Profitable businesses launch during times a slow economy can take advantage of some critical factors.
- Lower Startup Costs. It’s less expensive to start a business than at other times. You can find lower advertising rates as well as deals on supplies, inventory, services, and more.
- Take advantage of advertising. In addition to lower ad costs, you may also find that competitors have their guard down. They may be counting that there aren’t any new competitors, or maybe their financial situation warrants them cutting out advertising altogether.
- Provide excellent customer service. Your competition may have cut back on their customer service efforts. You come in with top-notch service.
- Excellent employees. You will find some excellent candidates when it comes time to do your hiring. Because of other companies’ downsizing, you can snatch up some appreciative and loyal people that are knowledgeable and well qualified.
- Getting a head start. When you start your business during a recession, you’ll get a good head start over other companies that may be waiting for a “better” time to launch. By the time they do launch, you’ll be that much further ahead of the game.
- Be frugal. Starting in times of recession forces you to be careful about your business activities. Because of the recession, you’ll make it a point to search for the best prices and the most efficient ways of conducting business.
If you can launch and operate a successful business during a recession, think of what you can accomplish once the economy booms again! Instead of waiting for the “right” time, take action today. Here are the books that took our business from the startup to success. Visit Model the Masters.