What do GE, Hewlett-Packard and Microsoft have in common? All three companies opened for business during serious economic downturns. Chicago-based business start-up expert, Jeff Williams, has survived two major recessions during his twenty years in business and thinks, in fact, that there are more advantages than disadvantages in launching a business during a recession.
"No matter how slow the economy is, corporations and consumers continue to buy essential and 'make me feel better' goods and services," says Williams. "Any new company that provides one or both of these two classes of services can do quite well during a recession".
In his November "50 And Beyond" eZine, Williams explains his outlook in the article: "1o Reasons Why A Recession Is a Good Time To Start Your Own Business".
The complete article can be accessed at http://www.bizstarters.com/.
Included among his ten tips are:
During a recession…
1. Corporations outsource even more than normal - your company has even more chances to supply them.
2. Corporate managers work even longer hours, partly to make up for the removal of colleagues through downsizing. Working until 7 pm or later five or six days a week leaves virtually no time to complete tasks around the house - your business can provide the service needed to complete "to do" lists.
3. There are more than 51 million people age 50-62, so there's a good chance that you can make a profitable business just selling to your Boomer peers.
4. The cost of running your business is reduced as small business suppliers cut prices, offer special deals and promote via coupon much more often.
Source: Jeff Williams, http://www.bizstarters.com/