Why The Recession is Good for Your Business!
LUXies, although this economic landscape might be grim for some, many companies are able to face the current challenges with success. For instance, J.Crew, Whole Foods, and Applebee’s all turned profits during this time. This is why it can make even more sense for you to follow your passion and start your own company, making the recession good for business!!
One of the major advantages to these challenging times is the deals you can get on office furniture, office space, and overall supplies. Where you once had to pay top dollar to get the top of the line location, having the supply and demand balance out of whack is causing rents to be much more reasonable to branch out on your own! This is a huge advantage for any new start-up where the budget is tight and space is necessary!!
Another advantage of these ‘tough times’ is that the crop of people to work for you just got much larger. Where there are more people, there’s more competitive wages. It’s much easier in this market to get ‘top-talent’ without having to pay ‘top-dollar.’ Perhaps you have the opportunity to enlist some friends that are currently on a severance package and not in a hurry to get back to the 9-5 as part of a trade once you’re fully up and running!! As in all start-ups, passion and sweat equity is the only equity that counts in the beginning!
We hear the stories daily of the many companies having to shut their doors during these times and the larger companies cutting budgets to become more agile and competitive. You may even very well be a product of this current eco-system. This means that there is more opportunity for start-ups to make a real splash!! This is a unique window of opportunity that with a clear plan and a strong vision can propel your good idea into a fully flourishing business!!
Examine the trends of frugality and what the current condition of your industry is. It’s crucial to meet the needs of the changing workforce and by understanding the ‘problems’ facing companies, you can build a stronger foundation for your own new company! Learning from the problems of others is something that is abundantly available to you in today’s world.
When times get tough, the tough get going. Fuel your passion into your new venture and people will be motivated to help you! It is definitely something we look for in today’s times—hope and inspiration for a better tomorrow!!
As you can see LUX Nation, this is a time for creativity, action, and entrepreneurs!! So for all you LUXies who have a dream to start your own business or to harness the power of a group that has a calling in life, do it! Timing is crucial. Synergy is everything. And your self will be happy you followed your “path”!! You’ll finally be able to quiet the voice inside that says, “I would be happy doing ____.”