Start a Business--Now <i>Is</i> a Good Time
Don't let the recession fool you--there's no time like the present to launch your own business.
The question of whether to start a new business during a recession or wait for the economy to improve is on the minds of many entrepreneurs these days. Certainly there are pluses and minuses to starting a new business in a recessionary economy. But the reasons to launch a company during weak business cycles may far outweigh any reasons for delaying the launch. In fact, the reasons against starting a new venture during an economic downturn may be the very best reasons to get started in the first place:
Demand is down. The biggest reason often sited for delaying the start of a new business during a recession is that demand is down-thus it is reasonable to assume there are fewer buyers for a new company's products and services. In fact, this may be the most compelling reason to launch. Because demand is down, prices are down. Therefore, it should require less start-up capital. The rent on your office space will be less than it would have been one year ago. Your employees will no doubt work for less because unemployment figures are increasing every month. How about office furniture, equipment and supplies? They will cost less today. Even the cost of hiring a lawyer to incorporate the business and assist with other important documents will be less because they need the work, too.
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