Two weeks ago I asked you what the best businesses are to start in a recession.We’ve had so many great responses that I wanted to extend the voting by one more week.
I also wanted to share with you some suggestions from eHow on how to start a business during a recession:
Step 1
Write a thorough business plan. This document should include the focus of the business, marketing, revenue and other details. There are books and online resources available to help in this process. I’ve included some resources below.
Step2
Choose a business with low start-up costs. If possible, start your business in your home. Purchase second-hand or rent equipment or furniture. Investors are a more conservative in their investment opportunities during a recession, so you may not be able to find an investor for your business.
Choose a business with low start-up costs. If possible, start your business in your home. Purchase second-hand or rent equipment or furniture. Investors are a more conservative in their investment opportunities during a recession, so you may not be able to find an investor for your business.
Step3
Do industry research. Check out your competition and try to determine what you can offer that will make customers choose you over the others. Follow market trends. If more people are staying home because of the price of gas, perhaps you can launch a business that helps them make this adjustment (entertainment, food, home services, etc.). Also, what is the success/fail rate for your type of industry in your area? These are all things to consider. Stay sharp and in-tune.
Do industry research. Check out your competition and try to determine what you can offer that will make customers choose you over the others. Follow market trends. If more people are staying home because of the price of gas, perhaps you can launch a business that helps them make this adjustment (entertainment, food, home services, etc.). Also, what is the success/fail rate for your type of industry in your area? These are all things to consider. Stay sharp and in-tune.
Step4
Market aggressively. Make customers think they need your product. Be sure to give your marketing strategy careful consideration for optimal results.
Market aggressively. Make customers think they need your product. Be sure to give your marketing strategy careful consideration for optimal results.
Step5
Network. Join your local Chamber of Commerce or local industry group. You will find both customers and peers that will benefit your business.
Network. Join your local Chamber of Commerce or local industry group. You will find both customers and peers that will benefit your business.
Step6
Treat your customers like royalty. Go the extra mile for your customers. Your customer relations will encourage people to come back and spread the word about your product.
Treat your customers like royalty. Go the extra mile for your customers. Your customer relations will encourage people to come back and spread the word about your product.
What do you think is the best business to start in a recession? Please leave your feedback below so we can build the best list possible for young entrepreneurs everywhere who are struggling to get by and want to start a successful company despite the bad economy. The results are coming next week so please vote today!
