According to history recession has proven to be a good time to start a business. The following businesses started at times of economic downturn and grew to be pretty successful:
5 Successful Businesses that Began in Economic Downturn
10 Reasons Why a Downturn is Good for Small Business
- Recessions create problems. You are in the business of solving people’s problems!
- As a small business you are agile and flexible, your larger competitors are not. In an Economic Downturn agility is a coveted asset.
- Highly qualified, talented and effective staff can be found; as larger corporations are downsizing.
- Things cost less (think rent in great locations and assets/equipment you need to grow your business).
- Lower interest rates.
- Less competition in the marketplace.
- You are forced to create a lean business and build strong business practices. You will benefit from this for years to come.
- Recession creates an innovation vacuum. When a country is going through an economic downturn, innovation is hard to come by, you can benefit from this.
- More opportunities open up as Governments offer more support and ‘breaks’.
- Is there every really a good time to start your business? Right not, the opportunity exists to move away from Scared and into Prepared.
Ask us how your business can THRIVE during an ECONOMIC DOWNTURN.