Is now a good time to start your own business?

Times may be tough but that shouldn't deter you from tackling your entrepreneurial dreams. In fact many businesses have been formed in hard economic times. Think Walt Disney Co., Microsoft Corp. and Apple. Yes, they were all born out of someone taking a risk in uncertain times.

Put simply, now is good as any time to form a business entity. You just need the right idea and the ability to implement it. Some experts contend it’s never a good time or bad time to start your own business. This is because the length of time required to start up a successful business is unpredictable. For example, if the economy is booming at the time of conception, it can take a turn for the worse by the time the ink dries on the business plan. The bottom line: unless you have a crystal ball there is no way to predict the future economic climate.

Downsized and bitter? For the laid off or fired, there’s no better revenge than starting your own business. Recessions are prime times to become entrepreneurs because companies tend to cut back. That means it’s a great time to find cheap real estate and talent in a less competitive environment. There is plenty of hard-working people collecting unemployment who would jump at the opportunity to have a meaningful job again. There also tends to be more community resources available designed to help start-ups get off the ground.


The importance of the consumer cannot be underestimated in times of economic downturn. In hard times they are re-thinking the value/price proposition of products and services. There is room for new business models and for start-ups to grow quickly. And when times are better they will remain loyal to your company as they purchase all the products and services they cut out of their budget during the recession.


In short, if you have a solid idea for a business venture, go for it!