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Is This The Right Time To Start A Business?

"I've been thinking about starting my own business, but I'm nervous about the current economic climate. Is it advisable to begin a business in the middle of a recession? Are there any industries that might be less vulnerable at this time?"

It's understandable for people to disbelieve the financial pundits who declare that crises can bring tremendous possibilities for new businesses. Prospective entrepreneurs might think, "Easier said than done," as they are encouraged to look for business opportunities that have been created by the recession.

With consumers cutting back on spending, large corporations laying off workers and governments facing economic hardships, how can it be feasible for a small operation to navigate these turbulent times and create a solid foundation for success?

Despite these challenges, it's not impossible for a business to begin life in the middle of financial upheaval and become a thriving enterprise. In fact, Microsoft emerged in 1975 during an economic downturn and Walt Disney began his empire in the recession of 1923. Our current crisis may just provide the perfect background for the birth of another mega business mogul!

Here are several considerations that can help you to be courageous and forge ahead with your business plans:

This recession won't last forever

Historical data indicates that periods of stagnation are always followed by longer cycles of financial boom. Now is the perfect time to position your company to take advantage of the coming economic growth. If you wait until conditions are more favourable, then you may be bypassing your break to establish a solid footing in your industry.

Small businesses recognised as agents of growth

As the country grapples to find solutions to reverse the economic downturn, the importance of a vibrant small business sector is becoming increasingly evident. Financial institutions, government agencies and international funding organisations are now focusing on providing additional educational and financing support to help small businesses to develop.

Other people's losses can be your gain

Unfortunately, the prevailing economic conditions will cause some companies to contract or close. On the flip side, these challenges can supply good deals for the new business owner. Going-out-of-business auctions can provide furniture, fittings and equipment at low costs; while turn-key operations with great potential can be available for lease or for sale at attractive prices.

Qualified workers are readily available

As thousands of workers join the ranks of the unemployed, they create a significant pool of resources that normally would not be accessible to a start-up enterprise. Your new business can hire experienced team members at affordable rates; and their expertise can greatly enhance your growth rate. In addition, you may gain employee loyalty by providing them with jobs.

Consumers have changing needs

Although people usually reduce expenditure on non-essential items in tough times, this situation actually allows new entrants to offer products and services that are cheaper and bring added value. As consumers are eagerly looking for ways to stretch their dollar, they will be more receptive to businesses that can meet their needs in innovative ways.

However, while the recessionary conditions can open doors for new enterprises, not every business opportunity will succeed at this time. In order to create a business that's geared for growth, you have to understand changes in consumer demands and recognise new spending trends. You should also look to industries that will actually flourish in hard times.

Here are some of the fields that will present great potential for development:

Services for other small businesses

Many redundant employees will opt to become self-employed; so there will be thousands of new entrepreneurs requiring support services in the areas of business planning, marketing, accounting, administration, graphic design and website development, among others. To save costs, most business owners will choose to outsource instead of hire employees for these roles.

Educational services

With so many persons trying to find jobs, they will be forced to obtain new skills to compete in today's marketplace. Businesses focusing on resume writing, computer education, foreign languages, and tutoring must-have subjects such as Math and English will be in high demand. You can also train persons in skills they can use to earn extra income such as baking and craft-making.

Environmentally friendly options

Many people are looking for ways to conserve money while preserving the environment at this time. Various agencies will also provide financing for businesses involved in supplying alternate energy. Look for opportunities in wind and solar power generation, biofuel production, water sourcing, recycling and eco-friendly landscaping.

Pet services

Despite the tough economy, several persons are choosing to acquire high-maintenance pets. These animals will require services beyond the basic veterinarian checkups, such as grooming, breeding, pet sitting, boarding facilities, and even pet photography. You can also supply products such as pedigree foods and pet toys to meet the needs of these pampered animals.

Copyright © 2010 Cherryl Hanson Simpson

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About the Author

I am a financial consultant and coach living in Jamaica, West Indies. I have a passion for empowering people to become financially successful. My company, Financially S.M.A.R.T Services, produces and markets resources to help persons to manage, multiply and maintain their money. Cherryl is a financial consultant and coach, and the founder of Financially S.M.A.R.T. Services, Jamaica's number one source for practical, down-to-earth and independent answers for all questions relating to personal finance. Cherryl is currently writing her first book, The 3 Ms of Money. See more of her work at www.financiallysmartadvice.com, www.financiallyfreenetwork.com and www.financiallysmartonline.com.

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