2017-03-29 00:00:00 Am I Ready? English Explore these reasons to start a business during a recession. Let the health of individual industries determine whether starting a business... https://d1bkf7psx818ah.cloudfront.net/wp-content/uploads/2017/06/08214308/Successful-Small-Business-Owner-Standing-With-Crossed-Arms.jpg Don't Let a Recession Stop You From Launching Your Small Business

Don’t Let a Recession Stop You From Launching Your Small Business

1 min read

The dreaded R-word—for “recession”—scares everyone, especially people thinking about starting businesses. When recession woes dominate the headlines, you might think about putting your entrepreneurship dreams on hold until better times, but don’t let the possibility of a recession stop you from launching a business. Some businesses are actually quite successful during economic tough times, depending on the type and industry. Who would be crazy enough to start a business during a recession, you might ask. Picture this: It’s 1975, and the United States is going through one of its worst recessions ever. So what does a Harvard University dropout with an interest in personal computer software development do when few people even have PCs? Bill Gates decided to launch Microsoft. Multinational corporations such as Apple, Revlon, FedEx, and even CNN also heard opportunity knocking and launched during recessions. If you have an innovative business idea that adds value to people’s lives, a recession may not get in the way of your success. If you don’t have a ground breaking business idea, consider a business that offers goods and services that people need when they don’t have a lot of money. Accounting, debt collection, auto repair, and resume writing are examples of services in need when times are tough. Businesses that sell affordable luxury items also tend to do well during recessions. If the country’s experiencing an economic downturn, instead of putting off your plans, think creatively and start a business. You never know: Your enterprise started during a recession could end up being the next big sensation.

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Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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