Opening a Business in a Down Economy
Open a Business in a Bad Economy
As defined by Webster’s Dictionary, a business or stock is cyclical if its value fluctuates heavily with the economy. While there are many economically proof industries, the majority of small businesses can be defined in some way as cyclical or reliant on the general economy.
Therefore, when the economy takes a dive, many small businesses tend go with it.
It might therefore seem like listening to good sense when a poor economy scares away a potential business owner from opening their own company. But appearances can be deceiving: the economy doesn’t have to be scary to every potential small business owner.
I am living proof as the CEO of a recruiting company whose bottom line is very dependent on the hiring fluctuations both in the U.S. and abroad, as well as on the general health of American business.
Due to the cyclical nature of recruiting, running an executive search firm in today’s economy required me to develop a new thought process and approach to business. While other staffing firms have been going under or downsizing immensely, my company is currently hiring and leasing additional office space.
How am I able to do this?
Below, are 4 rarely discussed tips for those aspiring to successfully open any business in today’s economy.
1. Avoid negativity –
As the owner of an executive search firm, you think that I would be glued to the job reports every week. It is quite the opposite.
I don’t have time for bleak news. We have broken internal recruiting records on the same days as horrific job numbers were reported.
I know that as the CEO, if I don’t remain positive, I risk the negativity spreading through my subordinates.
I’ve learned that the key is to stay around positive, upbeat and successful people.
2. Follow your passion regardless of how bad you think the industry may be
When choosing which business to start, you must only consider those industries that truly interest you regardless of how badly they may have suffered.
Many young entrepreneurs make a big mistake by letting the current economy decide what type of business they should open instead of the other way around.
Good economic conditions are always helpful to the success of a business, but a favorable economy pales in comparison to a passionate CEO.
Article Continued How to Start a Business During a Bad Economy Ken Sundheim
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