starting a business in a bad economy??
By sweetpeasmom
@sweetpeasmom (1325)
United States
October 7, 2008 2:09pm CST
Is it a good idea to try and start a business when the economy is bad??
I was wanting to start a home based business and use my shed as a small store or shoppe. But right now I am thinking that would be a bad idea. I am not sure , I would have no bills or anything from this , just buying materials. What do you think????
2 responses
@xParanoiax (6987)
• United States
16 Oct 08
While I agree it depends on what the business is...I think a bad economy may be the best time to try to start a business. I mean, if you can support yourself and not have to rely on an employer...and provide your area with something that's needed, then you'll be even better off than you would've been just trying to get a job or two elsewhere.
You just gotta be smart about it. Try to figure out if there's a demand for what you wanna start a business on, and figure out if that demand can be hurt if the economy worsens (to gouge if it's a good idea/to figure out if you might be able to manage a contingency for those kinds of situations).
@xParanoiax (6987)
• United States
16 Oct 08
Actually, I'm starting my own business now.
It'll take til next year to set up...but there's no loans or anything, because I'm just using my own money to do it. Micro-farming/selling organic food at the farmer's market/flea markets/online.
It's not actually that big of a finance drain for me, because it also helps feed my family, which cuts down on the grocery bill, which means if I do well...I'll do better than just getting a job elsewhere (although I'm planning to do small things here and there anyway).
The reason why I went ahead and did this, is because growing organically is cheap and therefore I can offer good bargains in a bad economic climate...and since cheap food is always in demand...and only goes up in demand should things get worse, this is probably the most brilliant idea I've ever had.
It just all depends. You gotta be smart, you gotta do your research, and you gotta plan ahead.
