If you have a good idea for a business now may be the best time to start up. Here are six good reasons why you should carefully consider doing so.
1. Your competition will be like everyone else and won’t think now is the best time to go into business. This gives you less to worry about now and by the time the economy picks up, you’ll be so far ahead they’ll not be able to come after you.
2. Lots of businesses are shutting down and so space is plentiful and landlords are hurting. You should be able to strike a really good deal on space.
3. Vendors are not delivering their product in quantities so they’ll welcome you and will be prepared to strike deals with you for your business. You should be able to get really good terms which helps with your cash flow.
4. Good help is plentiful and can be acquired at a reasonable rate. You’ll be able to go after really good people to staff your start up.
6. Fixtures and equipment can be easily found since so many business have gone belly up, Consider buying used and check out places like Craigslist where you’ll find lots of stuff for pennies on the dollar.
5. Customers are being squeezed more and more by the larger companies who are trying to eke out ever drop of profit from their user base. If you provide excellent customer service they’ll come running and they’ll stay.
6. Business consultants are hurting because there is no money in the market to retain their services. If you need a web site built or your books set up now is a good time to get that kind of help for a reasonable price.
We need to remember that no start up succeeds without a well thought out business idea and a sound business plan. The founder(s) is(are) the key element(s) in the start up and therefore, if you are not up to it, it really doesn’t matter whether the economy is good or bad. On the other hand, everyone else is laying low so now is your chance to hop on the start-up train as it leaves the station…you might have an entire car to yourself.
Good luck