According to "USA Today," a recession may be the best time to start a new business. Many well-known businesses began during a recession, such as Disney and Microsoft. With a bit of research, careful planning and frugality, you might discover that now is the time for you to launch your dream.Write a thorough business plan. This document should include the focus of the business, marketing, revenue and other details. There are books and online resources available to help in this process. I’ve included some resources below.
Choose a business with low start-up costs. If possible, start your business in your home. Purchase second-hand or rent equipment or furniture. Investors are a more conservative in their investment opportunities during a recession, so you may not be able to find an investor for your business.
Do industry research. Check out your competition and try to determine what you can offer that will make customers choose you over the others. Follow market trends. If more people are staying home because of the price of gas, perhaps you can launch a business that helps them make this adjustment (entertainment, food, home services, etc.). Also, what is the success/fail rate for your type of industry in your area? These are all things to consider. Stay sharp and in-tune.
Market aggressively. Make customers think they need your product. Be sure to give your marketing strategy careful consideration for optimal results.
Network. Join your local Chamber of Commerce or local industry group. You will find both customers and peers that will benefit your business.
Treat your customers like royalty. Go the extra mile for your customers. Your customer relations will encourage people to come back and spread the word about your product.
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