Thinking of Starting a Business during a Recession

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Thinking of Starting a Business During a Recession?

 

Recession, downturn, economic hardship. All words that presumably no business owner or entrepreneur wants to hear as they launch and grow their business. But as history has borne out, it’s true to say that recessions can actually yield opportunity. Opportunity to solve the problems created by hardship, opportunity to grow in markets where competitors have exited, and opportunity to diversify and communicate your business into a place of steady growth and prosperity.

 

Why and how?

The reality of a recession can impact in a variety of ways. From rising unemployment to sluggish industry growth, a reduction in working hours, lower personal income and a rise in poverty. This perfect storm is certainly not what you’d normally consider encouraging when it comes to starting a business but it’s widely acknowledged that a recession truly can offer the ideal market space to launch a business.

 

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Thinking of Starting a Business during a Recession