Starting business in the current economy!

dal5560 · 10-09-2009, 12:07 AM

Is there any business that can be immune from super high unemployment rate and banks not lending to small business to stimulate the economy?

vinmann · 10-10-2009, 09:05 AM

It is online business. This is the right time to start your internet based business to work out your Plan B to supplement income. There are 3 niches which are recession proof. They are highly competitive fields, but still you can find products and keywords which have less competition. They are 1. Internet business 2. Healthcare 3. Dating

Scar Tissue · 10-10-2009, 12:01 PM

Economic downturn still putting a hurt on online business, e.g many eBay sellers are experiencing a considerable drop in sales....small business owners need to take a close look at how they can improve the effectiveness of their websites.

MrCreative · 10-10-2009, 01:01 PM

Exactly. Business owners aren't realizing the many opportunities they can take advantage of with their website.

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Bizinaboxx · 10-10-2009, 05:47 PM

Nothing is really 100% recession-proof. Take the two things that you "have" to do in life - death and taxes. Death itself is recession proof because let's face it, when you go you go. But it doesn't have to mean that the same amount of money is going to be spent on your funeral when the economy is good or when it's bad. While we have to pay taxes, if you've got it, you've got it. Nothing is an absolute.

During a down economy, innovation does well and there are a lot of big businesses that started in a bad economy - GE, Hyatt, Microsoft, Trader Joe's, etc. Just because the economy is bad and banks are lending far less doesn't mean entrepreneurship is dead or on hold.

Oftentimes when we start out and form a new business, we think we have to start out big and we have to outsource everything we think we need. Ben & Jerry started in their garage. You don't have to start out big, but you do have to start out being clever and resourceful and willing to put in the hard work and hours to have it grow.

Instead of looking just at industries, look at consumers and products. Information and resources on acne does the best when it comes to online searches. Not everyone lost their 401k's or are unemployed. Look for opportunity to start a business that solves people's problems and tap into those innovations or create your own.

Melissa Rose, MBA
Biz in a Boxx
Welcome to Biz in a Boxx - Biz in a Boxx empowers kids to become business leaders.

myfayt · 10-10-2009, 07:44 PM

Now is the best time to start a business, and there is a hundred different businesses you can start with little capital. Also the economy has just gotten much better, so we're on our way out of the depression.

eightsix · 10-13-2009, 04:18 AM

Quote:

Originally Posted by myfayt

Now is the best time to start a business, and there is a hundred different businesses you can start with little capital. Also the economy has just gotten much better, so we're on our way out of the depression.

Is there a website where I can go for small, easy businesses for an entrepreneur newb like me?

myfayt · 10-13-2009, 08:57 AM

Here is a good link, there is other cash amounts you can view businesses for.
Businesses You Can Start With Under $1,000: Small Business Opportunities

First you need to think to yourself and think about what you love to do, what you want to do, what you have experience in. Answer those and you will know what business to do.

dal5560 · 10-13-2009, 10:27 PM

Internet business is not news. It sounds great as an idea, however does not really pan well as an actual solution.

What are you going to sell, where are you getting your supplies, etc...?

Providing a service is a good angle, however is it better to rely on the actual service or relying on the advertisment from a free service?

entrepreneurrebel · 10-13-2009, 11:11 PM

Quote:

Originally Posted by dal5560

Is there any business that can be immune from super high unemployment rate and banks not lending to small business to stimulate the economy?

First thing healthcare is the only one that can be truly described as the most immune but not completey. Dating websites are not safe with the raise of facebook and now there are is new twitter dating app. Online home businesses have a failure rate of 97%. But they are so easy to start up again you never even notice them.

You can bootstrap a company but you have to become creative. Use Skype for your phone service (I think $10 a month) or Grasshopper ($10 starter package), use Earth Class Mail for a business location ($360 year), you Joomla and other free CMS website software (these have a large community and support), use Vistaprint for marketing material, godaddy can host for ($6 a month), host your files and photos on seperate servers or hosting site to keep bandwidth down, and I can keep going on.

sadyk · 10-14-2009, 06:05 AM

I think the most easy and simple business for now is forex trading. The business is one of the most profitable one today across the globe and it need a broad knowledge of understanding it before one can make a success in it. This is business one can start as little as $10 and grow it to millions of dollar if you know what you are doing in the business, but if you don't sorry even if invest millions in it you will only have failure at the end of it. Forex trading need to learn from experience teacher who is also into the game. But one can equally invest in forex trading without you knowing it by investing in it through someone that is on it under agreement of percentage sharing and this done in two ways; either you hand over your money to the person to do the trading on you behave or you register with the forex broker company yourself and look for a credible trader to do the trading for you while you control your business only to pay him or her the set percentage. I think this second one is the best as your money is always under your care and not like the first one where the trader hold your money and anything can happen to it.
Myself i am a forex trader and i manage people's account with this second option to a maximum profit capacity as well as risk management. I trade your account for percentage sharing and still coaching you pending when you are able to handle your account yourself. To know more detail about this you can send pm to me.

eightsix · 10-14-2009, 08:20 PM

Quote:

Originally Posted by myfayt

Here is a good link, there is other cash amounts you can view businesses for.

First you need to think to yourself and think about what you love to do, what you want to do, what you have experience in. Answer those and you will know what business to do.

Thanks, myfayt!

I appreciate all the help and insight you provide on this forum.

rpermana · 10-14-2009, 11:27 PM

i think pharmacy business is recession-proof. You will still need medication when you are sick... you can't avoid sickness during recession time.

Recession may cause stress and they need more medication...

just my 2 cents.

Scar Tissue · 11-05-2009, 04:47 AM

Re website, make sure the page layout appealing to your target audience, e.g People are impatient, they will leave if they dont get what they want immediately, better to set home page downloads within 10 seconds on a slow speed connection.