During the current economic recession developing a business may be out of the question; however experts suggest this is the perfect time to start your own enterprise.
Attorney, LaKiesha Ingram started her own law firm last week and Ingram didn’t care about the economy at all during her venture.
“I think there is money to be made in a recession,” Ingram said. “It’s kind of a no-brainer when you know you can provide a service and then generate that income on your own. I didn’t even consider the recession, it was the right time for me to step up and strike out on my own.”
Kenneth Allen founder and director of Kenneth Allen Inc. expressed if people were to examine the model third world countries use, we would notice they begin their own business for survival. Since they do not have the luxury of finding a job. They realize they have to showcase some type of craft for their livelihood.
“This is definitely the best time,” Allen said. “It’s a matter of getting back to the basics and understanding who you are and what special skills you have that could be valuable during this rough time.”
Allen suggests doing an inventory of one’s self as an essential step when trying to venture out and start you own business. Throughout the evaluation you’re able to articulate and discover the gift God has placed upon your life. He expressed everyone, deep down has something they can do that nobody else can.
Some characteristics business leaders suggest if you want to be an entrepreneur is be a risk taker, be analytical, a multi-tasker and able to make wise money decisions.
According to Darrell Brown clinical associate professor of management in The Kelley School of Business at IUPUI, anytime is a good time to start a business if you have a great idea.
“I think what you have to consider is depending on the business you start you may not need a lot of money,” Brown said. “In times like these sometimes you start your business with less money than you would in good economic times. In a recession you can get supplies cheaper.”
Allen says needing a lot of money to start a business is a myth. When he started his first business selling candy Allen didn’t have a lot of money. However, he started off small and eventually branched out into a larger business.
“The key is those that may not have the discretionary income right now should start off small,” Allen added. “If you can cook, start by inviting people over and cooking for them for a small fee…everyone has an entrepreneur spirit in them that is just waiting to be released.”
Three essential steps when you want to start your own business
1 Self-inventory: identify the talents that you have.
2 Write out a business plan: your ideas, what you envision your business to be.
3 Budget money: If income is low start off small and when the time is right branch out.