Starting over is hard to do, and in the world of business it can be nerve wracking even in the best of times. Despite reading headlines touting “the worst recession since the Great Depression,” “unemployment on the rise” and “another crash may be on the way,” we don't necessarily have to postpone our dreams.
Even though people are hesitant to spend money, there is still money to be made if you make smart decisions and take advantage of some special values. There are sources of hope, even among the ranks of the unemployed. “The swelling ranks of the unemployed have yielded a few unlikely entrepreneurs who, having lost their jobs, decided to start their own companies,” says Katherine Meyer with the Wall Street Journal. According to Entrepreneur this is the best time to start a business and bring ideas to life. “There’s no better time than right now to get going and start pursuing your business dreams- in anticipation of the next period of growth,” says Brad Shuggers.
Here are the Top 10 reasons to start a business despite the economic downturn:
- Supplies are available at lower cost. Whether you need standard office supplies, garment bags or ingredients for cupcakes, you can find many of these things heavily discounted. And if you are buying in bulk, you may be able to negotiate a lower price.
- Help is readily available. Finding a job is a challenging job in of itself. You are likely to find talented, highly skilled people willing to work for less. People are itching to start working and put their skills to use and your project may be just the opportunity they need.
- People want alternatives. The in house tailoring option at Bloomingdale's may be convenient, but who can afford it? If you are have a skill consider offering it independently at a lower cost. You can generate business by yourself with so many people looking for more cost effective alternatives.
- Motivation. Complacency kills creativity. When working full time it can be can be challenging to spark new ideas in other areas, but if you are between opportunities let the creative juices flow and see if you can come across a new idea or pursue a dream that may have been displaced by full-time employment.
- Position yourself early. It won't last forever. Many companies are searching for ways to cut the budget and save money, but once the market picks up you want to make sure you are primed to take advantage of it. Be a part of the recovery and ensure you have all the elements in place to expand as the economy does.
- Satisfaction guaranteed. There is an undeniable sense of pride and joy that comes with being self employed rather than working for someone else. When doing what we truly want to do people tend to be happier and harder working.
- Beat competitors to market. If you’re opening a business in your field while others are holding off, you are already ahead of the game. While investors may be tepid, there are still customers are looking for a place to buy and suppliers are looking for a place to sell. With competitors cutting back and offering less, your business can look to fill a void before others get involved in the action.
- It's never been easier to go virtual. Working from home has never been easier with cloud technology services and broadband access to video chat and information syncing. Even reception services are available at low cost with a monthly Virtual Office plan. You don't need an office to look professional, look to book space for a day or a few hours a month to cover client meetings without breaking the bank.
- Going against the grain can make a statement. Great PR can be generated from showing your alternative view of the market. Optimism can be infectious and your bullish attitude can serve as its own advertisement of your company's intent to succeed. Media outlets always look to pick up on a positive story, make sure it's yours.
- What else are you going to do all day? If you are moseying around baking cookies between resume refreshing and interviews then you may as well charge for them.
Stating a new business during challenging economic times may be a frightening thought, but it can end with a happier you. Enjoy what you do, work from the heart and the compensation will be a more driven and satisfied you.
