Why A Bad Economy Is A Good Time To Start a Business
With credit tight, companies not spending, and double-digit unemployment, this could be the right time for a new business to get started. It is counter-intuitive with the economy being this bad and no relief in site, but as a entrepreneur who’s had his share of ups and downs.
It is those very ups and downs that has me saying that tough economy can be the very best time to get a business going. It takes a strong person with a strong business idea to start something in this economic climate. It also takes discipline to make things happen. Say in a good economy it takes ten business calls to make a sale and in a poor economy it takes twenty calls. The extra work is like working-out, but someone starting out wouldn’t know any better. That is just what it takes to make a sale. Then when the economy picks up, they will be twice ahead of those accustomed to ten business calls.
Not only will the work be strengthened, but so will the operations. With things being tight, a business will not have any silly expenses. Again when thing get better, this lean company will have better profit margins. Consider something like credit, if one goes to a bank for financing, the business better have a rock-solid business plan, credit rating, and quality collaterizeation. Therefore, if a business is successful with securing credit, they can wear that as a badge of honor.
Also, even in a down economy there are opportunities. As a minority business blog, the US government is spending huge dollars and has plenty of government contract awards available for small businesses. Also, a business could market the idea that our product or service will help you in these tough times. Simply use the economy to the business’s benefit, and also a start-up could use its start-up status to its marketing benefit. Something like “In today’s economy we were created to help you ….. because no one else was.”
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Comments
wonderful a post
looking for more oppotunity
Failures are secrets of success, i guess you believe this thing, i do as well. Success comes when the situation goes worse, we should search out in a place where we have lost, and this losing economy is a boosting idea for our strength.
yup, i’m agree with you
In bad economy you have many opportunities like you may start a business of that product which the economy demands more and you can sell it with more profit.
Great post, completely agree. If you can start a successful business in a down economy, think of what it will do in a strong economy!
Economy and marketing are quite opposite sometimes, and basically that is the reason why you are saying this thing.
Yes..it’s good idea to start your business in bad economy.
Interesting, thanks for sharing!
It’s definitely a great time to start a business. There are fewer jobs, small businesses can help create more jobs and in addition if the business is different people will come.
I would happen to agree with you that now is the perfect time to start a business. As long as there is not a huge startup cost or if you are in a business that thrives in a tough economy such as debt collecting, etc.
Great advice, especially the link to the government contract awards resource. I’ve been kicking around the idea of starting a side marketing business and may take the plunge soon!
Actually the main reason is that people have time when they are jobless. They have time to think about starting a business, and they have time to start a business. Being jobless is a strong motivator for starting a business.
Very nice post, I m agree with you. Bad road makes good driver
this one really a good tips as well as perfect advice to all the people.They have time to think about starting a business, and they have time to start a business.i think its a great idea to start business although in a bad economy. thanks for this kind of review.
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