This article was last updated on December 29, 2015
I am not saying that we live in devastating economic times where technically all the countries are hitting recession. Don’t get me wrong – but this is far away from the actual truth because most of the countries are not facing heavy plunge in their job markets. Having said that, it is also true that we surely are living in times where there is a high level of skepticism involved in the markets.
Sure, we are facing some weak moments and are going through a fragile economy. But, not all is so bad. Starting a business when the economy is not doing very well is a very effective plan, and should be willingly executed. If you take a glance at the history of startups then, you are likely to find that many businesses that were started at the time of an economic turmoil have done remarkably well in times ahead.
It wouldn’t be wrong to assume that small to medium sized businesses literally drive the country’s economy.
Here are the 10 most amazing reasons to start your business now:
You will have less competition
One of the biggest advantages in starting your own business when the times are tough is to have very little competition in your respective industry. Usually, most of the entrepreneurs will not jump to the idea of having their startups in economically weak times since there is less funding available. So, if you are planning to start your own small venture, there is no other good time but now. Less competition can give you an amazing heads-up that is much required for any startup to excel.
You have the best marketing weapon – technology!
You don’t have to be a tech guru to do it right. Using technology is so simple and hassle-free, and all you need is love for the computers and web. Technology, and especially the web, is a wonderful medium for startups to grow their business exponentially. We are talking about having an online presence that includes having a user-friendly website, social media presence, managing free business listings on online Australian business directories, and so forth. From sales point of view, an Australian Business Directory is undoubtedly worth checking out.
You now have Cloud Computing
For those of you who don’t know what cloud computing is, it is a web service that stores all your business data literally in a cloud. Moreover, it also offers significant services including IT support and business software that can help the businesses to save money. By using cloud computing services, you can get information from anywhere in the world by using any device that has an internet connection.
Cloud computing should be appreciated as it helps you in getting needed services on monthly basis, thereby allowing a free flow of liquid cash.
You are no longer dependent on someone else’s success
By working for a particular organization you are indeed depending completely on them for your success, which is not a bad thing to do; however, sometimes, things can go bad and without strong reasons, you may either be downsized or fired abruptly. Most of the times, an employee with superior levels of training and experience is given priority over the others. The point is you will be on a vulnerable side in the company, and will be on the receiving side of the bitterness when things turn sour.
Starting your own company gives you the freedom and flexibility to run a place the way you want. The only one you are dependent on is you.
Not many opt for entrepreneurship
You’d be surprised to know that many people prefer to work under someone than work for themselves. Quite ironically, entrepreneurship has been on a dramatic decline for many years now, and unfortunately, the reasons for the same aren’t available. Regardless of the reasons, this could perhaps work in your favor when you step out for an entrepreneurial venture. This would mean that you will face fewer competitions.
Forget working even for a day
You don’t have to take this one literally. Forget working a day would figuratively mean that you will not feel as if you working, and instead would feel that you are living a meaningful life. When you run a business that you hold dearly, you will have the right levels of zeal and joy to perform. Running your own startup would not require daily pep talks in order to work.
Just love what you do, and you won’t have to work even for a day.
Procrastination is not good
Another primary reason for starting your own business now is because waiting or delaying has served no purpose to anyone. Doing it later means never. There are many people out there with dreams of having their own startups, but those dreams haven’t seen the light of the day. The reasons for that are many, and one of them being their habit of procrastination. They just wait for the perfect moment but in vain.
Regardless of your success and failure, the time is now.
Form a legacy
Building your own business would mean that you will have something awesome and substantial to pass on to your kids. It is not always possible to pass on your career to your kids. For instance, if you are a doctor, passing your medical career to your kids is hard. However, if you have your own setup of a business, now that’s something that your kids can take over.
Passing a legacy is a matter of pride.
Gives you a sense of fulfillment
A business owner feels more fulfilled – personally and professionally, as compared to an employee of any particular company. When people run their respective businesses, it gives them a sense of responsibility and confidence, which are wonderful byproducts of work satisfaction.
An entrepreneur feels a sense of achievement since his or her talent is now defining a purpose. The works that your company does make you feel dependable.
Be the first to execute an idea
It is not a good idea to just have an idea and do nothing about it because someone else will. There is no point in wasting time, and meanwhile, seeing someone working on the execution part of an idea. Learn to capitalize on your idea at the right time, and don’t wait too long.
Remember, “Wrong decisions are better than late decisions”. It is not a good situation to be in when you look back with regrets for not doing something about a rare idea that you once upon a time had. So, incept an idea and find the resources to execute.
Running your own startup perhaps will be one of the best things that will happen to you. Being an entrepreneur involves having the freedom to call your own shots, and be completely responsible for its consequences. You will succeed or you will fail; regardless, you owe it to yourself.
And, remember, it’s never too late and nor too early to start your own business. Be prepared for challenges and face obstacles with your head held high. Good luck.
Photo credit: Lars Plougmann