Defying the recession to launch a biz
Is now the time to become your own boss? Many aspiring entrepreneurs say yes.
From Stuart Anderson, Raleigh, NC Our company formed in the summer of 08 with an official launching on 15 September. Of course, start-up cost and marketing took a HUGE outflow of cash.
We are struggling, just like everyone else, but I think we have set up our fundamentals in such a way that we should be able to endure this recession. I believe the "key" to starting any business during these tough economic times is to have a partner with some kind of income. As long as the rent is paid, the light bill is paid and we have some food to eat…thats all we need for now.
Carolina Piedmont Capital will emmerge from this recession as a "new kid on the block" in the commercial financing business.
From Nicole Musselman Boykin, Dallas, Texas I have had a women's handbag company for five years and this February launched a small capsule collection of clothing using the same handprinted textiles that are the signature of my accessories. I produced 100 pieces and had a party to launch the line in Dallas, Texas. We sold out in two days. My line which includes tops, dresses and shorts retails from $120-$400. I believe people want fresh designs at a fair price. And that there is good news in the midst of all the bad.
From Brock, Santa Ana, CA My wife and I just incorporated our startup Earthaby. We will offer natural, safe, and convenient children's personal products.
From Angela Reyes, Woodlake, CA I had designed an eco-friendly year-round, conveyor style production system to grow my all natural produce at economies of scale. I had already done my business plan and was seeking a loan, using my rentals as collateral when the economy froze credit and snatched away most of my equity. Now I'm bootstrapping a smaller version.
From Daniel Meyerov, Los Angeles, CA “The Three ‘-ology' Keys”
My response? Yes, absolutely time to start a business. As a fellow entrepreneur whose startup (OnlyBusiness.com) has helped several thousand small businesses get a start with an online enterprise, I can tell you that there are three “-ology” keys that underscore why now is a good time to launch a business:
Technology: web tools and web-based information sites are now delivering “big company” tools and resources to even the most novice entrepreneur in an easy and affordable manner. The web has been the single most significant equalizer for the business world, and is a tremendous tool for the entrepreneur looking to launch competitively.
Psychology: There is a mindset to an entrepreneur that anybody can cultivate. The “yes I can”attitude is key to success. Ironically, the misconduct of large businesses and the downsizing of corporate American has had the net effect for many people of thinking “I can do better than that” or “I have nothing to lose.” With fear-based emotions not getting in the way as much, it is psychologically easier for the fledgling entrepreneur to take the leap.
Biology: It’s a fact, we are all getting older. We are now in the era of the boomer, and this generation is well educated, experienced, in good health overall, and used to having it their way (to paraphrase a well-worn boomer-era marketing slogan). As these experienced members of the workforce look for income alternatives, or to make the most of an active retirement, the perhaps long-held dream of self-employment bubbles to the surface. When this dream surfaces, the older, experienced and active boomer stands ready to capture it.
I’m looking forward to my next new business launch, and I hope the readers of this excellent article are too!
Daniel Meyerov
CEO, OnlyBusiness.com
From Joe Michini Mobile, AL YES, Actually I did. http://www.g1ebox.com opened in February 09.
From Matt Boston, MA The best time to start a business is during a recession. It allows you to figure out if the business model works much quicker. Instead of marginally 'succeeding' for 24 months because of a growing economy (and not because of the viability of the core business), a recession can force you out of business in 6 months. As an entrepreneur, this saves 18 months of your life and let's you move on to a new business quicker.
I really do think this is the best time to start your own business. That's why my sister and I decided to merge our passions (travel and the arts)and create our own website. There isn't much job security nowadays, so you might as well create your own opportunity.
Lisa Benitez
co-Founder, ArtsJourneys.com