Is It Smart To Open A New Business In This Economy?
Is it smart to open a new business in this economy? The fundamentals are so variable, and volatility and uncertainty so high, that many aspiring entrepreneurs are wondering if this is a good time to try something fresh. At the same time, the lack of job security and good paying work also has many people thinking this is the perfect time to take income and wealth generation into their own hands.
The truth is, if you narrow your focus and manage your risk, this is actually a great time to try a new business. Advances in technology, the maturity of the Internet, social media, and especially crowdfunding and alternative sources of lending all combine to make this economy an environment very conducive to starting up a new business if it is small-scale, and of limited scope.
That is not to say that a tiny business can not expand into a small business or bigger, but it is best to start off any idea in a limited fashion to see if it actually hits it off with consumers and makes any money.
Once you do have a money maker, you can certainly find the resources to grow it. Considering that a WordPress website can be put up in less than an hour, business cards can be made while you wait at many print shops, and you can make things in your own home and sell them on Amazon, eBay, or Etsy, then you can see that it does not actually take all that much to get a new business up and running, even if it is a self-employment thing you do a few hours a day or week.
So do not let fear or the crazy economy stop you from trying something. The world might just need you and your products and services.