While everyone else is worrying about what the future will bring, you can take advantage of the bad economy. It does not matter if you are currently employed or unemployed, all that matters is motivation. If you have some stored up money, now is a perfect time to spend it on starting a new business.
Advantages to starting a business in a bad economy include,
- Prices are lowered on office space
- You can pick up used furniture from failed businesses.
- Cheaper advertising from desperate companies
- Lower overhead costs on starting a business
By starting your business while unemployed, not only do you have more motivation to get a job, you also have the time to put it together. Being unemployed puts you in a thrifty mode and you can apply this strategy towards building a lean and cost effective business model. If you can keep your business running on a limited budget, you should be able to expand on it when you have the funds. Having too much available capital can be disadvantageous because new companies assume that money will never run out and spending accordingly. Look to the dot-com era as an example for exorbitant spending on frivolous products.
Bad Economy Business Goals
Your first business goal should be to find new clients. Make it easy and start with one. Use the same concepts and techniques on finding the next client. Once you get first client, the second, third and fourth, get easier. Every self employed business has a clients list that sustains their business. As your list grows, you will eventually be able to either quit your current job and/or have a profitable company. In time, clients will come to you and you will have to turn them down because you have enough work.
If you are currently employed but need an additional income, consider this new business, a part time work. However, it is important to never use your current employment facilities for your side business. Nor should you discuss your business plans with co-workers as rumors might spread even before you get things started.
If you believe in an idea, put your best efforts forward and invest your time and money into it. For a hobby to become a business, you must stop making half attempts and devout the energy necessary. Before you realize it, you will go from unemployed status to fully self-employed.