Lately the economic climate has been characterized by large deficits and falling oil prices. These seem to be the big topics these days. In light of these circumstances, you may be wondering if this is the best time to start a business. Maybe you are thinking that you should wait and see how things go, before establishing a new business.
But given the online opportunities that exist, it’s a great time for anyone to start a business and make a success of it. For example, with just a few clicks, you can have your very own business website. It matters not who you are, or what you don’t know, as anyone can do it. Check out how easy it is to build your own website with the simple tool below.
Having a website these days is a great way or anyone to make money online and a great way to increase the income of any brick-and-mortar business.
Starting a business at this time, might seem risky. But it does not have to be done the traditional way. You know brick-and-mortar. In this post I’ll share with you some advantages and disadvantages of starting a business in an economic climate such as this.
I will also share an account of someone who started their business in circumstances worse than the current economic climate and the eventual outcome.
Additionally, I’ll show you a great opportunity that you can use to get started. It’s one of the easiest start-up businesses you can get involved in, at no cost to you. Just keep in mind that you need to be willing to put in the effort required. If you are willing to do that, then you can change your life in a phenomenal way! So just stay with me for a bit okay?
Advantages and Disadvantages of Starting a Business at This Time
Let’s jump right in and start with the advantages related to starting a business in an economic climate such as this.
1. A leaner organization
When you start in bad times, you build a leaner organization. Hiring only the people or expertise that you need, since you don’t want to exhaust your capital or cash too quickly. As such, you have a low cost structure and with a low cost structure, you have a better profit margin when times improve.
2. Opportunity to negotiate better terms
You are more likely to have the opportunity to negotiate terms in relation to wages and/or rent as oppose to starting in a favorable economic climate.
3. Perfect your business strategy
It’s also an opportunity to perfect your business strategy and build a stronger brand to sustain an early advantage when things improve.
The one disadvantage is that you have no idea how long these economic circumstances might last and your capital or cash might not be enough to get through before the next recovery.
The advantages clearly out-weigh the one disadvantage I would say.
Read More:Learn How To Make Money Online
Starting A Business Despite The Economic Circumstances
So check this out. According to Encyclopaedia Britannica (EB) “no decade in the 20th Century was more terrifying for people throughout the world than the 1930s. For the U.S. in particular this was the time of the Great Depression. This was a time characterized by joblessness, shuttered factories, breadlines, among other things.
EB also states that “The most devastating impact of the Great Depression was human suffering” and the “standards of living dropped precipitously.” In addition to which, a large number of individuals were unable to find work in the early 1930s.
These would have been grave circumstances for quite a large number of individuals. However, amidst the depths of this U.S. economic depression, a guy named Charles Revson decided to start his own business. Go figure! Can you imagine? In the gravity of such circumstances, making a decision to start your own company?
It’s not like Revson did not have a job. He had a job. However, what spurred him to do this was the fact the he did not get a promotion he wanted. That’s not new. So many people who deserve the promotion get passed over.
But Charles did not allow that to deter him. He decided to do better and decided to start his own company. That’s one gutsy dude I’d say.
Anyway, Revson started his business in 1932, with one product line. Despite the circumstances, his business did well even though large corporations were struggling. Why did he do so well? According to Revson, “his company was selling hope.”
Mindset and Motivation
The thing about this is that despite the challenging economic times, people still buy and sometimes they buy more than they should.
One possible explanation is perhaps buying things represents an effort to keep their emotions intact and to help keep a positive mindset that things would get better. In other words, people were hoping which is what according to Revson, his company was selling.
According to the Revson Foundation, his zeal to learn was prodigious and “he exhibited an inordinate eagerness to explore his new domain. As such, the one product (lipstick) line he started with, evolved into a major international corporation in a decade! Can you believe that?! Well you better, because that major international corporation is REVLON!
Lessons we can learn
Here is the story of one man who decided to go against the grain and go after his dream, despite the economic circumstances. There are at least three lessons we can learn from Revson’s story.
- He had a zeal to learn about what he was doing.
- Having a desire or passion for what you want to do is important
- Do not despise small beginnings
- DO something! Get started!
Read More:Learn How To Make Money Online
Why This is The Best Time To Start Your Business?
This is absolutely the best time to start an online business, since more and more people are confident shopping online. Almost every one who has access to a computer is accessing information or items online and it is relatively easy to start your own online business.
Not sure where to start? I can help you with that. All you need is your own website, the right raining, and a desire to succeed. Remember Revson had that zeal to learn and look at what he achieved. You can start right away and you can start absolutely free.
If you tried the tool above, then you know how easy it is to build your own free website.
If you have any questions or concerns, please don’t hesitate to drop me a line in the comment section of my site. I am looking forward to hearing from you and to help defy the odds and get started online.