Most recessions in history last for 10 months, followed by a 50-month recovery and boom. If the global economy follows this pattern, now is the perfect time for young entrepreneurs to get in on the action.
There are 7 reasons why you should start entering the market right now.
1. Everything is much cheaper than before
The cost of land, equipment, commercial space, and labor are all low, making it an ideal environment for business deals. Entering the real estate market as well as the financial market is also very suitable because the prices of all types of assets have fallen sharply. For the fields related to industrial machinery and construction, this is also an ideal time. Many people have waited for years for the market prices to return to a reasonable level to enter and that time has come.
2. Easier selection of higher-level personnel
As giants like Microsoft cut corners on labor costs, this is your chance to pick up a pool of skilled workers at reasonable salaries. As you prepare to start your business, it’s great to know that there are plenty of skilled engineers waiting to be hired. Many accountants and lawyers are also looking for new opportunities. They will help your business get off to a good start at a reasonable cost.
3. More chances to win contracts
In a context where businesses are more concerned about input costs, everything is on the table for consideration. However, even if you offer a slightly higher price, you still have a chance to win, if the product you offer is of significantly better quality. You also have a better chance of winning the contract because in difficult times, businesses often want to find new partners with different, more efficient and creative ways of doing business.
4. Tax incentives
Taxes may not be something you think about when planning a startup. But tax breaks for businesses during a recession are worth considering and should be added to the list of benefits for business owners.
5. Opportunity to raise capital from relatives
With the stock and real estate markets frozen, many of your family and friends are reluctant to invest money in this field. This will be an opportunity if you want them to support you financially for new projects or business expansion plans. Being acquaintances and understanding you, they will not hesitate if your business is going well.
6. Easy to promote business image
The press loves something different. When everyone else is pessimistic about the economy, you are optimistic about entering the market, and you become the center of attention. This gives you the opportunity to effectively promote your business without spending a dime, because you are the one who dares to go against the trend.
7. If you have just lost your job, there is no better option than starting your own business.
Sometimes the best business decisions come when you’re at your wits’ end. There’s nothing wrong with starting a business after you’ve been laid off. When you’re broke, you’re more motivated to make money as quickly as possible.
Song Linh (according to Entrepreneur)
