Starting a business poses its own set of obstacles, which are common to any business venture. Indeed, when you start a business you must overcome difficulties like getting the necessary startup capital, building your operating structure, hiring employees, getting costumers and marketing your business in some way.
Once you have done that, you are then exposed to the risk of failure, which is always an option no matter how prepared you are. Of course, careful planning and organized execution of your tasks should lead you to a successful run.
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The whole process of starting a business (in the traditional sense of the word) can take months, if not years, from the moment you start planning (a step you should never skip) to the moment you start pouring money into the project to kick start your operation.
From there, provided that you are doing well, you will be in a recovery phase during your first year or so in business, which means that you will be paying bills, loans and other expenses you incurred during the startup, but you will not be seeing a dime in profits.
Therefore, starting a business leaves you at risk of losing your investment until you are well on your feet and stepping on solid ground, which means you have significantly reduced your debt and your sales are at levels that allow you to at least break even.
If you choose to do all this in times of recession, that risk multiplies by 10, and you are not likely to see a dime in profits, while you might take a big hit in your pocket of things do not go as planned.
Does this means that we cannot do business in times of recession?
Not at all, it only means that we must seek to do business in areas that do not demand a huge investment (as a natural alternative to reduce risk) and in which potential costumers are willing to take a look even in these difficult times.
These days people are spending less, so we must seek to do business in areas that offer value to our potential costumers, or in areas where we do not need costumers at all.
There are many ways to start this kind of business with only a small investment, but in order to do that you need determination and the will to really change the way you are used to doing business.
Starting a Business in Times of Recession
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