You may be thinking that this is the worst possible time to start up a new business. But guess what? There are advantages to starting up a new business when times are tight. Here are 5 of them…
1. Your start up costs will be less.
These days you can find really good deals on everything from office space to equipment and more businesses are willing to barter or trade services to preserve cash.
2. You will have a larger pool of potential employees to choose from. With job layoffs being the reality today – more and better qualified people are seeking jobs.
3. In spite of what we are hearing about the tightening up of credit – lenders are still making loans to business start-ups and they are looking for new deals to finance.
4. You will attract more attention from the public and the media by starting up a new business when many others would not consider it.
5. For many recently laid-off workers – starting a new business in these times is less risky than going back to work for someone else and facing the potential of another lay off. Across the country new businesses are being started by recently laid -off workers who are viewing this as an opportunity to fulfill their dreams of self-employment.
With the right idea and a well-researched business plan – a new business can find great opportunities and success in this economy.