The sky is falling. Oh my god. It’s all over. Stick a fork in us, we are done. NOT!
The economy sucks. So what? Here’s some news for you, bucko. It sucks every ten or fifteen years. It’s called a cycle. We go through this all the time, and here is a predication, it will continue to stink for quite while. Perhaps another year or so, then it will begin to heal and thrive again. It always has and always will.
But what if this s truly the end; the great collapse? What if this is the death of the proverbial Roman Empire? It could be. It is very, very unlikely, but it could be. And if it is, don’t worry about it since there will be little you can do.
So here we sit, as entrepreneurs, on an economy that is gasping for air. It can go one of two ways: it will either revive over the next year or two or it will die. But one thing is for sure, it will get worse before it gets better. Big business will tighten their budgets, followed by the medium size guys, and finally the small businesses will have the wind knocked out of them as everyone slows down.
And it is now, right in this moment, that is it the best time to start a business. Yes, it’s true. So true that it is worth repeating. Now is the best time to start a business.
Why It’s a Great Time to Start a New Company
1. Less Competing Startups. Most people don’t want to start something when things are bad, so they don’t. This is the old “buy low, sell high” rule. If most people are going one way, your advantage is to go the other. Start when they aren’t.
2. “Get Rich Quick Guys” Run Away. The folks that were in business to get rich quick go running for the hills when times get tough. And with them exiting, there is even less competition for you to worry about.
3. Plant The Seed. If you get started now, your business will likely grow slowly. I mean, a slow economy means slow business. But that is true of a startup in a strong economy too. So grow lean and mean during these quiet times, and be positioned to grow explosively as the economy recovers.
4. A-Players Become Free Agents. When the big companies start laying people off, and they already have, some great talent will be freed up. Instead of using a high cost recruiting service, a smartly placed (free) Craig’s List ad may land you a top shelf A-player.
5. Go International. A weak U.S. economy is typically coupled with a weak U.S. dollar. That means our other countries can buy from you, here in the U.S., on the cheap. Make it easy to do business with you, and global economy is at your beckoning.
6. Time for Luxury. What? Am I crazy? Nope, I’m not. Luxury items actually sell stronger in a weak economy. Certain luxuries that is. They are called micro-luxuries. These are items and services under $100 that emotionally replace the loss of big, expensive luxuries. When people give up the new car they wanted or the renovation to their house, they instead start buying more of those inexpensive emotional replacements like a dinner out, or a day at the spa, or that triple latte grande.
The economy sucks and it is time to celebrate
Don’t do what the others are doing. Don’t sit there, curled up in a ball sucking your thumb. If you have ever wanted to start a business, there is no better time then now. Be cautious and be smart, just like you would at any other time starting a business. But don’t wait. There has never been a better time to start a business… expect for the last economic downturn ten or fifteen years ago.