Most people would think that to start a business now would be akin to committing financial suicide. What do you think? What if I told you that now is the perfect time to start one, provided that you have some capital to work with?
Think about it, there are certainly a lot of advantages to starting up a business right now. While it will not be easy, it could be the right moment for you. So what are these advantages? For one, costs will definitely be lower. With fewer people starting their own business, leasing space will be cheaper. Finding employees (if you need them) should also be easier as more people are looking for jobs.
One thing you have to take note of, however, is that you have enough money to keep you going. The truth is that while it should be relatively easy to start a business, you will face challenges in maintaining it for the next several months. The idea is for you to have enough money to keep the business going for say, 3 months at least, even if money does not come in within that period of time.
Another thing that you have to consider is the market which you will be penetrating. There are certain businesses that you should stay away from during hard times. These are the luxury shops, like spas and similar services, which might not be high on the list of consumers. Instead, study your market carefully and look for a need that has to be met.
(to be continued)
Photo courtesy of Campus Access
Originally posted on March 22, 2009 @ 6:16 pm