Starting a business now in this economy

The media does and excellent job of talking about how bad the economy is and how the stock market goes down and down. Now may not be the time to start a business. Credit is hard to get businesses are closing and major companies are either going under or trying to restructure. But here are five reasons why now is the great time to start a business despite all that bad economic news that you’re not reading about right?

New businesses have more market share

With so many older businesses closing due to their inability to catch up with the times or because they over extended with credit or several other reasons. This gives you as a new business owner a chance to start a business or expand a hobby business and serve more customers than ever before.

Ability to change quickly and expand

Large companies cannot move quickly to react to new market conditions and even small businesses who have gotten complacent and can’t catch up with the times. This gives a new business, with lower overhead and new ideas a chance to do something new and different. It is the that idea of innovation that can sometimes give new businesses an edge over the competition no matter how good they are.

New angles
Obviously by starting a business you are trying to do something new and improved that has never has been done before. Even if your service is familiar you should make sure that you are doing something unique and putting a new twist on something old. It is unique of course because it is you that are offering this service or selling this product but the simple fact that you are doing it makes it unique enough but a new gimmick, idea, or something that just sets you apart from the competition.

Plan your work and work your plan
This old saying is very true in every way. In business you have to plan things and then make sure that you follow that plan. Now don’t be afraid to abandon a plan if its not working or not making you money but stick with it to make sure of its results. The most important thing is to have a plan in the first place. It gives direction and helps you know what works and what doesn’t.

Keeping your goals in mind
You started a business for a reason, you had a goal, you wanted to do something special. It could be anything from leaving corporate America or just wanting to spend more time with your family. You need to keep your goals in mind because when you’re happy the money will come. Whatever you are trying to do make sure that the reason you decided to hang out your shingle as a business person stays intact. Write it down, post it on the wall, on your desk wherever.