I am in the mindset that now is the best time to start a business, even with our economy in the dumps. If you are thinking about starting a business but are concerned with the economy, here are my 5 reasons why now is the time to launch your business.
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Reason 1: Most of the competition is going out of business or is already out of business. A lot of companies can’t survive a downturn for a number of reasons. In some cases it is a lack of funding, poor management or simply that they suck.
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Reason 2: Consumers are choosier. In a time of plenty, people maybe less likely to bother looking around for better deals. In an economic downturn shoppers are forced to think hard about their choices. This is the other reason why the above statement is true about your competition.
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Reason 3: There is less competition for laborers right now so you can get good help for a reasonable cost. Thanks to the internet, you can even outsource to laborers overseas.
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Reason 4: Technology has drastically reduced the cost of running a business. I could spend all day listing the online resources available; free in most cases; that could cut overhead costs. Thanks to the internet again, you can do business with the entire world.
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Reason 5: Most people already think now is a bad time to go into business. It’s like the stock market. People always jump on board right before it crashes and end up losing all their money. You have to ride it up from the bottom and get out when the going is good.
These are just a couple of the reasons I’m starting a new business venture, MK3Y. If you have some good reasons why you think now is a great time to start a business, go ahead and share in the comments below.