At first thought, you might be tempted to think that a recession is the worst possible time to start a business.

This certainly isn’t the case!

On the contrary, some very profitable companies were launched during a recession because they took advantage of some critical factors.

With some intelligent and creative thinking, you can have your business launched in no time.

If you have a clear plan, you can make this happen regardless of the state of the economy.

These tips can help you take advantage of the recession to get your business off to a great start:

• Start-up costs can be lower. It’s less expensive to start a business during a recession than at other times. This is because other businesses are offering deals left and right. You might be able to get lower advertising rates as well as discounts on supplies, inventory, services, and more.
• Take advantage of advertising. In addition to lower ad costs, you may also find that competitors have their guard down. They may be counting on the fact that there aren’t any new competitors, or maybe their financial situations warrant them cutting out advertising altogether. Unfortunately, this leaves their customers ripe for snatching.
• Provide excellent customer service. Outstanding customer service matters. With all things equal, better customer service always wins between two businesses. After all, people constantly desire to be treated well.

In a recession, it’s possible that your competition has cut back on their customer service efforts.

This gives you the opportunity to come in with top-notch service.

1. Offer bonuses. People are more likely to pay serious attention to the businesses giving more excellent offers in a recession. So you can open your new business with a bang by beating out your competitors with a fantastic deal.
2. Excellent employees. During a recession, you may find some excellent candidates when it comes time to do your hiring. Because of other companies’ downsizing, you can snatch up some appreciative and loyal people that are knowledgeable and well qualified.
3. Getting a head start. When you start your business during a recession, you’ll get a good head start over other companies that may be waiting for a “better” time to launch. This means that you’ll be that much further ahead of the game by the time they do launch.
4. Be frugal. Starting in times of recession forces you to be stingy about your business activities. Because of the recession, you’ll make it a point to search for the best prices and the most efficient business methods.

You may do it this way simply because you have to, but in the long run, you’ll learn a crucial lesson that can enable you to run a profitable business for years to come.

If you can launch and operate a successful business during a recession, think of what you can accomplish once the economy booms again!

Instead of waiting for the “right” time, take action today.