According to learned economists and others, we have been in a recession since late 2007. As this article is being written in mid-2009, the economy is not well. Businesses are cutting back, if not closing. General Motors and Chrysler, once pillars of American industry have both filed for bankruptcy and employment is the worst that it has been in decades. Projections for at least the next year suggest that things will probably get worse before we see any improvement. So, with things looking so bleak why would anyone consider starting their own business now?
Well, the quick answer is that maybe they wouldn't. But let's look a little further into this environment that we all presently find ourselves in. First, for most of us we can pretty much forget about job security. The days of having a cradle-to-grave job are but a faint memory. Companies are looking for ways to scale back and, as a result, many jobs are being eliminated. The sad reality is that your job could be the next to go. Today's jobless ranks are sky-rocketing.
Whether we are fortunate to have a job, or if we have recently been laid off, it has never been more important than now to have a plan for how we can continue to earn income. For more and more of us, this plan starts with a decision to start a business and continues with research into what products or services are needed by the buying public. The fact is that people are going to need products and services regardless of what the economic climate is. We need to educate ourselves as to what those needs are. And they don't necessarily have to be something new. If you can come up with a product or service that is better, faster or cheaper than what the competition is offering, this could lead to a successful business in good times or bad.
A lot has been written about so-called recession-proof businesses. Everything from ice cream to diapers, to alcohol, to video games, to discount retail stores are considered recession-proof types of businesses by many. The fact is, you don't need to spin your wheels looking for that perfect recession-proof business to start. You just need to do your homework, find something you would like to do and do it better, faster or cheaper than others are doing it.
Use the Internet
As part of doing your homework, don't be afraid to use the Internet; particularly Google. Do a search on start-up businesses, home-based businesses and recession-proof businesses. At the very least, your research will get your creative juices flowing. But remember, it's just a start to the research you should do. Don't be quick to jump on something that you have not fully researched.
Go Slow, Be Small
Once you have found a business opportunity that you are convinced that you want to pursue, go for it. But, to the extent possible, take it slow and start small. Don't put a lot of money at risk. This is good advice anytime for budding business start-ups and it is particularly true in a less than desirable economy.
Finance It Yourself
The fact is, that in the present economy bank business loans of any type are fairly non-existent. If at all possible, finance your start-up yourself. Use your own money, either from savings, retirement or family. Don't fall to the temptation of using credit cards to finance your business. Believe me, using plastic will be very tempting. Don't do it if you don't have to. And if you do use them, plan to pay off the balance monthly. I cannot state this too strongly. This is a hole into which you do not want to fall. It could ruin your business before you gain the fruits of your own success.
Keep Your Costs To A Minimum
This dovetails with my suggestion that you start small. Depending on the type of business that you have decided on, there will be items of expense that you may want, and those that you need. When just starting out, it is critical that you incur costs only for things you absolutely need. This is particularly true when it comes to equipment. There will be many pieces of equipment that would be nice to have. They may even save you time. When it comes to these types of purchases, you seriously have to consider whether they are really needed at this time. Believe me, it is very easy to spend a lot of money on equipment before it is needed. This is another area where research and doing your homework will pay benefits.
Don't Be Afraid To Ask For Advice
You probably know friends or acquaintances who have their own businesses. Don't be afraid to ask them for advice. You may choose to filter some of what they are prepared to offer but, for the most part, they will have great things to share from their own experience that can go a long way in saving you time and help to minimize the mistakes you will be certain to make as you start you own business.
Consider Networking
Networking is putting yourself among a group of other business owners and managers on a regular basis so that you can share what you have to offer and have them share what they have to offer. Networking comes in many forms, including formally organized networking organizations that meet weekly, and also less formally or specifically organized groups where networking takes place, such as a local chamber of commerce. The local business networking groups generally have 15-35 members depending on the size of the community or region being drawn from. There is almost always a membership fee to join. Chambers of commerce generally have hundreds of local members and provide multiple networking opportunities throughout a given month. As a member of a chamber of commerce, you also have access to the membership list with addresses and phone numbers and mailing labels that can be used for direct marketing. There is a annual fee to join a chamber of commerce.
Provide Great Customer Service
Customer service is a term that has been used and abused today. Most businesses talk-the-talk but few actually walk-the-walk when it comes to excellence in delivering customer service. Customer service is NOT about giving "service". Frankly, the customer deserves and expects service. What we really mean by providing customer service is going beyond what the customer is expecting. Really good customer service is providing things that contribute to a "WOW!" factor. A WOW factor is something that causes the customer to say "WOW, I wasn't expecting them to do THAT for me". It's that extra service that the customer didn't pay for, but received anyway. Something that keeps them coming back.
For every business start-up there are many, many things to consider. For purposes of this article, my intent is to plant seeds that will grow into food for thought and discussion as you move toward declaring your independence and controlling your destiny with a business of your own.
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Ed is a business related consultant and writer. His education includes an undergraduate degree in Business Administration and the "M" and the "B" in MBA. More importantly, he has views and opinions based on many years in the corporate world as a middle and senior manager, combined with several years as a business owner. He knows a thing or two about small business, business start-ups, home-based businesses and doing business online.
For more info on this article or other topics you want help with or just want to discuss, contact Ed through his blog at http://gt350ed.wordpress.com/
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