time and funds. In future blogs I will review methods of analysis and research to determine if a new business opportunity is a good fit for you.

One of our new product offerings is a brake strap for motorcycles. For those of you who ride motorcycles, if you park on an incline, or want to prevent your bike from rolling forward, usually you place the bike in gear after you have parked it. The gears then prevent the bike from being rolled forward. The disadvantage to this technique is if the bike is jostled a lot (i.e. in trailers during transport) the jostling will cause the gears to clash together and could most likely wear them out faster. Another disadvantage to leaving the motorcycle in gear, which is more of an embarrassment, is when the biker gets back on the bike and forgets that it was left in gear. When you start the bike without pulling in the clutch, the bike and attached rider go lurching forward. This can be very amusing for your friends, but very embarrassing for you. You are also risking falling over depending on where the bike was parked.

The brake strap that we are now offering will allow the rider an alternative to leaving the motorcycle in gear. You just wrap the Hawg-Tied strap around both the brake lever and the hand grip, gently apply the front break and attach the strap. Now the front brake is applied and the bike will not roll (or lurch) forward. When transporting the motorcycle in a trailer, if you use this product, there will also be less wear and tear on your transmission gears. It is far less expensive to replace a pair of front brake pads than to replace the gears in a motorcycle.

We have also developed an innovative program of fundraising for charitable organizations. Again in today's economy, when people are concerned about putting food on their own table, they are going to be less willing to help out and donate money to charities. Our fundraising model proposes a method of collecting a large amount of donations without an undue burden on any one person. The benefit of this program is that a charitable organization will be able to collect a significant amount of donations for an event that would only last approximately 4 hours.

If you are interested in more information regarding this fundraising program, or know of an organization that could use this fundraising program, please feel free to contact us at hawgwash1@yahoo.com. It is our goal to help charitable organizations continue to provide assistance to the community without undue hardships.

I will discuss the fundraising opportunities more in future blogs...

Until tomorrow...

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