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Business Opportunities in the Recession

September 3rd, 2009

recession-business-opportunities.jpgHave you considered all of the companies that are downsizing and/or closing their stores in the recession? Think about big names in retail such as Home Depot, Circuit City, and Starbucks. When you read these stories in the newspaper, you might have a gut reaction that now is a bad time to start a business.

While the recession may be the wrong time for some would-be entrepreneurs to establish a business, especially when cash flow is a problem due to decreased credit lending, it is still an ideal time to begin your business planning. This article provides four suggestions for getting started on business planning so that you are ready to launch your business during the end of the recession or at the onset of the upswing that eventually follows the recession.

1. Choose a business. The goal of your business planning should be to select a business that people need now or might need soon. Another type of business to plan is a company that takes over some of the market share that is currently being lost by large corporations or local competitors for your proposed type of business. For example, Starbucks has closed many of its stores, and it recently announced more stores will be closed. Circuit City is closing all of its stores. Therefore, your preliminary market research might reveal that it is a great time to plan a coffee shop or an electronics store.

2. Start writing the aspects of the business plan based on what you already know. One consideration is how much time you have to write the plan and how much research you think will be involved. Start with pieces that can be completed rather quickly. Your first draft of the business plan will help you mentally map out the rest of your research and business planning.

3. Do the research necessary to complete the business plan. For example, begin with researching possible locations for your intended business. For example, if you want to open up a local coffee shop, you might investigate whether the location where a Starbucks recently closed would be an ideal location when people in that area have more cash to spend on coffee.

4. Set an ambitious timeline. The fastest way to get your business plan finished is to actually set goals for yourself. You can assign a tentative date for completing each step of your planning process. Consider using a software program to help you organize your plan. Two helpful programs are Microsoft Outlook and Microsoft Project. Or, you can create a simple table in Microsoft Word.

The recession presents a perfect time in which to write a business plan. Remember that you can get free or affordable assistance with business planning at the local small business development center. Small business agencies typically offer a variety of classroom and individual sessions for entrepreneurs.

You are going to realize your dream of becoming the owner of a small business if you push yourself to write a strong business plan. Good luck in the pursuit of entrepreneurship! Don’t hold yourself back by worrying about the slow economy.

Related article: Preparing Your Small Business for the Market


Angela Baca is a freelance writer, blogger, and e-commerce entrepreneur.


6 Responses to “Business Opportunities in the Recession”

  1. comment number 1 by: Angela Baca

    Dear Web Site Owner,

    Could you please post my real name on articles (like recent ones) when it is included in the article document?

    Thanks,

    AB

  2. comment number 2 by: Karlonia

    @Angela Baca:

    Done — I actually wanted to use your real name in the article when I saw it in the document file, but balked at this and used your Constant Content pen name instead because I have received several complaints in the past from the CC staff regarding articles where I used the person’s real name instead of the CC username after I tracked down the real name from the article document file or from some other page on the CC site. However, according to my own tradition, authors are credited with whatever names they actually want to use, so that is exactly what I am going to do!

    I just wish that:

    1) Constant Content would establish a clear policy on crediting names of authors. Are we supposed to use the name that appears on the CC author bio page, the name that appears in the actual article document (if one exists), or the name that appears on the download page after we purchase the article? I have had cases where all three of these names were different, resulting in utter confusion for publishers like me who really want to credit the author under the correct name but have no way of knowing which one to use. At the other end of the spectrum, there are also many cases where the only name reference is some sort of cryptic username that reads like a Yahoo messenger handle (such as “lkclora13″), which makes it very awkward for me to write it into a bio box or intro paragraph.

    2) Authors would simply use their real names when registering with Constant Content and similar sites, or at least use a consistent pseudonym. This would eliminate much of the confusion while also providing a benefit to the authors in the form of a consistent “brand” that can be used across multiple sites and generate favorable publicity. It would also save me the hassle of having to go back through previous articles, track down author names, and edit multiple posts.

  3. comment number 3 by: Angela Baca

    Would you like me to email your feedback to the CC staff or what? I am sure they would like to know.

  4. comment number 4 by: Angela Baca

    Thanks again!

  5. comment number 5 by: Karlonia

    @Angela:

    Yes, feel free to send my feedback to CC if it’s not too much trouble for you. Although I recall typing out a rather lengthy reply to their latest email about an “author problem” a few months ago that said pretty much the same thing as my comment above, it probably wouldn’t hurt for them to have another reminder from someone else, especially since you seem to be one of the better authors over there :)

  6. comment number 6 by: business opportunities

    A well stated step by step alike process on what to do on getting a business opportunity on any time.

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