So… maybe you are just getting warm to the thought of starting a small business and feel a little gun shy. Or, maybe you’ve been in business for a while, but feel the need to start from the beginning. This is a crazy time for small businesses. Every day, we read and hear stories of how the wedding industry is not as recession-proof as once thought. But, a recession is also a great time to start a small business.
Here are the reasons why:
- It’s a buyer’s market
You can get great deals on everything from an office space to office equipment. Search Craig’s List and you are sure to find available office space, liquidations on equipment, and sales on supplies. There are also great promotions on advertising and wedding shows.
- Brain power
Unfortunately, the economy has left some of our nation’s brightest without employment. With unemployment at a 27 year high of close to 9.5% there are a number of extremely smart and capable people between jobs. Recent college graduates are among the hardest hit according to a recent report done by cnn. There is an opportunity to hire great talent and mold them into the future of your company.
- A side business can become your full-time business
Test out a hobby and see if you can make some extra income. When I started mmm… paper it was in the living room of a one-bedroom apartment in Hollywood, CA and I was balancing 2-3 other jobs. Many small businesses start out this way. Trent, author of The Simple Dollar, recently wrote how starting a side business during a down economy can bring in a little extra income. Everything that goes down, must come up (economically-speaking). Your extra side income can eventually lead to more full-time income when the economy takes a turn for the better.
- Opportunity for innovation
A down economy is a great time to innovate, recreate, rethink what people want. I love this list from cnn of 6 companies born during downturns. They may seem like giants today, but they started out small, just like the rest of us.
- Proctor & Gamble
- General Electric
- General Motors
- United Technologies Corp
Read the full article here for a little more inspiration on these 6 companies.
What are you waiting for? When life gives you lemons, make lemonade!