Any time can be the right time to start a new business, even in this tough economy. It is true that less people are willing to take the risk of starting a new business in a tough economy, but that doesn’t mean it can’t be done. For example, Microsoft had it’s beginnings during a period of downturn in the economy.
There are plenty of entrepreneurial spirits out there right now starting new businesses. Most of them are former executives and managers, but there is also a sprinkling of down in the ranks entrepreneurs too. While the largest quantity of business’ fail within the first year, by the fifth year about half of the total have failed. A down economy can make this figure even higher and the staunchly determined only need apply.
When starting your business in a down economy you have many challenges but you also have some perks. You can get good, talented employees for less money than otherwise expected. Suppliers may give out deals and give across the board cuts on your supplies. You just need to know your options and weigh them.
In promoting, know your market and know how to reach them. Advertising is a huge thing and can be a huge expense if you’re not careful. Know your market, use your business skills and business knowledge. It’s best if you can start a business that you can pull customers in that have worked with you previously, this will give you a little boost in creating your customer base.