A recession effects just about anyone but a lot of future business owners ask themselves, should I start a business during a recession? I say you start a business no matter how bad the economic climate is because if you have the determination to succeed, you will make your business grow and become profitable.
Let me give you a few reasons on why you should start a business during a recession:
The media is always negative: No matter what you hear in the news, the media loves to put a negative spin on everything. Let’s say you won $700 million dollars. The media isn’t going to say great things about it but instead they will talk about how much taxes you’ll owe, how people are going to bother you, etc. Do you see where I’m getting at? Yes, the economy is bad but we always survive.
Look at what people are buying: Let’s say the nationwide unemployment rate is 6%. It sounds like a high number but 94% of us have jobs!! What odds do you want? You also have to remember that the unemployment rate never falls below 3% because there are always deadbeats out there trying to rip off the system so let’s say that 97% of are out there willing to spend money. No matter what kind of shop you’re willing to open up, there are always going to be people to buy it as long as you market right.
I would say avoid big items: If I could tell anyone anything about business during a recession, I would tell you to avoid selling the big ticket items because this is what people aren’t buying. They are waiting on the car purchase, the home purchase, etc but there’s a high chance you’re not going to sell high ticket items but if you are, you may want to second guess it.
Look at what’s hot: No matter how bad this economy is, there is always something that’s hot. Right now, there are a lot of foreclosed homes. Well let’s think of foreclosed homes for a second. Banks will need people to maintain these homes and if they have 1,000 to look over, maybe you could start a business to clean the yards, shovel snow or cut the grass. Always be on your toes and think of what is hot.
In the end, don’t let a recession scare you because you’re making up excuses. You can’t fail until you’ve tried. Don’t sit back and blame the world. Instead, get up off your feet, think of idea and go out there and do it!
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