In these tough economic times, more and more people are looking for ways to become their own bosses. The idea of working for oneself is incredibly appealing, especially when good paying jobs are scarce. A recession can actually offer a very unique opportunity for new entrepreneurs, as there will be less competition entering in the market. So If you’ve been thinking about starting your own business, now could be a great time to do it.
Many reasons exist for why starting your own business during a recession is a smart idea. It gives you the opportunity to be in control of your own destiny. When you’re your own boss, you don’t have to worry about being laid off or downsized – you’re in charge of your own career. The possibilities really are endless with where you can take things. Business building has changed drastically, with the way that the internet and youtube is today, you can start a business for very little money and time. You don’t need a brick and mortar store or office anymore, which cuts down on overhead costs immensely, and you can learn just about anything on youtube.
There are endless sources of information and support available when you’re thinking about starting your own business. You can find mentors, advice, and tips from people who have gone through the process themselves. There are also plenty of online resources, memberships (including The Lyons Den) and courses that can help you get started. Soak in as much knowledge as you can, and not just at the beginning, but throughout your journey as a business owner. Constantly learn and grow, so that you can take your business to new heights and continue to innovate.
When jumping into entrepreneurship, there are a few things you should keep in mind. First, it’s important to choose an industry that you’re passionate about. This will make it easier to stick with your business during tough times. One of the greatest threats to entrepreneurs is burnout, choosing a business that you’re passionate about will help you avoid this. Additionally, make sure you do your research and create a solid plan before getting started. You don’t need a full out business plan, but know what you are working towards and set some clear, actionable goals. This will give you a roadmap to follow as you get your business off the ground.
Last but not least, don’t forget to take care of yourself! When you’re running your own business, it’s easy to get caught up in work and neglect your health and wellbeing. Make sure to schedule time for yourself and stick to it. This is important for both your physical and mental health. Entrepreneurship can be a lonely journey, so make sure to reach out to friends and family for support. You can also join entrepreneur groups, both in-person and online, to connect with like-minded individuals.
With the right mindset and preparation, you can set yourself up for success. So what are you waiting for? If you’ve been thinking about becoming your own boss, now is the time to get out there and make your dreams a reality. Want to learn more? Join our free virtual event BYOB: Be Your Own Boss, RSVP here, spaces limited.