Should you Start a Business in 2009?
Should you Start a Business in 2009?
Financing is another real big challenge. Established businesses are having trouble getting credit right now, so venture capital and other loans for new businesses are not that easy to come by. However, this does not mean that people and businesses are not spending at all. There will definitely be some businesses that succeed.
If you have been laid off, and you don’t feel you have a money making idea that is a home run and that would attract financing, I would strongly consider starting a low expense business from your home. It is amazing what you can do with a laptop and a cell phone these days.
I do strongly caution you though, to be certain to keep your expenses low. I have seen a high overhead take people out of the game before they even knew they were in one. If you ask any successful entrepreneur one of the main things that you need to do to succeed, they will tell you that it is to keep expenses low (and in this economy it is a must). Do you have a personal finance question for me?
Here are some of the benefits to starting a low cost home based business.
1. You get in touch with your entrepreneurial spirit. This is the real key to business success. If you are not completely in touch with this spirit, the experience of having your own business will help you out.
2. It keeps you active and learning. This is the key staying sharp and engaged with an industry that you love.
3. You can start a business and look for a job simultaneously. Employers love people that think like an entrepreneur. Plus with all the automated job searches on the internet, you should have the time.
4. It will make you a better investor. I have written a blog in regards to this. It will cause you to start to analyze other companies at a whole new level. “If you were a Stock Would You Invest in Yourself”
5. You will become better at networking. This may lead to meeting someone important that you partner with, work for, or that sparks the creativity in which a big idea is born.
6. If it doesn’t workout, your losses are limited. This is big, because who wants to lose money? There has been enough of that already.
7. It may just work! Realize that these are tough times and it is just not practical to think that you can create some type of overnight financial windfall. However, if you can manage to hang around and establish some sort of base… you may have a profitable enterprise in 3-5 years.
I love getting pumped and feeling like I can conquer the world as much as the next guy, but this type of excessive optimism is what gets people into trouble with their finances all the time. Starting a business in this economy is a bold move, but if you have the time and you are not already buried in debt, it may be more educational than an MBA business degree. I truly wish you well!
Please suggest articles that you would like to see written below along with any comments you have on this article. And don’t forget to check out our courses!
Sincerely,
Bob O’Brien
Senior Instructor
Should you Start a Business in 2009 - To learn more about this author, visit Bob O'Brien's Website.
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Employment numbers are horrible to say the least. However, many great businesses have been started when someone has lost their job and decided to start their own business. Is this the time though? Businesses and individuals alike are cutting back on their spending. Even if the entrepreneur has all of the optimism in the world it’s not going to change this general trend. That negative “bent” will still remain for a while.
Financing is another real big challenge. Established businesses are having trouble getting credit right now, so venture capital and other loans for new businesses are not that easy to come by. However, this does not mean that people and businesses are not spending at all. There will definitely be some businesses that succeed.
If you have been laid off, and you don’t feel you have a money making idea that is a home run and that would attract financing, I would strongly consider starting a low expense business from your home. It is amazing what you can do with a laptop and a cell phone these days.
I do strongly caution you though, to be certain to keep your expenses low. I have seen a high overhead take people out of the game before they even knew they were in one. If you ask any successful entrepreneur one of the main things that you need to do to succeed, they will tell you that it is to keep expenses low (and in this economy it is a must). Do you have a personal finance question for me?
Here are some of the benefits to starting a low cost home based business.
1. You get in touch with your entrepreneurial spirit. This is the real key to business success. If you are not completely in touch with this spirit, the experience of having your own business will help you out.
2. It keeps you active and learning. This is the key staying sharp and engaged with an industry that you love.
3. You can start a business and look for a job simultaneously. Employers love people that think like an entrepreneur. Plus with all the automated job searches on the internet, you should have the time.
4. It will make you a better investor. I have written a blog in regards to this. It will cause you to start to analyze other companies at a whole new level. “If you were a Stock Would You Invest in Yourself”
5. You will become better at networking. This may lead to meeting someone important that you partner with, work for, or that sparks the creativity in which a big idea is born.
6. If it doesn’t workout, your losses are limited. This is big, because who wants to lose money? There has been enough of that already.
7. It may just work! Realize that these are tough times and it is just not practical to think that you can create some type of overnight financial windfall. However, if you can manage to hang around and establish some sort of base… you may have a profitable enterprise in 3-5 years.
I love getting pumped and feeling like I can conquer the world as much as the next guy, but this type of excessive optimism is what gets people into trouble with their finances all the time. Starting a business in this economy is a bold move, but if you have the time and you are not already buried in debt, it may be more educational than an MBA business degree. I truly wish you well!
Please suggest articles that you would like to see written below along with any comments you have on this article. And don’t forget to check out our courses!
Sincerely,
Bob O’Brien
Senior Instructor
Should you Start a Business in 2009 - To learn more about this author, visit Bob O'Brien's Website.
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Staging DivaDebra Gould, aka The Staging Diva®, is President of Six Elements Inc., an internationally recognized home staging company. Inspired by many requests from aspiring home stagers wanting to start similar businesses, Gould created the Staging Diva Home Staging Business Training Program. Gould has trained over 1000 Staging Diva Graduates worldwide to start staging businesses. Buying decorating and selling six of her own homes in four years lead to an interest in real estate staging which she turned into a career with the launch of sixelements.com in 2002. Since then she has staged hundreds of homes in addition to teaching home staging training. Gould is the author of several home staging resources including a series of popular ebooks made up of a Design Guide, Color Guide and Portfolio Guide. For more information about Debra Gould visit stagingdiva.com. - Visit Staging Diva's Website |
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Dianne CramptonDianne Crampton is an executive leadership coach, team culture consultant, author and president of TIGERS Success Series, Inc. Dianne has been helping CEO's and Executives connect their employees to their core values and goals for over 20 years using the trademarked TIGERS team culture process, which stands for trust, interdependence, genuineness, empathy, risk and success. To download a free white paper on behaviors that build strong teams and behaviors that will predictably tear them down go here. Dianne's contribution to the 2010 Pfeiffer Consulting Journal (an imprint of John Wiley and Sons Publishers) entitled TIGERS Hearted Teams is available in November 2009. Her new book TIGERS Among Us: 5 Winning Business Team Cultures And Why, Three Creeks Publishing will release in March 2010. To receive publishing discounts, subscribe to the free TigerTracks Newsletter here. - Visit Dianne Crampton's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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Stephanie RobeyStephanie Robey is President and CoFounder of Pivot Positive, LLC - an Internet marketing business focused on helping people start work at home ventures. Previously, she was employed at The Search Agency with over 20 years experience in graphic design and 10 years experience in online marketing. She was responsible for launching the Conversion Path Optimization (CPO) unit where she and her team have conducted hundreds of optimization tests for online companies across multiple verticals. She is a successful entrepreneur having started and sold 2 companies and remains on the board of directors of the third, PhotoSpin.com Stephanie began her career in the direct marketing realm creating and producing direct mail for many of the major cable television companies and directly attributes her understanding of Internet marketing to those early offline experiences. Stephanie is a graduate of San Diego State University with a BFA in Graphic Arts and also holds an Executive MBA from the Graziadio School of Business and Management at Pepperdine University. Read Steph's Blog Meet Steph and Dave Sign up for our Free 7-Day BootCamp: Self Employed & Rich - Visit Stephanie Robey's Website |
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Joe DagerJoe Dager is President of Business901, a progressive coaching company providing no-nonsense direction in areas such as Lean Six Sigma Marketing and organized referral marketing. What others say: In the past 20 years, Joe and I have collaborated on many difficult issues. Joe’s ability to combine his expertise with “out of the box” thinking is unsurpassed. He has always delivered quickly, cost effectively and with ingenuity. A brilliant mind that is always a pleasure to work with.” - James R. If you want to learn more about Business901, start a conversation with us. We can be found @ Web/Blog: Business901.com Web/Blog: FundingYourNonprofit.com LinkedIn Profile Follow me on Twitter - Visit Joe Dager's Website |
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Linda RichardsonLinda Richardson is the Founder and Executive Chairwoman of Richardson, a global sales training and performance improvement company. As a recognized leader in the industry, she has won the coveted Stevie Award for Lifetime Achievement in Sales Excellence and she was identified by Training Industry, Inc. as one of the “Top 20 Most Influential Training Professionals.” Ms. Richardson is credited with the movement to Consultative Selling and is the author of ten books on selling and sales management, including Sales Coaching — Making the Great Leap from Sales Manager to Sales Coach, and Stop Telling, Start Selling. She teaches sales and management at the Wharton Graduate School of the University of Pennsylvania and the Wharton Executive Development Center. Linda is a frequent speaker at industry and client conferences, has been published extensively in industry and training journals, and has been featured in numerous publications, including The Wall Street Journal, Forbes, Nation’s Business, Selling Power, Success, and The Conference Board Magazine. Learn more about Richardson's sales training and performance improvement solutions at http://www.richardson.com web - Visit Linda Richardson's Website |
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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