When I started my online business in 2003, I started from my house. I had no special office or special phone. All I had was an idea and some guts. I started the business because I knew one day that I would leave my day job and become a full time business person. I didn’t want to wait until I was out of work before thinking of what I needed to do.
Starting a business is a major decision in the life of a person. I know working for somebody guarantees you getting a fixed sum of money for your efforts irrespective of how much profitability we bring to the organization. We are satisfied when we get a regular income even if it is much lower than what we deserve. Statistics are available that prove more than 50% of the people are not happy with their jobs and would readily leave them if they had any other option. The only thing that is stopping them is fear of being able to get a regular income that would help them pay their bills and mortgages.
The recession has affected the economy of all countries in the world very hard and more and more people are losing their jobs. Hardly anyone is getting a promotion or a salary hike, and almost everyone is made to work for long hours. Certain organizations have fired a third of their staff and are making two people do the job that was already being done by three people. This has resulted in wide spread discontent and no one is happy with the way things are unfolding. It is hence the correct time to start a business.
You need to start a business now as this is just the right time. You can be your own boss and get compensation as per the profitability of your company. The harder and smarter you work the more money you will make. If you are able to run your business successfully you will even be able to provide employment to deserving people and help the economy in coming out of the recession. To top it all off, there is no risk of being fired from your job.
The biggest advantages of starting a business now are as follows:
1. Due to the recession, a huge number of talented people are available for you to hire and get your business off to a good start. You can even negotiate the salaries. People are ready to work even if the money is less and you have multiple options for a single position. In the present time, you can get the best of people at a very low cost thereby improving the chances of making your business successful.
2. If you need a premise to run the business; rent and security deposits are much lower than what they used to be when the economy was in full swing. People are ready to rent out at low prices rather than keeping their premise empty. You really can negotiate a great deal and get the best out of the deal. A lower rent will help you become profitable much earlier and hence it is best not to wait, but to start a business now.
3. The biggest reason to start your business early is because you are not really expected to sell in the open market. The initial time is taken up in researching the market, potential customers, product design, building the product and raising money. These can take a long time and for some industries, this can take even up to two or three years. By that time, the recession will definitely be over and even if it is not you will start with selling to a small number of people. These are those people who are not impacted by the overall state of the economy, and it may be a long time before your sales will be impacted by changes to the economic conditions of the world.
According to a survey conducted by a leading business magazine, small and medium businesses that have been planned properly are flourishing in spite of the economic downturn.
An excellent example is James Kwak, who lost his job after 9/11 and decided to start his own business. He co-founded Guidewire Software in extremely tough economic conditions and has never looked back. Guidewire is now an extremely well known and respected provider of software to insurance companies and has customer in countries like US, Canada, New Zealand, Australia, UK, Japan, Brazil and Russia.
Therefore, if you have a good idea, go ahead and start your company now. Do not delay your decision and wait for the economic conditions to improve because a recession is always a better time to start up a business. Though it is true that a number of businesses around are failing and losing money, it is also true that a number of new businesses are being launched and are successful. Hence, whatever way you look at it, now is the best time to start a business.