I’m sure you know whats going on with the economy. If not I suggest you look at any media source out there. Nobody knows for sure what is going to happen and what things will change as a result of all this. However there are many reasons to be excited as an entrepreneur. I honestly think this is a great time if your starting a business and here is why.
Customers up for grabs
With the economy spiraling downwards many companies have shut down. I mean look at Lehman Brothers, were not just talking small companies. Now that these companies have gone bankrupt their customers are on the streets. Whatever the business was it had customers that still want their products or services. So now these people are looking for another place to get these things. This is where you as a new company can easily snap up some customers to start.
-Less competition
With less companies out there, there is obviously less competition. There will still be new customers entering the markets looking for products and services that these bankrupt companies used to provide. Now if you step in to fill some of those voids you could easily find some more lost consumers.
-How do you find these lost consumers?
This is where web 2.0 can have such a huge impact. All the tools that are available on the web right now provide a great place to start making connections to find these lost consumers in your niche. Now web 2.0 still doesn’t replace good old fashioned guerrilla marketing but it has opened the doors to tons of people that you would have had trouble reaching just a few years ago. Get on every network you can and start searching for people who might be interested in your business. There is a good chance you might find a few who are lost and looking for the next provider to step in!
For more info on why you should use the web see my post Don’t Be a Fool Use Social Media
Faith lost in big business
Many people are losing faith in big business, especially in the financial district. This means that they might be more open to having a more personal experience with a smaller business. So once again this could be a great chance to find customers. Gain people’s trust and you will have a great shot at securing them as a long term customer. Business to customer relationships are always built on trust but now more then ever as that trust has begun to slip in many industries.
Cheap but experienced help
It’s sad to say it but it’s true. A lot of people have lost their jobs and are looking for whatever can pay the bills for the time being. As a start-up you probably won’t have to much money to hire employees but now you may be able to find some great deals on help. With the crisis being in the financial industry a lot of very smart and experienced people are now out of a job. Now these people aren’t going to work for nothing but I bet you can find some great help or assistance for prices that normally wouldn’t be possible. Could really help get your business off on the right foot.
You will be set for the turn-around
When does Warren Buffet make investments? Now! That’s the whole idea buy low sell high. By starting a business now you will be set for when the economy turns-around, and yes it will.
Don’t let this happen to you
If you never had that extra push or the motivation to start your own business I think this could do it. Don’t put your job in the hands of people you will never meet and have no idea what they are doing. Don’t be that smart, experienced, unemployed job seeker when the next economic down-turn happens, and yes there will be one. So if nothing else these economic conditions should at least provide some motivation to start thinking about going out on your own. Control your own finances and your own practices. Take control of your life and don’t get caught off guard again.
Still a little nervous? Read one of my posts 3 Fears an Entrepreneur Needs
Well there are some of the best reasons for starting a business right now. Certain industries provide more opportunity then others but in all the opportunity is all around. You just have to find it and take advantage of this situation and then you won’t have to worry about someone you never met destroying your career.
Does anyone else have some thoughts on why this is a great time to start a business?
