Wednesday June 10, 2015
Starting a business is a huge decision no matter what the economic climate. You need a clear, well researched idea, a thorough business plan, and more determination than you have ever imagined. More than that, you also need the courage to make that leap and turn your fantastic, innovative idea into a business.
An economy in recession can increase the fear associated with making this leap but in fact an economic downturn actually provides a unique opportunity. Based on my own experience of starting My Parcel Delivery, I've come up with my 5 good reasons for starting a business during this challenging time.
- People are looking to save money
- It’s a good time to innovate and re-invent
- Think lean
- Big competitors are disadvantaged
- Everything is cheaper
Our friends at Smarta.com, a support platform for business owners and entrepreneurs, asked me to explore these points for their blog. With 581,172 new businesses registered at Companies House in 2014, they have seen how plenty of other noticed the opportunity a downturn can bring and want to share with their readers why they too should consider making that leap of faith. You can hear more about my thinking on each point on their website. As the economy is now in recovery, we truly hope that it stays on the up. But if it doesn't, we’re certainly proof that with the right idea, a business can still prosper even in tricky times.