Recession a good time to start new business ventures
Although the recession is still biting, with many companies in real difficulty, this could still be a good time to launch a new business venture, a start-up specialist said today.
Ian Bryan, Business Development Services manager of Sheffield-based independent chartered accountants and specialist business advisers Hawsons, thinks that anyone with a good idea shouldn’t be put off going ahead because it is possible for them to turn the current economic conditions to their advantage.
He added: “It doesn’t seem at all logical but some of the most successful enterprises have been started in hard financial times.”
He lists several reasons why new start-ups could do well if the idea is right:
- Talented staff are more likely to be available because of redundancies and failing businesses; During a recession, prices sometimes drop and office and shop space is cheaper. Reduced prices on components and office supplies may also be available; Customers search for value during bad times and, if a new venture gives them a good customer experience, they are likely to remember it and give you their business when the economy starts picking up; Businesses that start in a recession and survive usually know how to keep costs to a minimum, standing them in good stead in better times.
Ian added: “But it still needs a lot of courage to start a new business in times like this and you should only go ahead if it feels right for you and you are confident that your idea is a good and sound one.”
Ian Bryan heads up the firm's Business Services Department, which is dedicated to helping the smaller business. Ian acts for a wide range of sole traders, partnerships, and limited companies providing accounting and tax advice and practical business solutions. For more details and advice, please contact Ian on [email protected] or 0114 266 7141.