Starting a Business in a Recession

Re: Starting a Business in a Recession

It depends on the service or product you will offer. Some can have luck with their business during recession though.

Re: Starting a Business in a Recession

Starting a business is risky at any time. Starting a Business in depression has a great advantage and that competition is reduced. Most people are afraid to start a business crisis.

Williams says a big trend for people to start businesses in their spare time to work on evenings and weekends. She says she can help reduce costs as part-time businesses usually run from home, adding that some people will use the experience to realize that the car is not for them.

Re: Starting a Business in a Recession

A change in the economic climate often signals a transformation in consumer demand and business needs. This shift in demand spells opportunity for anyone who has the foresight and resources to capitalize on it. So a homebuilding company or a cleaning company, for example, could make money refurbishing foreclosed homes, and a restaurant could offer economical menu options.

Re: Starting a Business in a Recession

In my opinion, starting your own business even in a recession is the smartest thing to do because you create your own assets and do not have limitations.

Re: Starting a Business in a Recession

leposava;40154 wrote: Starting your own business in today’s economy seems like a very bad idea, and most people are certainly going to wait for some brighter times to realize their dream of becoming entrepreneurs. The fear of failure is not baseless, but the truth is that with starting a business comes a possibility of failure regardless of the current economy. You should remember that some of the best companies started during the recession, they just knew how to recognize people’s needs at the time, and than grew along with the economy. That is a true recepy for success.

www.bizcloud.net

Ya.. right..i am agree with you.. we have to remain and must know that waht people want.. and when? thisis the main thing.. if you get people's thinking then the market is yours..

Re: Starting a Business in a Recession

It depends on the type of business you are referring to: retail, web based, service.... each brings its own challenges and promise. I agree with many of the posts that outline the difficulties facing a new business but, on the other hand, technology has made creating the infrastructure of a business much faster, easier and far less expensive than years past. With online filings prevalent in most states, a small business owner can obtain all the business licenses, EIN numbers, Sales Tax filings etc from a computer. Using services such as StreetSmart from InfoStreet (disclaimer- my company), you can set up a website, email, calendaring, CRM (customer relationship management tools) that allow you to build and track your customer base and more. You can build newsletters, email campaigns, start a blog, handle your banking and track your finances.... the list is endless. Many of these services are free, others such as InfoStreet can run as little as $10 a month and all are web-base which means you can operate them all from your office, your home, Starbucks, your smartphone and are as secure as any desktop program. To learn how a small business can benefit from web-based services, check out my blog.
And good luck!

Re: Starting a Business in a Recession

Going into business during recession means you ahve to be quicker and leaner in dealing with it. In ever crisis, there are opportunities that are created...just finding what are those opportunities would be your big assignment.

Re: Starting a Business in a Recession

The changes with the latest recession are going to have a lasting effect. Businesses have learned that they can outsource many of their operations to contract labor and save. As far as marketing in a recession, free promotions are a great way to attract new leads - And make the most out of social media! It is free and free is a good price!

Re: Starting a Business in a Recession

HPvD;50098 wrote: Yes, I do believe that every disadvantage has it's advantages, and that
especially in an economic downturn there can be unique opportunities.

This is very true!!! Just know your industry and make smart decisions, don't let others tell you what is best.

Re: Starting a Business in a Recession

A good business in recession is a business the takes advantage of the banckrupcy of other business. Its sounds cold but its true.

Reposessing agencies really work in the crisis.