How to Start a Business During the Recession

busines plan (Photo credit: Wikipedia)Even though it goes against conventional wisdom, recessions can be an optimal time to start a business. By now you have heard again and again that both CNN and Microsoft were started during recessions. And look what it did for them! As unemployment rises, not only are there more people looking for work, but you can find workers for a competitive price (i.e. cheap!). While capital is tight to assist you with starting your business, if you can find the perfect business to start at a low cost, there is no time like the present to start a business and build your financial dreams.
Choose a business with low start up costs. First, you need to choose a business in a field in which you are passionate and with low start up costs. You don't want to sink thousands of dollars into a business if you are unsure what you returns on the investment will be. You want to make money!
Develop a sound business plan. If you were lost in the jungle, you wouldn't navigate it without a map, would you? Probably not, because you would need to find out where you are and figure out where you need to go. In simplest terms, the same can be said for starting out a business. If you don't have a "map"--i.e. a business plan--then you will soon lose sight of the direction in which you need to go. Additionally, a well developed and well written business plan can serve as a calling card for possible investors.
Research your niche. Once you have developed which business you are going to start, research your niche. Are there other competitors in your area doing the exact same thing? Will you be able to establish a foot hold in the market? If so, how can you differentiate yourself from them?
Get your brand--and yourself--out there! If you are going to start a business, then you need to know that you will have to spend a good amount of time, energy, and resources getting your brand out into the marketplace. Marketing is going to be a vital step in your business development, as is networking. Be sure to join business associations and your chamber of commerce.
Give your customers what they want--discounts! Remember, in any economy, the customer is king--and should be treated as such. Specifically in a recession, think about providing customers with exactly what they want: high quality products and low costs. Think about providing customers with customer rewards or loyalty program discounts.
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