Even though few in the federal government are still willing to admit it, the "r" word seems to be upon us. That stands for "recession," of course, with a lowercase "r." And it very likely will become a capital "R" throughout North America in the coming months. Those of us in the other "R" world – retail – had better be prepared when it arrives.

How do you go about it? First of all, there’s tons of free advice online. Microsoft says that "detecting changes and making adjustments are key to survival" and "raw data from the POS system is a critical component of real-time analysis." The software giant will be glad to help you do that and more with their Retail Management System.

A much smaller retailer in Edmonton, Alberta, Canada, however, has a rosier view of what’s ahead. Chocolatier Kerstin Roos isn’t going to let a big or little "r" stop her from opening her first store soon. "I wouldn’t stop my dream from happening just because of the potential fear that there might be some problems this year," she says.

Entrepreneur Larry Wasser of the University of Toronto’s Rotman School of Management agrees with Ross. He says any year is a good year to start a business. If there is a recession, it can actually be advantageous for the new business owner because there’s less competition out there.

Leo Donlevy of the University of Calgary’s Haskayne School of Business believes the type of business or service you offer is critical. "I’d be looking for something that is more of a necessity kind of thing, or something that solves a major pain for people," he says.

“Carving out a niche for you store isn’t enough anymore. Your niche must be defined by a lifestyle, an attitude, a passion.”

Inc.com columnist Ted Hurlbut echoes Donlevy with more great advice for small retailers: Carving out a niche for you store isn’t enough anymore. Your niche "must be defined by a lifestyle, an attitude, a passion. The niche must now be defined, and the retailer must build its name to represent a clearly identified emotional appeal to its target customer…the Internet is a great provider of product information, but it can never replicate the value of a customer’s interaction with a highly knowledgeable salesperson."

In these tough times, your store must stand apart from the rest. Your salespeople must know everything about your products or services, and must know how to treat customers like royalty without being pushy. Your store layout must draw them in and keep them in a buying mood.

It’s fair to say that if you are a small retailer, many of your customers aren’t buying on price alone. They’re looking for a shopping experience that makes them return again and again. That’s what recessions do – they return again and again, sort of like tornadoes. If you’ve made your business recession-proof by having all the tools in place to weather the storm, think of how well you’ll do when the storm passes.

Try to keep a positive attitude despite the economy. Visit competitors who seem to be doing well. See what you can find out about them online. Take the plunge and buy market research from top-rated firms. It can be a real eye-opener, with up-to-date information on customer buying habits, how to reach customers, market trends and much more.

The Small Business Administration has plenty of free advice on how to stay afloat. Visit their site for success stories, tips and local resources.

We can’t really wish you the best of luck in this recession and the coming Recession. You are going to have to make you own luck – good or bad. And if you’re a survivor, you’ll proudly be a Retailer with a capital “you-know-what.”