SCORE Small Business Blog

Start: Starting Your Biz in an Economic Crisis
5 Comments

Yes, we are living in a turbulent economic climate. However, it’s during times like these that true entrepreneurs flourish.

Follow these tips to help your biz thrive.

Businesswoman Home Office1. Do your research. Find out what industries and market sectors have continued to thrive during the recession. Focus on a specific niche, things that people will always need or items that will make their lives easier during these difficult times. Then create a sound plan for success.
2. Use free resources. Nowadays, you can find just about anything for free, including mentoring. Take advantage of it all. Before shelling out money for anything, do a quick Web search to make sure it isn’t available for free somewhere else.
3. Watch your money. If you have to actually pay for items, find out where you can get them cheap. Web sites such as Amazon, Craig’s List and Deal News are excellent resources for finding office supplies and furniture. Buy the things you use often in bulk, such as paper. Above all, be creative and find ways to reduce your budget. Then, stick to it.
4. Hire contractors. With the massive layoffs and rising unemployment, there are thousands of experienced professionals who are willing to freelance at discount rates. Rather than hire employees, use contractors and save.
5. Get a mentor. An experienced professional can help you think through your approach, as well as provide fresh ideas and solid advice. Getting a second opinion or new perspective is always advantageous.

-Jacalyn Barnes, SCORE
View more posts by Jacalyn

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Discussion (5) Comment


  1. J. BarnesVisitor

    Hi Sharon,

    Thanks so much for the comment. I hear your point about encouragement. I’m thinking of possibly doing a few posts on Recession Success Stories. This would feature entrepreneurs who are making it despit the economy. Thanks for the inspiration. If you know of any small businesses that are currently thriving, let me know. And, stay tuned for more!

    Thanks for the support,
    Jacalyn


  2. Sharon WilsonVisitor

    The recession has it us hard, no doubt about that. However the news isn’t all bleak for small business owners. It is too general a perception to assume that all businesses are affected a similar way. It is good to hear success stories despite today’s economy. We all need that kind of encouragement.


  3. J. BarnesVisitor

    Hi Cathy & Tim,

    Thanks for the comment. I have definitely heard of businesses not only surviving the recession, but also thriving! With all the bad news about the economy, we all need a little encouragement.

    The great thing about entrepreneurs is our creativity & ingenuity! That’s what gets us through these difficult times! Good luck and check back again next Monday. I’ll continue to discuss ways to overcome the recession.

    Thanks again for stopping by,
    J. Barnes


  4. timfalomoVisitor

    success in business is not meant for some selected few but it is a matter of choice and hardwork. There is always a pathway that leads to success but only the diligent follows it.


  5. CathyVisitor

    I liked this article because you made some good points Jacalyn. So many people are talking about what they aren’t going to do now so this was refreshing on what you can do.

    I wanted to comment on 2 of the points you made. Having a mentor is key whenever you are starting a new venture. When I started a different business several years back I used a SCORE counselor. I contine to use those guiding principals that I learned from my counselor for any new venture I develop. Mentors at SCORE are previous business owners that have been there and done it, so they provide real experience and knowledge. I would highly recommend anyone that is thinking of starting a business take advantage of the opportunities and resources they offer.

    Secondly I wanted to comment on hiring contractors. As a virtual assistant we find that outsourcing or hiring contractors are becoming vital for all types of business owners. I personally subcontract or hire other virtual assistants for various projects that I need help with. You can find several types of virtual assistants through a very connected community at VAnetworking.com. One advantage of working with a virtual assistant or contractor you only pay for the hours they actually work vs. an employee that is paid even during non-productive hours. This was another good point about considering hiring contractors vs. hiring employees.

    Thanks for the information

 

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