We all know the economy is flagging, there’s high unemployment and more redundancies. It all sounds like gloom and doom. But wait this article is not going to lead you into a downward spiral of negativity. I am here to tell you that when times are tough there are plenty of benefits to starting a business during a downturn. Don’t believe me? Well I shall put my case forward:
- During a downturn, you have less to lose. If you’ve been made redundant or your contract has ended, then if you set up your own business you’re not giving up the safety of a regular salary and the benefits which go with it. Remember that old adage – ‘Necessity is the mother of invention’.
- Customers are more likely to re-evaluate their brand loyalties as they seek less expensive alternatives and are more likely to switch their buying habits.
- There’s no doubt about it but prices drop during a recession. Goods and services become less expensive. Office space is cheaper and there are more opportunities to negotiate better terms for products and services.
- You become creative and resourceful and when economic health returns you are in a better place. You are also highly motivated and have drive and enthusiasm.
- Better credit deals. When times are tight suppliers are likely to give better credit deals.
- While a downturn may prompt governments to make cuts in public spending, it does push them to offer practical support for small businesses. There are plenty of incentives and grants and other funding initiatives to help you on your way and to help entrepreneurs to kick-start the ailing economy.
- Quality talent becomes more affordable with the calibre of staff being higher but cheaper.
Remember only you can decide whether you want to go it alone, but there are plenty of reasons why you can branch out on your own. If you feel you need help with specialist skills and nationally recognised training we offer a variety of business courses to help you on your way. We also offer webinars about entrepreneurship and you will receive your own personal mentor throughout your studies.
