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Given the economic state and the recession outlook, what advice would you give a first timer business owner?

Interested in opening an eclectic vintage and coffee boutique in a quaint yet busy city in Florida. Concerned if now is the correct time to open a business, or if I should wait until the 'downturn' passes?
Brad Sugars answered February 2, 2008
URL: http://www.entrepreneur.com/answer/221302
Hey, great question!

There's never a better time to get started planning than now. No matter how healthy the economy is, some businesses will do great and others will fail. Starting any business takes months of planning and work, so get your business plan in order. While writing the plan you will see very quickly how ready the market is for your business.

Put simply, a business plan is more about the thinking and evaluation you do to be able to write it than it is what you put into the plan. I personally started several businesses during down economic times and found that it made it really to keep costs down. Then when the markets picked up, I was able to make great profits.

All the Best,
Brad Sugars

Brad Sugars is the founder and chairman of ActionCOACH. As an entrepreneur, author and business coach, he has owned and operated more than two dozen companies including his main company, ActionCOACH, which has more than 1,000 offices in 34 countries.