When you're entering the fifth year of a grueling economic downturn, it's easy to get discouraged. But some would-be entrepreneurs aren't letting unemployment figures get them down -- they're seizing the chance to start their own business.
While the tough economy poses challenges, there are also some distinct advantages to starting a business now, including:
- Cheap real estate
- Affordable leases and cooperative landlords
- Weaker competition
- Vendors willing to offer generous terms
- Low-cost advertising options
Most importantly, there's the thrill of chucking a job you hate -- or maybe a floundering small business that's not working -- to try out a new idea.
The biggest hurdle to jumping into entrepreneurship usually isn't economic, anyway -- it's between your ears. On the new Halogen network reality-TV show Jump Shipp, author Josh Shipp (The Teen's Guide to World Domination) helps people who're stuck in a dead-end job (or relationship) to break free and pursue what they really want.
Many of the stories are about would-be entrepreneurs who're trying to get up the gumption to take the leap and start their own business. In a recent episode, graphic designer Debbie Lee longs to become a freelancer in her chosen field, but is stuck working in her family's jewelry business, now distressed by the bad economy.
With Shipp's help, she gets both a realistic assessment of her portfolio and how to get it in better shape to land gigs, and moral support for breaking the news to her parents that she wants to quit working in the family business.
In another episode, a talented graphic novelist gets a push from Josh to take the plunge and try to make a living from her art.
"Her kryptonite is lack of commitment," Shipp notes. Isn't that true of so many people who wish they were starting a business, but never seem to get around to it?
Will you start a new business this year? Leave a comment and tell us your plans.
Life insurance as low as $14/mo for $250,000 or $21/mo for $500,000 of coverage. Contact MetLife®
Comments:
There's a good timing when you want to start a new business, but that doesn't mean that you have to constrain yourself to just the perfect timing. You can start anytime and still become as successful as long as you've done the planning stage right. You can't just jump in without a plan, because you'll go through a lot more obstacles and you have to go through a lot more risks. = Gerald Martin =
Well it depends on your research and study about the running businesses all over the world. After that it depends on the opportunity. No doubt the global economy downfall is a little discouraging for the investors especially for the newbies but still there is way to utilize your skills. Current situation of real estate sector is quite feasible. Different types of properties like residential, rental and commercial properties provide a good range of advantages.
Will you start a new business this year? Very Good question.. I had asked myself whether to start a new business this year or take a step forward for planning expansion of my office services.. to come up with good resolution I have to get enough information about the quality of business is required throughout the Community individual's test of shopping surrounding me, and what kind of brand can be entered into the plan... Still I am studying what to do, the sole obstacle is financing any project.. I hope within few months later to come up with final result.
im 26 just left my job bcos i dont enjoy it, abwt to start my copy shop biz but afraid whether people will come. i want this and that forgeting that i have to start small to go big
I'm so nervous about starting this retail company. I've been sitting on this concept for years and it seems as though once I began to do the legwork, things started to fall into place. But I cant deny the fact that I think my fear has taken over a bit :(
I left my job last week ( good job career ) and this week i ll start may own company. I m 33 and i think is time to do some different and work with other methodology. Now i time to do and no to watch. My company is about communication and integrated brand contents.
I'll be 45 next week. Have a very secure job. Nervous as hell about going out on my own!! Just think its finally time to MAKE THIS HAPPEN!!
'Chucking a job you hate...to try out a new idea'....should be EVERYONE's new resolution.
I am working for a company in petroleum industry now, i want to open my own small business in the end of 2012. i wrote my business plan, strategy for my business, i asked some venture capitalist to support me in finance, but it seem hard to get what in this downturn economy times! thanks your post anyway.
I am starting a sorority/fraternity apparel store. Just so nervous about it being a flop. The closest one is about 45minutes away from our college town and doesn't serve those that are not trademarked. I'm just so nervous that I think I have let the idea that it may fail take over me :/
Like Don, I agree that you shouldn't just start a business to start one. Align your business ventures with your experience and passion. That way it won't seem like such extremely hard work when you're climbing uphill that first year!
thank you so much, i think it´s very helpfull your article, im 23 and im around finish university (industrial enginneering), and lnow i m wondering what to do... get a job, find a succesfull project or ddie forever alone... haha tnx a lot
This is the year I will start a fabric and craft store in my small town. It should thrive since the closest one is about an hour away.
I found this post very encouraging, I lost my job over a year ago and since then started a business. It has been a very difficult year for me and my family but I believe in my product and my talented team who share my passion. We still have a long way to go but check out what we do www.g-helmet.com
I DO want to get rid of this nagging crap job! Small business here i come!!!
I suffered from this - my first venture was into a realm where I was semi-proficient, but lacked vital skills. Major mistake. Since then, I have entered into a new venture, sticking to areas I know and enjoy. The difference is night and day.
I believe ANY year, and(or) season is the perfect time to start a new business...i thought entrepreneurs were optimistic?! A pessimist would be the only one raising their hand saying "what about the rain"? -Ryan Harner
Absolutely right Carol! Starting a business is never about the economic status, instead what’s in your head. In fact, during an economic downturn there are great opportunities to be seized. And like all great master pieces, a true vision is an offspring of restriction and limitation.
Sure i will. I am in Brazil, were oportunity shows up everyday! I am just thinking about what it will be. Wish me luck friends..
I've quit the multinational I've been with for over 10 years to start up my own training consultancy at the end on this month. I'll also give myself more time to work on a personal project I've had forever. During a crisis there is a demand for people with my skills (strategic sourcing, cost reduction) so now it's the time to do it. Fortunately I have no dependents so I am flexible to do as I wish.
do what you can with what you have where your at
I am planing to start a business as a sunshine cleaning service. the service will provide carpet and upholstery cleaning. when is the best time for me to start this type of business
Dropping of stock markets is a good start for some risk taker stock holders to buy some stocks at a cheap price because they believe that in years it's worth will increase, but that is too risky.
It is scary to start a business esp. when the banks are getting tight on loan. A lots of ppl here in Nevada gave up their house and ended up in a bad credit. Now, can't even move with any kind of loan... Tough, Tough situation
I plan to finally put my dreams into action and start my own sports bar in the downtown area of my city near a local college and have a full deli and salad bar, there are no othe business of the sort within a 10 mile radius, ill have a large market of college students and city employee's all to myself :-) you never know till you try
Yes! Without a doubt
There is no question that bad economic times fuels many into going into business for themselves. Misery somehow breeds innovation. It's fantastic. I want to echo Don Simkovich sentiment that folks need to start with what they know. I've met too many mediocre entrepreneurs who jump into fields that no nothing about.
Most businesses start up with the owner's money or friends and family. It'll definitely be a year of bootstrapping for most new entrepreneurs.
Good post. Economics are pretty difficult though. If the start up requires outside financing, finding a bank that will provide the financing is hard. SBA is about the only way to go with out a historical track record.
Good input. I advise people to start a business that matches their backgrounds. In interviews with small business owners, that's one trait I've found with the successful ones.
Nice post!
Yes ofcourse !!
It's essentially a large leap of faith - because you don't know if income will come in as steady as it has with a 9-5 job. On the flip side, you could be making more money!
For as long as i can remember i wanted to be in business for myself. I have not done so. I hate what i do and working for other people. This year might be it ani have it in mind to start a business selling liquidated and overstock merchandise.
Yes I'm intending to start new business this year but I still didn't find my passion