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Now is the Right Time To Go Into Business |
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Written by Mark Hankins
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Mar 11, 2008 at 02:34 PM |
Doom and gloom means less competition and more opportunity.
As I am writing this in March 2008, the financial news couldn’t be bleaker. The subprime meltdown has spread into municipal finance, housing prices have been decimated, foreclosures are rampant and the biggest banks in the country are touring the world’s sovereign funds like urchins canvassing mansions, with Fed Chairman Ben Bernanke playing the role of Fagan in the background, urging them toward the imposing black doors with the massive brass knockers. And if they get turned away, recession will turn into depression.
What a terrible time to go into business! Actually, no. Just look at how many people are getting out. The Bureau of Labor statistics sees US self employment as being in a steep downturn – the steepest in 16 years. Workers are seeking the security of wages and benefits in record numbers. Two things you must consider: first, if you are working for a company or a government, you can now be replaced by a more skilled worker who will accept less money. Second, that worker may have just given up a business, leaving less competition for you as well as the availability of low cost, used equipment.
“But wait,” you say, “if he couldn’t make it how can I?” That’s the same kind of thinking that dissuades everyone who will continue to toil for the illusory promise of a pension and a gold watch. All over the country your fellow Americans are falling into the exact same pattern of thinking, and it’s the pattern that will keep them where they are and out of your way.
There are two things that you can be absolutely assured of: times are never as good as they seem, and they’re never as bad as they seem. The springs, levers and whirligigs that have fallen off the macro economy will be tinkered with, repaired, and put back into place because the governments, banks and wealthy trusts and individuals of the world will not allow them to long remain an impediment to the orderly conduct of the world’s business. Markets will become more transparent and more efficient, more sources of energy will be found and developed, and bread lines will be avoided.
The individuals who have given up their economic freedom for a little perceived security will find, as Ben Franklin warned, that they will receive neither benefit from the big firms they go to work for. It’s just not how things are done anymore. Meanwhile, most of the intrepid (and in these conditions even some of the foolhardy) will succeed.
It’s up to you. Will you focus on a handful of business opportunities? Will you home in on one as the most promising? Will you write a business plan? Will you find the money to get started? Will you beat the bushes for customers? Will you give them a better product or service for less money (or even more money if it’s a better value) and make sure they know how good it is and are willing to sing your praises to others? Will you flourish and expand your business with the best partners and advisers you can find?
Or is a paycheck from week-to-week enough for you?
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