Twenty Reasons Why It’s the “Best Of Times” to Launch your Small Business
By Urban Miyares, President of the Disabled Businesspersons Association
If finding gainful and rewarding employment from others was a formidable task before, then get ready for even harder, more challenging times ahead. With the [so-called] economic downturn and many tightening their belt, thousands losing their jobs, stock market skepticism, the recent national tragedy, and uncertainty about the future, there could be no better time than today to start a business, especially if you have a disability and seek to enter the work force.
Timing is everything...and here are 20 reasons why this could be the “Best of Times” to launch your business.
1. It’s harder to
borrow money.
With less money available for start-up ventures, you need to plan
and make do with existing or less-than-desired resources, making
sure each and every dollar invested into your business creates
immediate revenue/sales. With less money available, you won’t
get into as much financial trouble, because there is less (borrowed/invested)
money to spend. Forced to now better focus your business, you
will deal more in cash-only transactions than credit, watch your
pennies, become more efficient and effective with each sale (cutting
the “fat” on operating and business expenses), and
hone your abilities as a business owner.
2. Support by government.
Government agencies serving the employment of people with disabilities
may be more receptive and supportive in your choice of self-employment
as a back-to-work option, given the increasing challenges nationwide
in finding traditional employment from others. These agencies
are under pressure to meet performance goals related to work entry
by their clients/consumers. Your well-structured and well-documented
self-employment plan should better be able to meet their requirements—and
satisfy goals and objectives—during these times of high
unemployment.
3. Bargains are everywhere.
More and more businesses will be closing or changing hands—existing
businesses, loaded with previous debt and high overhead are now
unable to stay afloat. With growing numbers of businesses closing
shop, you will be able to find viable and even profitable existing
business for only cents on the dollar...or even no money down.
The savvy entrepreneur looks for such deals.
4. Others think you are
out-of-your-mind for going into business at this time.
Expectations are lower and you’re not under the same pressure
from others to succeed. This could be a tremendous marketing advantage
as family, friends, and neighbors will be more inclined to do
business with you, and pay their way.
5. It’s easier to
find employees, volunteers, assistance/help for your start-up
business from others, especially with rising unemployment.
And they will be less demanding and more acceptable to the needs
and challenges of your fledgling business. Highly trained and
skilled individuals are looking for employment of any kind and
at any price, until something better comes about. An opportunity
for the astute business owner, with a sociable personality, to
tap into a highly skilled and eager-to-work labor force, at a
fraction of the cost.
6. It’s easier to retain good employees as other job opportunities and options are not as readily available.
7. Suppliers and vendors
want and need to do business with you.
The life-blood of (wholesale) business is business, and your suppliers
and vendors will be more receptive to your needs and demands,
to guarantee you as their customer. You will be able to negotiate
for better and longer terms on accounts payable, have greater
leverage in requesting discounts and other premiums to ensure
your patronage. There also may be opportunity to propose that
vendors/suppliers assist you with inventory, equipment, supplies,
or financing needs. Bartering, exchanging, collaborating, and
other joint arrangements for goods and services, advertising and
marketing, equipment, etc., are options that you should explore
with vendors and suppliers.
8. Easier to move in.
Increasing business vacancies create a downward spiraling adjustment
in rents and lease costs and terms. Landlords and property managers
need to maintain a constant or minimum occupancy rate in their
properties to pay overhead and maintain the real estate values,
especially in hard times. The negotiating power is on your side.
9. Professional services
are hungry for your business.
From attorneys to accountants, marketing professionals to insurance
underwriters, all will need to replace the client base they have
lost due to the downturn. They are now able to spend more professional
time with you and your business, at a lower cost. You’re
in a great position to pick-and-choose who you want to do business
with and, in many instances, negotiate for a workable financial
or other arrangement of services. This could also offer unique
opportunities to identify potential partners, collaborators, associates,
or even investors from this pool of talent.
10. Bargains abound on
equipment, fixtures, furniture, and many supplies.
Business closures and bankruptcies, down-sizing and many businesses
relocating, the market is brimming with previously owned items
(computers, equipment, inventory, fixtures, furniture, etc.) that
you can use in your business, saving you thousands of dollars.
“Never buy retail” should be your business battle
cry.
11. Leasing may now be
a cost-effective option, rather than buying.
Lease companies are sure to offer more favorable terms and creative
lease-payment plans for equipment and other hard business assets,
even with a below-norm credit rating. Who in business does not
have a poor or below-norm credit rating during economic hard times?
Lease companies want and need your business to survive and will
do almost anything to get it.
12. There’s less
competitive “noise” in the marketplace.
Many competitors are no longer in business, unable to maintain
their competitive advantage or edge, or even continue the same
financial and business relationships they once had with their
clients. You will discover that everyone wants to meet the “new
business on the block.”
13. Marketing opportunities
abound when there’s a business slowdown.
The first expense most companies cut or eliminate in hard, financial
times is marketing. Your new-to-the-market sales message will
have higher visibility, impact, and a lower CPM (Cost Per Thousand).
Your marketing strategy will be more effective with less dollars,
as bargains in media advertising and placement of publicity/public
relations will readily be achieved. With a well-planned marketing
strategy, your advertising message will definitely Shout!
14. Pick and choose your
niche.
With competition and marketing noise of others diminishing in
the marketplace, those once unavailable or untouchable, but profitable,
niches will now be ripe for your picking. These are customers
of competitors who have suddenly become discontent or orphaned
due to poor, changing, or discontinued services or goods that
they once purchased. These customers are crying for new firms
to fill their buying needs. For a start-up business, identifying
a profitable niche, one you can service and have little or no
competition in, is the panacea few start-up ventures ever experience.
15. You are forced to
maintain a “tight and neat ship.”
Position your business with lower liability, fewer obligation,
tight cost-controls and budget restraints, and you will see quicker
cash flow—establishing a healthy business foundation when
the economic upturn hits.
16. Flexibility is your
strength.
Being able to change course quickly, explore and penetrate new
markets and niches readily, and having minimal investment to jeopardize
with a sudden and potentially more profitable redirection of your
business, is a definite competitive edge over direct competitors
buried in debt, inventory and overhead, structure, and market
saturation. Small is definitely a position of power in trying
times.
17. Everyone wants to
talk to you.
Scheduling business meetings and appointments are easier. From
your banker wanting to know how she/he can help you to a prospective
client looking to buy or vendors wanting to sell to you, everyone
seems to have more time to discuss business, with less distractions,
during rough times. You now have charge of the most valuable commodity
in business: Time.
18. There are greater
financial opportunities during an economic downturn for a new,
well-managed business than an existing, over-burdened business.
Investors and financial institutions (both government and private)
are seeking sound opportunities to invest their funds or generate
business, when other investment or lending options are not available.
The well structured and soundly managed small business, regardless
of how long in business or its size, suddenly finds interest by
others in the investment industry as to their needs, during tough
times. And many in the lending arena have lending goals to achieve,
regardless of the condition or health of the market. The economic
backbone of America is small business, more so in rough economic
times. Luck is now on your side.
19. Easier exit strategy.
With greater flexibility, less liability, lower expectations by
others, and a bite size market share to generate revenue and cash
flow, the exit strategy (“how,” “when,”
and “why” to get out of business) is easier to achieve
and plan for. Whether the exit strategy is for retirement intention,
a health condition that deteriorates and directly affects the
business, investment opportunity, creating a business legacy (inheritance
to children, others), sale of the business, expansion, or closure,
your business exit strategy can be planned, rather than forced
upon you.
20. You can take control
of your own destiny.
Nothing can guarantee full-time, immediate employment more than
owning your own business. Whether “it’s the best of
times or the worst of times” for you to start a business
is your decision. Take the time to weigh both the positives and
negatives so you can make a decision today!
© 2001 Disabled Businesspersons Association All Rights Reserved. Reprinted with the permission of the author.
Contact Information
Urban Miyares
Disabled Businesspersons Association
urban@disabledbusiness.com
www.disabledbusiness.com