Launching a business during a recession
These are trying time we are all facing and no one knows the pain of this economic nosedive more than small business owners.
If you’ve been brewing up your idea to start a business but the world decided to throw a virus into the mix, we can understand why you’d be hesitant to make your launch. However, don’t let this stop you from making that dream into a reality. Life throws a curve ball every now and then. This is one of them but on a more global scale.
The best solution is for owners to look into their business and think up of new ways to operate. Opportunities will always arise even in the most desperate of situations. Michael Loeb, founder and CEO of Loeb.nyc, is quoted “Moments like these are like forest fires. The blaze will cripple some businesses, but they will also provide the heat to release new seeds into the soil. Many amazing companies have been born from the ashes of economic downturns and market crashes.“
Look at your market and learn about the current consumer needs and there you can formulate the right solutions to combat the effects of the pandemic to the economy. Listed below are some tips that can help.
1. Find your niche.Janeczko, Bryan “4 Tips for Starting a Business in an Economic Downturn.” 08 June 2020
2. Give people what they need: connections and connectivity.
3. Ready yourself personally to take the plunge.
4. Reap the benefits of launching during a recession.
Silicon Harbor Business Services is based in Mount Pleasant, SC. We provide solid, practical advice to small business owners and select individuals.
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