Well I am sure all of you have by one way or another would have heard about the world economy and where it is headed. Sometimes it is best for entrepreneurs to be more alert at times like this because there are more opportunities out there than before – only if you are willing to take the risk at a time like this. Frustrating times can fuel hundreds of new business ideas! Plus everything is cheaper now than what it was a year or two years ago.
If you have been recently laid off or is about to and if you have been thinking about starting your own online business of some sort, this may be the right time.
Here are few reasons why you should start up now:
1) As I mentioned before, everything is cheaper now. You can buy up a website that isn’t doing well or you can even by a decent domain name for 50% cheaper than before. This is the best time to find great deals on many online business prospects. Do your research and spend more time on technology forums to see who is hurting and who wants to get out.
2) Find qualified people for less – as many more talented people are laid off, you will see the Freelance pool widens; this opens up opportunity for you to find talent for cheap.
3) Capital – your family and friends may not want to invest in the stock market right now. They may like your business plan and would want to invest in you rather than a stock they may never do well with. So make sure you talk to your friends and family members before you get started, especially if you are in need for capital.
4) Marketing – well other than the fact that you may be able to get advertisement for less today because many large organizations don’t have big marketing budget for online ad campaigns – they used to have millions before. This leaves many medium size and small players to compete for the same ad spot; hence making it a bit more affordable. Even with that, you should be able to “Go Social” and find lots of customers that way – use Facebook, Twitter, Digg and other social networks to get the word out.
5) Grants/Tax Incentives – Governments around the world are basically giving away money for new startups in the hope that they will indeed create a few jobs to help improve the economy. Why not take part in that? If your business concept is good, then approach government organizations for grants and tax incentives for starting up a new business and employing yourself and others.
Here are a few things you should keep in mind when starting an online business at a time like this:
Reduce your capital cost:
One thing you have to keep in mind though is that like you many other talented entrepreneurs are being laid off by large organizations around the world. Therefore, if your startup requires up front capital, you may have to compete with other likeminded individuals – so make sure your startup stands out of the crowd and reduce the requirement for upfront capital. If you need to finance, then be creative on your approach.
If you need the cash, you can look at government grants, bank loans, business plan competitions by educational institutions, microloans and other small business investment companies – or just simply talk to a friend or a family member. Maybe they are also facing the same situation but may have some money on their hand. This will allow you to pursue your dreams with a partner.
See if you can’t jump start:
There are many other small entrepreneurs hurting with this recession. They are either simply giving up an online business they own or just looking to sell it for cheap. Think about it, a good domain name costs much less than a year ago. This sort of opportunity is hard to come by. Look out for people trying to get out and see if you can negotiate a price to take over their failing business. Then spend the time, experience and energy you brought with you to turn it around. This definitely is a best way to jump start than starting from ground zero.
This will give you all of their established reputation, links, SEOs and other contents for you to start building from. Some good places to find such businesses are discussion forums or even eBay.
Keep your marketing costs low:
Marketing can cost you a lot of money, especially when you are just starting up. Therefore, do some research and see what you can do to avoid spending a lot of money on your new concept.
You should participate in social networks if you don’t already. There are many people linked in through these social networks than ever before. If you be creative in how you use Twitter, Digg, Facebook or other platforms, then you will eventually succeed with a low cost budget.
Just be yourself, be creative and definitely be honest with the customers. They are hurting too and is on the lookout for honest businesses to spend their hard earn money on. Don’t wait for tomorrow, get started today! Good luck.