The economy is a mess. No matter how the government and media try to spin reality, “fewer lost jobs than last month” still means more lost jobs. The national official unemployment rate is over 9% with some urban areas coming in well over 15%. Of course, this number does not include those who are unemployed but no longer eligible for UE benefits or those who are underemployed (working at jobs far below their skills and experience). Add those in and the total is at least 3% higher, with no indication of dropping any time soon.

Sales are down in just about every industry, the stock market is unstable at best, and businesses of all sizes are crumbling under the pressure. So, how can this possibly be a good time to launch your own business? Believe it or not, this is a great time to go out on your own, as long as you jump in with your eyes open. The economy will eventually recover and those businesses that are poised and prepared to take advantage of the next boom will rise to the top. And, working for yourself places control of your financial future in your own hands – there is no one to put you out of a job but you!

To succeed as a business owner in any environment, you must take the time to learn, understand, and plan for every aspect of your business idea. You need to know your industry, your market, your business and your product inside and out. You must market effectively and run the finances efficiently. Starting in a difficult economy can force attention to these issues more than starting up during a boom. More startups are forced to bootstrap, thus finding ways to do things yourself and seeking out the best deals are more of a priority. The result is an owner with a clear understanding of all the factors that affect the business, thus a leader who is better able to handle any opportunities or threats down the road.

Starting out with a lean, resourceful business will encourage a culture with the same values as your business grows. In fact, over one-half of the Fortune 500 companies were started during a recession, and most of these are surviving this economy without much difficulty. Because they never bought in to the overspending hype of an inflated economy, a reduction in sales isn’t devastating – there are plans in place to deal with these contingencies. Your business idea could very well become one of these companies, as long as you put in the time and effort to start out right.

One thing to keep in mind in developing your business idea – every recession slightly tweaks the priorities, tastes, and habits of Americans. During the down economy, people get back to basics. Family time is more important, folks think more about following their dreams, good deals and decent customer service are expected. Develop your business with an eye to what you are seeing in your market. Talk to your potential customers about what changes they are making and what they are thinking more about these days. Don’t be afraid to change direction or modify your idea if you see an opportunity – the point is to find a product or service that can sell enough now to support the bare bones of your business and will be ready for explosive growth as the economy returns.

Start Here. Go Far. LaunchX.com