Have you ever wanted to have your own business? To be your own boss? To not have to follow the decisions of “the man?” Or have you recently been laid off, bought out, downsized, rightsized, or any other creative term used by companies when letting people go? Have you realized that job “security” means nothing more than someone else having the power to determine your employment situation and your potential for success? If you have any of these thoughts or have faced any of these circumstances, you need to know that right now is a great time to start a business, to put your idea to work, make your dream a reality, and be as successful as YOU want to be. Sounds like an infomercial, doesn’t it? The truth is, it IS a good time to start a business.
Here is just a sampling of the reasons starting a business now is a good idea:
- Decreased competition – due to the difficult economic conditions over the past 12-18 months many companies have had to close up shop. Your industry choice may help you take advantage of the precipitous drop in competition.
- Financing terms – although capital is not as easy to attract as it used to be, the terms can be very favorable. Recent changes to the SBA government program and historically low interest rates make start-up financing very attractive when available.
- The economy is expected to improve later this year, according to Federal Reserve Chairman Ben Bernanke – don’t miss out on the opportunity to be on the ground floor of the recovery
- Government stimulus – many industries stand to benefit financially from the government stimulus money that is beginning to trickle down to the local level. As we all know, there is a significant amount of money in the government stimulus programs put in place earlier this year. Word is that the funds are nearing the local level. If you have considered starting a business in an industry that may benefit, the timeframe for taking advantage of these funds is quickly disappearing.
- The public’s thirst for money saving ideas – everyone has had to “tighten their belts” during this economic downturn. More and more people are looking for ways to save money and products that can help them do so. Do you have an product idea that will help? Now is the opportune time to launch it.
Don’t get me wrong, it is not easy to start a business. You must have the ideas, drive, and determination to see it through. However, realize that over half of the 2009 Fortune 500 companies were started in a market downturn. Some examples of companies started in a recession are: Hyatt Corp, Burger King Corp., IHOP Corp., FedEx Corp., Microsoft Corp., CNN, Sports Illustrated, General Electric, and Hewlett Packard.**
You may not plan on starting the next GE, Burger King, or Microsoft, however all those companies started like every other company . . . an idea, dedication, and determination to see it through. If you are ready to take the steps to start your own business or would like to consult about your various options, please feel free to contact me. I applaud you entrepreneurs – you are the catalyst of economic recovery!
***This article is by no means a guarantee that your business idea will be successful or that you will receive any of the benefits mentioned in the article. But how will you know if you don’t try?