Why is right now, in the middle of a significant recession, a great time to start a business? I’ll tell you why…the economy provides opportunities to get into business for a much lower entry cost now and the opportunity to grow a business, both during the recession and during the economic recovery that will come. It is a lot like the stock market adage — “Buy Low, Sell High.” And this economy provides the opportunity for entrepreneurs to “buy low.”

Startup Costs – Everything from retail space leases to commercial vehicles to equipment and supplies are at historically (and sometimes unbelieveable) low prices. Those businesses that supply your business are competing for customers, liquidating inventory, and working hard to be successful. They want you to be able to start a new business, both for the immediate sale and for the long term potential.

Hiring Costs – Unfortunately for the millions without a job, unemployment is at a record rate in many markets. Fortunately for you (and for your new hires), that makes hiring employees to staff your new business easier than ever. Labor prices have dropped some, but more importantly, many high quality, very reliable employees are looking for a job and can start immediately. Instead of spending months looking for the right fit, it may only take days or weeks!

Competition – While many of your competitors are struggling with too high rents, too much debt, and too much unsold inventory, you will be able to open without those problems. All boats seem to float when the economy is expanding and growing. When the downturn came, however, many businesses that had poor financial management and planning, poor marketing planning and execution, and just overall poor management, were not able to hold on. If you can do it better, you can win their old customers and some new ones of your own.

The reality is that if you have ever thought of starting a business, right now is a great time to follow-through on that idea. Use the advantages you find in this recession to get your business started and growing, and develop the right habits so that when the recovery comes, you are in the right position to ride the wave!

Starting a Business? Start Here. Go Far. LaunchX.com