2009 May Be the Best Year to Start a New Business

With people on the news throwing around words like “recession” and “financial crisis” some may think that the last thing you want to do right now is start a business. This is actually a great time for someone to start a business for several reasons.First, tough times make tough companies. If you are in a struggling economy, you watch every penny that you pay out and take in. You want to get the most for your money, and that will lead you to make the best decisions for you and you company. There are many large companies that started and thrived during recessions (think of Disney in the 1930’s). One thing to be careful about is everyone else is doing that too, so make sure your business is in an industry that is still getting a share of the money people are spending.Recessions also create a drive for entrepreneurs. When people lose jobs, they are more willing to go out on their own and start something themselves. In some industries, like specialty advertising, you sell to other startup businesses and established businesses that are being more careful with their advertising dollars and want something that is low cost, but high return. As a specialty advertising business owner you can offer small quantities with quick turn around, which is very attractive to prospective clients.There are more small businesses started during recessions, as people who are laid off or cut back strike out on their own. If you are in a business-to-business industry you can do very well selling your services to others. Everyone has to buy certain things to make their business work, if you get into one of those fields, then you have the potential to do well.Above all it takes work. Anytime you start a new business it will take work for you to plan, market, and actually get things done. Be very wary of “get rich quick” promises and offers that are based on principles that are dishonest or illegal. Very few small business owners become millionaires the first year. Most work very hard for what they have, but there are other benefits besides just money. Do not get discouraged because of the economy, there is still money to be made and there are still opportunities to be had running a small, home-based business. Do your homework, find something that you are interested in and take your future into your own hands.