A Bad Economy Can Be a Great Time to Start a Small Business!
Intro note: I am thrilled and honored to join the team of ModernMom.com bloggers! I look forward to being your “Business BFF” and blogging about launching a product idea, starting your own home based business, being a CEO and an MOM, specifics about running a small business, de-stressing from work so you can be present as a mom, and many other biz related topics. I welcome any questions and comments & look forward to connecting with you!
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Have you thought of a great product idea and then never done anything about it only to see it on the store shelves years later?
Many of our favorite products are on the shelves because a “regular” person like you or me convinced ourselves that we had a better, faster, easier version of a certain product. Many people are “closet” entrepreneurs with an arsenal of great ideas hiding up their sleeves. But they don’t know how to get started to try to bring it to life. Most people are held back by any of the following excuses: 1) no business experience; 2) no money or 3) fear of failure.
Whether you are a teacher, a chef, a stay at home mom, or a truck diver, a great idea is a great idea. You are qualified in your own way to join the ranks of every other entrepreneur that started with only a dream!
No more excuses. Even in this economy. There is no bad time to start a good company.
As an optimist, I can even find some benefits to starting in a down economy:
- Companies are offering better pricing on materials and offering lower minimums.
- Talented people (accountants, lawyers, publicists) that used to work for huge firms have been laid off and are now consulting on their own. They charge much less under their own shingle.
- Competition has been shrinking and by the time you are ready to launch, your company will have been built on a solid foundation and beginning in a stronger economy.
- Having fewer resources to begin with will force an entrepreneur to do more analytical thinking about streamlining expenses from the get-go.
It’s happening all over the country right now, and not just by people that have been laid off but by those driven by passion to give their dream a shot. People are running businesses from their homes in record numbers. They are making calls from their bedroom closet, shipping inventory from their garage, and mixing batches of candle wax or lotion in their kitchens.
With today’s technology it’s a snap to set up a professional business very quickly.
You can look like a big company with a virtual office. No one has to know that you may be in a tiny corner of your living room making calls from your pajamas! As long as your “perfectly professional façade” is up, no one is the wiser.
So, the next time you find yourself saying “I can’t be the only one that would love this…” You may have just thought of a great, life changing business idea. Subway was started with a $1000 loan to Fred DeLuca from a family friend. He needed to make some money for college and his family had a tradition of driving to a sub shop on Sundays. He had a special place in his heart for sub sandwiches. He had no idea that this idea would make him a billionaire and change the landscape of the fast food industry.
When you follow your heart and you truly believe in the value of your product, the possibilities are endless!
