When the time is right, one is hopeful that his/her banking institution will help finance his/her business' growth.
It's also a time when a lot of people that are being laid off are beginning small businesses to survive.
It's also a time when a lot of people that are being laid off are beginning small businesses to survive.
Is Now A Good Time?
Despite the poor economy, people need products and still want to eat and live.
Dr. Chad Moutray, the Chief Economist for the Office Of Advocacy of the Small Business Administration, believes if a businessman prepares properly there is always an opportunity to be seized.
"Make sure you do your market research, make sure you have a business plan, but most of all be prepared for the market to be down for a couple years if that continues to be the case," Moutray said.
Moutray said with a lot of large business struggling and moving out of some locations that leaves potential spots for small businesses to move into.According to Moutray, now may be a good time to start a business because interest rates are lower.
"Interest rates are nearly 3 percent lower than they were last year, which is significant," Moutray said.
With the economic downturn in the U.S., Moutray has seen an increase in exports and companies trying to make money overseas."That seemed to be working for a while for companies but it appears Europe and some other countries have caught a little bit of our sickness."
According to the SBA, only two-thirds of new businesses survive for at least two years. With the odds stacked against small business owners, a sustained source of income can minimize damaging one's livelihood.
Few Tips
Dr. Chad Moutray, the Chief Economist for the Office Of Advocacy of the Small Business Administration, believes if a businessman prepares properly there is always an opportunity to be seized.
"Make sure you do your market research, make sure you have a business plan, but most of all be prepared for the market to be down for a couple years if that continues to be the case," Moutray said.
Moutray said with a lot of large business struggling and moving out of some locations that leaves potential spots for small businesses to move into.According to Moutray, now may be a good time to start a business because interest rates are lower.
"Interest rates are nearly 3 percent lower than they were last year, which is significant," Moutray said.
With the economic downturn in the U.S., Moutray has seen an increase in exports and companies trying to make money overseas."That seemed to be working for a while for companies but it appears Europe and some other countries have caught a little bit of our sickness."
According to the SBA, only two-thirds of new businesses survive for at least two years. With the odds stacked against small business owners, a sustained source of income can minimize damaging one's livelihood.
Few Tips
- It would be great to have a second income as backup.
- Take calculated risk. It feels easier to take the risk knowing that I'm only affecting me.
- If you can't stand the heat, get out of the kitchen.
- Most small business owners focus on one niche or area of expertise. Use that knowledge and expertise to surpass the needs of your customers in ways your larger competitors cannot.
- Remember Businesses That Started in a Recession like Hyatt Corp.,Burger King Corp.,FedEx Corp.,Microsoft Corp.,CNN,Wikipedia Foundation Inc.,MTV,GE and HP. Timing matters!!!
Posts
An interesting style, with the "timing matters" thread running through all of the posts. Liked the idea!
ReplyDeleteThe 1st post seemed familiar with the Economic Times initiative for entrepreneurship and the last one seemed influence with by "Come into My Trading Room" :-)
Thanks..good to see that u liked it...there is lot more to come...well u know me very well...:-)
ReplyDeleteTiming is definitely key to everything. Now is the time to invest in real estate and invest in a small business.
ReplyDelete