Wednesday-December 19, 2018
Kheir Consulting
Marketing and Strategy


Starting a Business in a Financial Recession
2010-02-21 08:16:37

Starting your own business might sound like a really cool idea, but with the whole world in the middle of one of the most serious economic recessions in decades, is it really such a wise move? On the other hand, a recession might actually be a good time to go it alone, simply because employment conditions are so difficult, with many companies forced into downsizing and making their employees redundant. What is required is the knowledge of what kind of business could succeed during such a tough economic climate. The first place to start is, of course, with a sound business plan. If you don?t already have an idea for starting your own business, consider your skills and passions and see if you can come up with an idea based around one or both of them. The next thing, once you have an idea for a business, is to carry out the research and ensure that the plan is feasible, particularly during lean financial times. Don?t think of the tough economic climate as an obstacle, but as an opportunity, a way to really define what you want out of your business and what it can offer to others. One way to learn about the costs of and ways of coping with the economic downturn is to check out the business sections of most newspapers, the majority of which often outline the issues that businesses face during a recession and some strategies to deal with them. Another suggestion, of course, is just to use your common sense. Do research to see what kinds of businesses are not only surviving, but booming despite the gloom and doom elsewhere. Why are they doing so well when others are failing and how can you learn from this and translate it to assist your business idea? If your business is one based on consumers buying your products, ask yourself if these products are a necessity or a luxury. The former will likely keep on selling during a recession, the latter most probably will not. If you decide to go ahead with your business and manage to get it up and running, the big issue then is one of survival. How can you keep your company going, especially if the economic outlook remains grim? While there is no way to absolutely guarantee anything, there are some basic actions you can take to give your business the best chance of surviving. Look after key customers, while also try to expand your custom base as quickly as you can. If your business hinges on one or two key customers, ask yourself what would happen if they no longer did business with you, perhaps because they themselves could no longer afford to. The more clients you serve, the greater is the likelihood your business could survive the loss of one or two clients. Keep a close eye on your cash flow by ensuring you know exactly how much money is coming in and going out. Do your best to keep costs to an absolute minimum. Starting your own company can be tough, even in the best economic climate, but if you keep your head, there is no reason yours couldn?t be one of the businesses that not only survives, but thrives.

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Source: Starting a Business in a Financial Recession


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