Why Recession Is The Best Time For Entrepreneurs
If you watch or read the news, you’ll probably think the sky is falling. For instance…
Wall Street had the biggest plunge in history last week.
Banks are going bankrupt.
Hundreds of thousands of people are jobless.
You know what? This is actually great news.
The recession represents the best opportunity for anyone who wants to start or grow their business. Here are three reasons why:
1. Cheap labor.
Now, you can get highly qualified people to help you build your business. Since many of them are out of work, they will be willing to work for you on a freelance basis.
During the good times, it’s virtually impossible to hire them. But now, you can even get MBA graduates, if you know where to look. Hint: LinkedIn.com
2. Cheap advertising
During recessions, many companies cut back on their advertising expenditure. And that means less competition for premium spots in Google Adwords and Yahoo Search Marketing.
And if you’re smart, you can negotiate with high traffic portals that rely on advertising revenues. During the dotcom boom, these websites were charging $30 per thousand views for banner ads.
Then, the bubble burst. And their rates dropped to below $5. So, if you want inexpensive banner ad rates, now is the best time to grab them.
3. Publicity opportunities
Since the ailing economy is the biggest topic in the media right now, use it as a hook to generate free publicity for your business.
Here’s an example:
Let’s say you’re in the crafts market. Write a press release on how people can generate a side income by selling their crafts on eBay.
Then, send it to every crafts and women’s magazine in the country. If your press release gets picked up, it will generate thousands of new visitors to your site.
And that’s it. Three damn good reasons for starting and growing a business in a recession.
Most people don’t know this but many of the most successful companies in the world like HP, Sony, Microsoft and Dell all started during recessions.
And because they could survive during the bad times, it’s no surprise that they grew by leaps and bounds during the good times.
So, just ignore the media because they are in the business of sensationalizing stories. They have to in order to sell advertising.
This is your chance to build a business that lasts. Strike while the iron is hot!