According to the Talented Ladies Club – an online community providing business advice to working mums – history shows that there are plenty of successful companies which have started out in tough economic times. Here are 5 reasons why:
1) There’s less competition
Everyone wants to start a business or invest in one when times are good, so take advantage of less competition.
2) Big companies are more cautious
Even big companies have to tighten their belts so it’s a great time to exploit a niche they haven’t covered.
3) You can afford to offer greater value
With less overheads you can establish a client base by offering the same service as a big company but for less money.
4) More opportunities open up
With many local services being slashed by government and businesses with weaker business models unable to survive, a variety of new customers and clients may become available.
5) Governments offer more support
With cutbacks in public spending governments know that new thriving businesses will be essential for an economic recovery, so don’t miss out on financial schemes and support which may help you early on.
Be in good company
Companies which have started out in a recession include:
- Burger King
To read the full post and get other advice from the Talented Ladies Club click here.