A Publication of WTVP

Despite what you may think, starting your own business in
a recession offers opportunities.

Often times, the monotony of punching the clock as someone
else’s employee leads to daydreams of starting a business and being your own
boss. In rough economic times, those daydreams may never pass beyond
imagination. "Times are tough, how could I start my own small business now?"
one thinks. That’s rational thinking, but counterintuitively, a down economy
can actually create great opportunities for budding entrepreneurs.

There are a variety of benefits to starting a small business
during poor economic conditions. For starters, office rent could be lower and
suppliers may cut better deals. Downturns are great times to sign new accounts.
Customers are examining every expense for ways to save, including asking eager
entrepreneurs for price bids in order to replace current and expensive vendors.

An unfortunate reality of hard times is increased
unemployment. But, for small business owners, this means more experienced
talent is available in the marketplace, with more affordable salary

However, as you can imagine, the grass isn’t all green for
entrepreneurs making a start in a down economy. It’s tough-very tough. A down
economy means tighter lending standards, higher prices on energy and food, and
weak consumer spending. Like those millions of entrepreneurs who started a
business during the recession of the early 1990s, today’s dreamers need to ask
themselves if they have the appetite for risk and fire in the belly to succeed
as a small business owner. For those inspired to give entrepreneurship a go,
here are some quick tips for starting a small business in poor economic

Any time can be the right time to launch a venture if the
opportunity is right. During periods of a challenging market, big companies
suddenly don’t take any risks; they retrench and bunker down. In contrast,
entrepreneurial start-ups, small and agile, are out reinventing models. Great
ideas, some savvy business sense and a passion for self-employment can overcome
any type of economy. Good luck!

Joseph R. Cardamone is president of the United States
Federation of Small Businesses (USFSB). Founded in 1983 by small business
owners, USFSB advocates for the rights and interests of small businesses and the
self-employed. Their mission is to help their members grow and prosper by
joining together and effectively promote small business interests before local,
state and federal lawmakers.