With all the doom and gloom in the economy at the moment you may think it is crazy to say that now is a great time to start a business.
But here are 10 reasons why it is a great time to start a business which should help ease your doubts. [startupresources.biz]
Reasons to start a business in the economic downturn
- Cheaper supplies – Businesses tighten spending so equipment, land and supplies will be cheaper.
- Cheaper marketing channels – Other businesses will be limiting marketing spend so channels will be cheaper for you.
- Currency will drop value – So it is best to have your money in more tangible assets.
- More human resources available – a lot of people will be losing their jobs so their will be more trained people available to you.
- Other businesses want to change suppliers – Businesses are going to be looking at saving money anyway they can and looking for cheaper suppliers.
- People change their buying habits – People start to change what they buy so if you can place your product/service as a cheaper alternative people will switch to your product/service.
- Press love businesses that start and survive an economic downturn – You will be able to get good coverage in the media as you are going against the masses.
- Less competition – Businesses will be closing down at a rapid rate which leaves big opportunities for people to take their place.
- Better business credit rates – Banks want to lend money but in a downturn less people want to borrow so credit with a good rate will be easier to get.
Better security than the job market- Let’s face it job security during a downturn is not a guarantee a lot of people will be made redundant or their companies will go bust. Running your own business means your in control of your job security rather than somebody just interested in dividends.