Is It Wise to Start Your Business In This Economy?

Often times this is a question for individuals contemplating starting their own business in this economy. So when is it a good time you would ask? All you need to start a business is to have a good idea. Regardless of the economy when you have a good idea your business will succeed. According to Dennis Ceru from Boston University, “The bottom line is anytime is the right time [to launch a venture] if the opportunity is correct and if you as the entrepreneur have correctly assessed and shaped the opportunity,” says Dennis Ceru, who teaches graduate courses in entrepreneurship and business strategy.
Companies such as Microsoft, Facebook, and Linked-In all started during a recession and these all began as small business and have become extremely successful. According to the Small Business Administration employer business statistics the, “United States alone there are nearly 27 million small businesses… The generally accepted definition of ‘small business’ is under 500 employees.” There are also about 27 million that have no employees and 25.7 million have under 19 employees. This is indicative that you can start your business as small and grow it over time.
Having an excellent idea and using your skills is what will make a business thrive in spite of recession. Use your niche to create a good business idea. Your niche is what you are good at and you want your business to be unique to your skills. Once you have that great idea what you need to do is build a solid business strategy.
Begin by putting your ideas on paper and pulling together a viable business plan. You want to find efficient ways to run your business. You want to do projections of revenues both short term and long term. And you want to know who your potential clientele is; this way you can focus on targeting them. Once you have this you research exactly what your clientele wants and you give it to them. We will discuss this further in a follow-up article.
You always give your customer what they need and want. Customers will buy anything from you if they trust you, need and want what you have to offer. People spend money in spite of recession the only difference between good economy and recession is, where people focus their spending. According to Zhivago “What changes is what people spend their money on, how quickly they make buying decisions, and why they spend that money. The trick is to look for opportunities in the new setting.” Combining your niche idea with what your target population wants is key. It’s a win-win situation they get what they want and you get what you want.
Some ideas of things people buy during recession are: smaller cars, scooters, wood or pellet stoves, exercise equipment, affordable jewelry and services. Services such as photography, writing skills (ex: write a book, ghost writer, write sales letters, resume writing, newsletter writing), virtual assistance, consulting services, classes (dancing, knitting, gardening, new skill, new language etc.), use your unique skill something that other individuals don’t know, create a product that makes peoples’ lives easier, just to name a few.
This is a good a time as any to begin your business. You now have several tools and ideas to work with. Get more ideas by scrolling down and take a FREE BUSINESS VITALITY TEST Use your creativity, build trust, give people what they want and you will have a viable clientele. Begin creating your business ideas today!
To Your Success,
Nilda Perez

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