9 Reasons to Start a Business in 2009!

Thoughts of 2008 have left many people feeling as though they have been in a really bad accident. Somewhere between the partying like it was 2009 and the Champagne, you vowed that you were going to make some major changes in the upcoming year. Now the spring flowers are blooming and you haven’t put much energy into that New Year’s Resolution. You don’t have to wait until next year; the Spring is a perfect time to make new beginnings. Maybe you even vowed to finally start that business, but turning on the news everyday quickly changed your mind.

Companies are laying off thousands, millions are losing their homes, and consumer and national debt is at an all time high. With all of the doom and gloom surrounding us it may be hard to consider why starting a business may be a good idea.

Whether you think you are nestled securely between the arms of your current employer, looking to make some extra money, or your once secure job put you in an insecure position, all does not have to be lost. You have other options.

Typically starting a company during a recession can be extremely challenging. As if getting start up capital for small businesses wasn’t hard enough, banks and other financial institutions have become more rigid during these times. If you are interested in starting a company that will require major start up capital or real estate, you might want to keep the idea in the dream book a little while longer.

However with the wonderful world of technology you have limitless opportunities at your finger tips. Here are 9 reasons for starting a business in 2009:

1. Limited funds force entrepreneurs to be smart about their money. Being economical and cost conscious is a fabulous discipline to have, especially during the beginning stages of starting a business. Having limited funds makes room for creative thinking, grass root marketing, networking, and timely financial analysis.

2. Tis the season to negotiate. Some wise person once said that “anything is negotiable”. Well in a recession, stores and vendors are willing to cut prices, give coupons, and down right pick you up at your home if you are willing to spend. What does that mean for you? It means that you have a great opportunity to negotiate better prices on equipment, supplies, and services. The graphic design artist that once quoted $500 to create a logo may now be willing to drop their prices dramatically. There are phenomenal deals to be made.

3. You don’t have to recreate the wheel. It may be hard for someone to conceptualize a new business idea, product, or service. If you can find a way to improve or duplicate a current service or product while reducing cost and maintaining customer service the hard part is over.

4.Corporations are cutting jobs, which may increase their need for outsourcing. Corporate downsizing is reaching all time highs. Corporations are reducing their expenses by cutting positions, salaries, training, and benefits for employees. Many of the departments that companies use to have in house are now being outsourced to small businesses. Small businesses in the areas of personnel staffing, event planning, marketing, customer services, sales, and graphic design can provide much needed services.

5. Job security is a thing of the past. Corporate America has created an “illusion of security”. How many times have you heard of someone being laid off after 15 to 30 years at a company and all they received was two weeks severance package and a company coffee mug? How many cases have you heard of hundreds of employees losing their retirement and pensions due to unethical business practices. If you put of your dreams of starting a business because it didn’t seem secure…what do you think now?

6. Starting a business offers tax savings. The tax advantages for W-2 employees are few and far in between. When you are an employee, Uncle Sam takes a huge chunk of your money first, and then you are left with the remainder to pay your expenses. When you are a business owner, you pay your expenses first and you are taxed on the remainder. Big difference!

7. Business checkup-look long and hard at your business ideas. Will your product make life easier? Can people afford your service? Will it benefit consumers during good and bad times? Is this a seasonal product? Are your competitors still profiting? What do customers need? How will your product and service fix a problem? Questions like these are critical when planning to launch your new product or service.

8. Provide a pool of qualified people looking to commit to a vision. Companies are continuing to lay off skilled people with years of experience in their field. Now you have a pool of qualified candidates that are yearning to be part of a mission. No one was willing to leave their company to become part of a start up enterprise but now you may have some takers or at least be able to hire part time geniuses.

9. Be an active participant in your financial future. Millions have watched their retirement accounts plummet and their job ripped from under them. Now is an important time to take control and turn off the financial auto pilot switch. As a business owner, you can start a retirement account for your corporation while still receiving major tax benefits.

Whether you are still toying with the idea of being self employed or have already begun the journey, life is not going to change until you change. Take the time to read the books, find the mentors, ask the questions and pursue your passion!


Cinnmon McCann
www.financialfashionhouse.com