The best time to start your new business
Should you begin your new venture when the economy is strong or when is the economy in a downturn? Is the economy that much important?
What economic forces should drive your decision?
following some folks and saying that the economy does not matter, generally speaking, the economy doesn’t matter. For instance, the best time to start a business could be when the economy is booming because people are in a strong buying mode.
But there are downsides to starting a business in booming economies, including the fact that unemployment is usually low (which means good employees are hard to find). Economic recessions can also cut both ways. The bad news about recessions is that consumers are wary buyers in recessions, and wary buyers mean low margins, and low margins usually mean low profits. But the good news is that recessions serve as sort-out time (that is, they sort out the weak businesses from the strong ones and allow the strong ones to survive and grow).
As the weak businesses disappear, they leave in their place an opportunity for newer, stronger competitors to surface. The best time to start a business is when the timing is right for you and your niche. If you’re prepared in terms of finances and experience. if the niche is right and available and if you’re passionate about what you do, the best time is right now.
If you and the niche aren’t prepared, the time is wrong. No economic indicators can tell you this. You have to listen to your gut.
Read this article Why Now Is the Best Time to Start Your Own Business
