Well, there is never really a bad time to start a business, but sometimes you just have to go for it! However, the current economic climate can make it a great time to start a home based business. History shows us that a recession is one of the BEST times to start a business – if you’re smart about it.
Recession breeds necessity. With the global credit crisis, the softening of the housing market and the subsequent foreclosures, more people are looking for different options to make money. The days of a lifelong career in the one industry have passed – most of us will have two or three different careers in our lifetime. The ability to adapt to the market will be one that we will all need to develop. We are now no longer “stuck” in our given profession – we have choices!
History shows that it is often small business that drives the recovery from recession. 16 out of 30 corporations in the current Dow Jones Industrial Average started during a recession. Some great examples of “recession busters”: Walt Disney began in the recession of 1923-24, Hewlett Packard Corporation in the recession of 1938 and Microsoft Corporation in the recession of 1975. There’s money to be made in the recovery of the world’s economy. Don’t let that opportunity pass you by.
People are starting to recognize that spending the bulk of their life in the corporate rat race is not the best way to go. We expect a better lifestyle, more freedom, and quality time with our family. Becoming a home business owner can bring you the lifestyle that you dream of. However, be aware that a lot of businesses do not deliver the ideal lifestyle – choose wisely or you could end up spending more hours than you did in your corporate job!
So do your research, find your niche; people have money to spend – they are just more careful about where they spend it. Provide the solution to your customers’ problems, offer the best products, give the best service and they will reward you with their loyalty.
Do you agree? Have you changed your profession during your career? Has it been a positive change? Leave a comment and let us all hear of your journey.