Starting a business in a down economyHere's a question. Is it better to start a business when you have many people starting the same type of business as you or when few are starting? My answer is when few are starting as competitors.
Stories are out that the economy isn't doing so well. People are scared (probably due to the news stories) and appear to be saving whatever money they have to wait it out for better times.
I would think now is an excellent time to start a business because less competition means being able to have more market share for yourself. Think about it this way. If you could pick a good stock to purchase at a bargain, would you? Of course you would. When the stock recovers, it will generate a lot of interest but the big money will have already be made. It's kind of the same thing with the time to start a business. You've got fewer people starting a business so it stands to reason that your chances are better to be noticed and to generate sales.
If you are waiting for that perfect time then think again. It may never happen and of course, life gets in the way of to make your journey more difficult in some way or another.
I am a CPA in San Antonio and provide bookkeeping, payroll, taxes and more. We offer a free initial visit and look forward to serving your business needs.
Richard J. Garcia | 10/09/2010