Starting a Business during Uncertain Times
If you have been listening to the news, you know we are heading into some uncertain times. But if the past is any indication, the future, by definition, is meant to be uncertain.
"Yesterday is gone tomorrow has not yet come. We have only today, Let us begin." ~ Mary Teresa Bojaxhiu a.k.a. Mother Teresa
No truer words have ever been spoken and, not only is it applicable in daily life, it is applicable in business.
There is an inherent risk when it comes to business. Though timing is an important aspect of launching a new venture, sometimes you just have to start. But is it the right time? And what about the economy?
Experts are saying we are heading toward a recession. Our last recession lasted 18 months and the one before lasted 11 months. It all sounds a bit scary as an entrepreneur and makes it difficult to consider starting a business during these times. However, small businesses provide the greatest impact to getting the economy back on track. Small businesses provide employment and help stimulate local spending. I don't know if I can stress enough the importance of small businesses. They truly are the backbone of our economy.
As an individual and an entrepreneur who wants to start a business, the question comes down to this, is there a business you can start today that will avoid the negative impacts of today's economic situation? The answer is yes!
While there are no guarantees in life or business, there are some ventures that are minimally impacted by current economic situations. To identify these business ideas, you need to ask yourself, “What products or services can I offer that people cannot live without or that people really need?” The obvious ones include the things we need for survival, such as food and water. Less obvious possibilities are salons, auto services, education, accounting, bookkeeping, home services, etc. These are things people need and you can start a business that provides these products and services.
Here are some ideas:
Repair Services: Starting a repair service for electronics, appliances, automobiles, furniture, and laundry machine repairs for both residential and commercial customers.
Laundromat: Opening a self-service laundromat where people can wash and dry their clothes. This can be especially beneficial during a recession as people might prefer using laundromats instead of buying expensive washing machines and dryers.
Thrift or Consignment Store: Opening a thrift or consignment store where people can buy and sell used clothing, furniture, and other household items.
Essential Services: Providing essential services like healthcare clinics, home healthcare services, senior care facilities, cleaning services, pet care services, and laundry or dry-cleaning services.
These businesses can play a vital role during uncertain times by addressing specific needs and providing valuable services to individuals and communities. Repair services help individuals save money by fixing their belongings rather than replacing them, allowing them to make the most of their resources. Laundromats provide a cost-effective solution for laundry needs, accommodating those who may not have access to laundry facilities at home. Thrift or consignment stores offer affordable options for clothing and household items, making it easier for people to manage their budgets effectively. Essential services, such as healthcare, senior care, and cleaning services, ensure the well-being and comfort of individuals and families during challenging times. These businesses collectively contribute to the stability, affordability, and overall resilience of communities, offering support and options when financial resources may be limited.
If you want to start a business like this and need guidance in developing a solid business plan, we are here to help you. Together, with my team, we can navigate the challenges of uncertain times and create a comprehensive business plan tailored to your specific goals. Don't miss out on the opportunity to make a positive impact on your community while building a profitable business.
Contact us today to take the first step toward realizing your entrepreneurial vision!