Written by: Torie Mathis, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Starting a business is always a risk. But there are plenty of reasons to take the plunge even in tough economic times. In fact, some of the most successful businesses of all time were started in hard times. Entrepreneurs like Walt Disney, Ray Kroc, and Sam Walton all started their businesses during economic downturns. So, if you're thinking about starting a business, don't let the current state of the economy stop you.
32 reasons you should start a business right now:
1. There's never been a better time to be an entrepreneur
Now is the best time to be an entrepreneur because you have more resources available to you than ever before. The internet has leveled the playing field, giving anyone with a good idea and a bit of hustle the ability to start a business and reach a global audience.
2. You can start a business for less than it costs to buy a car
The cost of starting a business has never been lower. With the advent of technology, you can now start a business for less than it costs to buy a car. All you need is a good idea, a laptop, and an internet connection.
3. You don't need a degree to be a successful entrepreneur
While it helps to have a college degree, you don't need one to be a successful entrepreneur. Bill Gates, Steve Jobs, and Mark Zuckerberg are all college dropouts who went on to build successful businesses.
4. There are fewer competitors
Now is a great time to start a business because the last few years have been tough on many businesses. This means there are fewer competitors out there. And, as we all know, less competition can be good for business.
5. You can find good deals on office space and other resources
With many businesses struggling, you can find some great deals on office space and other resources that you need to get your business off the ground.
6. There are more opportunities for partnerships
When times are tough, businesses have to be more creative to survive. This means there are often more opportunities for partnerships and other creative business arrangements.
7. You can tap into unexplored markets
When the economy is struggling, businesses have to get creative to find new customers. This provides an opportunity for entrepreneurs to tap into unexplored markets.
8. You can find talented employees who are looking for a change
Many talented employees are looking for a change. This provides an opportunity for businesses to find top-notch talent that they might not have been able to find in a booming economy.
9. You can get media attention
In a struggling economy, the media is always looking for stories about successful businesses. So, starting a business in a down economy is more likely to get media attention.
10. You can build a reputation as a go-to company
Businesses that can weather the storm and keep growing are often seen as the go-to companies in their industries. This can help you build a reputation that will last long after the economy has recovered.
11. You can position yourself as an expert
In a down economy, businesses have to be more careful with their marketing budgets. This provides an opportunity for entrepreneurs to position themselves as experts in their field by writing articles, giving speeches, and doing other thought-leadership activities.
12. You can learn from your mistakes
Starting a business is always a risk. But, if you start a business in a down economy, you'll have an opportunity to learn from your mistakes. After all, the businesses that succeed in a down economy are the ones that are able to learn from their mistakes and adapt quickly.
13. You can get government assistance
In a down economy, the government often provides assistance to businesses in the form of loans, grants, and tax breaks. So, if you start a business in a down economy, you may be able to get some government assistance.
17. You can get better deals from suppliers
Many suppliers are struggling and looking for new customers. This provides an opportunity for businesses to get better deals from their suppliers.
18. The current job market is not secure
The current job market is unstable, and jobs are becoming increasingly insecure. If you're looking for a stable career, entrepreneurship is a much better bet when you have a great business idea. What makes a great business idea? Solving problems. Learn more about how this makes the best business idea. And more benefits of entrepreneurship in any economy!
19. You can be your own boss
Being your own boss is one of the biggest advantages of starting your own business. You'll have the freedom to set your own hours, work from home, and make all the decisions.
20. You can make a difference
As an entrepreneur, you have the opportunity to make a difference in the world. You can uniquely solve problems and create products and services that make people's lives better.
21. You'll learn new skills
Running a business will force you to learn new skills and grow as a person. You'll be constantly challenged and pushed out of your comfort zone, which is good for personal development. And now is always the best time to learn new skills.
22. You'll meet new people
Starting a business will help you meet new people and expand your network. You'll get to collaborate with other entrepreneurs, learn from their experiences, and make valuable connections.
23. You can make a lot of money
If you're successful, entrepreneurship can be extremely lucrative. Even in a slow economy, you'll have the potential to earn much more than you would working for someone else. The sky truly can be the limit.
24. You'll have more flexible hours
As an entrepreneur, you'll have more flexible hours than most people. You'll be able to set your own schedule and work around the commitments in your life. Learning to prioritize and delegate your tasks will be essential to making your flexible hours work.
25. You can work from anywhere in the world
One of the best things about being an entrepreneur is that you can work from anywhere in the world. As long as you have a laptop and an internet connection, you can run your business from anywhere.
26. You'll have more vacation time
As an entrepreneur, you'll be able to take more vacation time than most people. You can work around your travel schedule and take extended breaks when you need them. No more stuffing everything into two weeks a year.
27. You can make a positive impact on the world
As an entrepreneur, you have the opportunity to make a positive impact on the world. You can use your business to promote social causes, support environmental initiatives, or help those in need.
28. You'll feel more fulfilled
Most people who start their own businesses feel more fulfilled than those who don't. Entrepreneurship is a chance to pursue your passions and build something that you're proud of.
29. You'll be challenged
If you're looking for a challenge, entrepreneurship is the perfect option. You'll be constantly tested and pushed to your limits. It's not easy, but it's incredibly rewarding.
30. You can be creative
One of the best things about entrepreneurship is that it allows you to be creative. You can pursue your passions and build something unique that nobody else has created.
31. You can choose your own team
When you start a business, you'll get to choose your own team and build the perfect squad to help you reach your goals. This is a great perk for those who want to work with like-minded individuals.
32. You can pursue your passions
One of the best things about entrepreneurship is that it allows you to pursue your passions. If you've always wanted to start your own business, this is your chance to make it happen.
Now is a Great Time to Start a Business!
So, if you have been waiting for the perfect time to start your business, that time is now. The economy may be slow, and inflation may be high, but those are actually two of the biggest reasons to start a business right now. With careful planning and execution, your new business can thrive in this environment. Want to learn how to start a new business the smart way? I have a course that can help!
Check out Start Your Business Smart, and let's make your entrepreneurship dreams a reality!
Torie Mathis helps entrepreneurs, like you, use digital marketing to grow your business without wasting time, money, or your sanity. She is a best-selling author, Army veteran, speaker + trainer, and your digital marketing coach. You don't need crazy tech skills, buckets of cash, or dedicated staff to market your business. In fact, you don't even need a lot of time. What you need is to be SMART. Torie hosts SMART AF, a show for non-techy entrepreneurs looking to grow their small business, with her husband Sean Mathis, and is the creator of SMART AF Magazine. Learn digital marketing for your small business at toriemathis.com
Torie Mathis, Executive Contributor Brainz Magazine
Torie Mathis helps entrepreneurs, like you, use digital marketing to grow their business without wasting time, money, or your sanity. She is a best-selling author, Army veteran, speaker + trainer, and digital marketing coach. She'll show you how don't need crazy tech skills, buckets of cash, or dedicated staff to market your business. In fact, you don't even need a lot of time. What you need is to be SMART. Torie hosts SMART AF, a show for non-techy entrepreneurs looking to grow their business, with her husband Sean, fellow entrepreneur and founder of the Miles Through Time Automotive Museum. She is also the creator of SMART AF Magazine and the Smart Arsenal. You can learn digital marketing for your small business with Torie at toriemathis.com
