The BizFilings blog covering business tips and trends.
The "Upside" of the Recession?
Oct 2, 2009, 08:13 AM
For many entrepreneurs there are upsides to starting and operating a business in a recession such as better start-up or maintenance costs.
Really? Is it possible that there is an upside to this recession?
For many entrepreneurs, that's exactly the case. The start up costs for opening a business right now are the lowest they have been in years. Take for instance Wendy Buckley.
A lot of people are very worried about job security right now, and some rightly so. But after reading this, it really does show that opportunities abound for entrepreneurs even in this kind of economical environment.
Take special note of Buckley's observation about the availability of contractors and vendors right now. Talk about a great time to be able to negotiate killer prices! As a small start up, there are many, many companies out there that want your business and are more than willing to cut a pretty nice deal to get it.
There may be opportunities to actually buy property for your business instead of leasing - thus potentially gaining an additional asset right off the bat. This usually takes years in a more robust economic situation.
And it's relatively easy and inexpensive to incorporate a business online these days too. That way you will be protecting your personal assets in case something does happen. With all the other free business tools and resources you can find on the internet, Wendy just might be on to something.