The Best Time to Start a Small Business is During a Bad Economy
Wednesday, February 25, 2009
Your career is secure with the corporate machine….Right? Think again. The current economic mess is leading companies to post lower earnings, which will force more layoffs. So if the inevitable happens, what next? Start your own business!
Today’s tough economic climate may be the perfect time to start your own business:
- Reduction in Operating Costs: Better deals from suppliers, landlords and employee salaries are more easily negotiated.
- Easier to Fill a “Niche:” Creating a business based on a very specific need will profit better
- Customer is King: Social media has taught everyone that customers want to be “engaged.” As a small business, you have a better opportunity to give customers the attention that big business can’t.
- Fewer Competitors: Most won’t have the guts to start their own business; competitors will be scarce as you provide a targeted service.
- International Opportunities: A relatively weak U.S. Dollar means that customers outside America are more likely to buy from you.
- Web Networking/Marketing: The Internet has advanced to a point where getting the word out on your business via Twitter, Facebook, Linked-in or your own blog is easy and affordable. Connect with potential partners, customers and suppliers while growing your reputation at the click of a mouse.
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