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Should You Start a Business in a Bad Economy?
Is it a good time to take the entrepreneurial plunge? Many adults are asking themselves if starting a business is the right way to go in these unfortunate times of layoffs, rocky real estate, and dwindling retirement accounts.
My response, as the owner of a foreclosure cleanup business in Atlanta, was, “It’s always a good time to start a business. The trick is starting a business that works.”
Businesses that Thrive in Bad Times
Some of the best businesses thrive in bad economies: staffing agencies, resume services, thrift stores, and foreclosure cleanup businesses, to name a few. Businesses that take hits in bad economies are typically advertising agencies, the travel industry, jewelry stores, restaurants, etc.
Traditionally, businesses that go after disposable income are the ones that suffer early on and suffer the most in the long run. But companies offering the products and services sought after in tough markets and at difficult times are the ones that do quite well.
For example, in Atlanta, we just had floods galore. These incredible floods will take a toll economically in many areas, but the businesses that will thrive as a result of these unfortunate floods will be enterprises like crawl space companies, carpenters, concrete companies, pest removal services, real estate cleanup businesses, and others in this vein.
If you’re thinking of diving into entrepreneurship in this down economy and you’re brainstorming business ideas, think about what people need, what they can’t live without, what they won’t think twice about spending money on because of sheer necessity.
When you land upon a business idea that will do well in both a good and a bad economy, you'll really be on to something!
Where to Brainstorm Business Ideas
Good places to search for business ideas are websites like inc.com and entrepreneur.com. Both have tons of start-up articles, how-to publications, advertising ideas, and general advice.
Where to Find Business Guidance
An invaluable tool is also the Small Business Administration (“SBA”). Visit their website at sba.gov. The site has a wealth of information on startup, mentoring, classes, business marketing and more. They also offer a host of necessary business planning tools.
The Service Corp of Retired Executives (“SCORE”) is also an incredible source and can be visited at score.org. SCORE offers face-to-face business mentoring and training, as well as online assistance, and in many cases you can visit with someone who has pointed experience in the industry you may be considering. (Our tax dollars at work in fine fashion with SCORE!) And most of their programs are low-cost and free.
Should you start a business in a bad economy? ABSOLUTELY! Opportunities are everywhere. Put your thinking cap on, do some keen research and solid planning, and open your doors!
by Cassandra Black, CEO, Foreclosure Cleanup, LLC and Author of How to Start a Foreclosure Cleanup Business, The Pricing Guide for Foreclosure Cleaning & Real-Estate Service Businesses: How to Price Jobs for Profit eBook and How to Market Your Foreclosure Cleanup Business: A Step-by-Step, Shoestring Marketing Guide for Foreclosure Cleaning Business Owners.
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Foreclosure Cleanup, LLC specializes in clearing out & cleaning up homes that have been foreclosed upon in the Atlanta area. They are authoring company of "How to Start a Foreclosure Cleanup Business" e-Book. Website: www.ForeclosureCleaningBusiness.com.