10 reasons why you should start a new product, service or small business (and why the recession could be the best time to begin)

Tasty Food Abundance in Healthy Europe
 (Photo credit: epSos.de)

Why is it that we wait until the worst possible moment to act on important things in our lives?

We plan our annual holiday so late that all the best places are fully booked. We may have left our retirement planning for late in life only to find out that we should have started years ago. We always wanted to start a business of our own but we did nothing about it and now we are unemployed or too old to have the energy to make a go of things.

Here are some reasons why you should start a new product, service or small business:

  • You possess an old family food recipe. If you don’t use the recipe, it will go with you to the grave. Think of big products today that began all because of a family recipe. I know a service that produces your food product for you, helping you get your home-based food business up and running.
  • You are unemployed or underemployed in this recession. Now you have the time to investigate the feasibility of that small business you have always dreamed of but put off.
  • An idea for a new product or service that flashed into your head while you were in the shower, walking or driving excites you. Isn’t it time to explore its possibilities?
  • You face being retrenched or have heard unsettling rumours. Don’t wait until it’s too late.
  • Your profession has become redundant after many years and you now need to come up with an alternative source of income.
  • You aren’t a good fit working in teams and try as you may, you just seem to always cause trouble in the workplace. I know one guy who has been unemployed because of this and has no idea what to do. He is considering selling his house investment. Not such a good move so late in life.
  • The cost of living has risen so high that you need an additional source of income. A salesperson I know has helped his wife start a biscuit business which is now bringing in what is equivalent to a second salary.
  • You’re a student on a large campus and can see opportunities all around you. When I gave a talk to university students on entrepreneurial opportunities this year one woman has started a student clothing blog.
  • Over some years you’ve accumulated specialised knowledge that you could put into a book or course format.
  • As an artisan, trades- or crafts-person you have spotted an opportunity for a new product or service.

It’s true that you could read another article on 10 reasons why you shouldn’t start a business. All these reasons sound valid. But if you are really honest with yourself, they are all good excuses. A recession may be a good time to start because necessity will stimulate your entrepreneurial spirit, costs are lower, good people are in bigger supply and people want products and services that cost less, save them money and can do things faster and easier.

You only have to give yourself one good reason why you should start. Then go here to find out how.

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One Reply to “10 reasons why you should start a new product, service or small business (and why the recession could be the best time to begin)”

  1. The common denominator which paralyses people from beginning a new venture or attempting something ‘out of the box’ during the recession is no different from that which halts them during good times. Failure! People are afraid of failing and seem to have forget that success if the ability to go from one project to another regardless of whether it succeeds or not, without a loss of enthusiasm.
    Interestingly, in tough times, a lot more thought is likely to go into a new venture as the margin for wastage is so much smaller.
    If you want to win the lottery, slim though your chances might be, you have to buy a ticket!

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