Pul$e: 10 Reasons To Start A Business During A Recession
Sept. 29, 2008, the Dow Jones fell 777 points in a single day, setting off the housing crisis and recession. For those entrepreneurs that were prepared, millions were made. And for those that did not, now is your second chance.
For me personally, I was a 24-year rookie when the last recession hit in 2008 and I had no idea how to take action, nor was I prepared. But I have been preparing for 15 years to take advantage of what is about to come. This time around, I am ALL IN!
- The world as we know it is coming to an end as we unwind the global economy and the United States returns to a world more similar to pre-WWII. It's going to be a rocky road while we unwind things, but there is an immense opportunity on the horizon
- At the same time, the Baby Boomer's Reign is coming to an end as they age out of business and 96 trillion dollars of wealth, business, and assets is passed to the next generation
- We are at the end of a 100-year generational cycle, and the end of a 20-year generational cycle: a 4th Turning.
Very few people took action during the last downturn, mainly because they were not prepared, nor could they rationalize taking action during this period.
Therefore, today I want to give you 10 reasons why you should be starting a business or tripling down on your businesses during these uncertain times.
- #1. The weak hands, exit the market. A thinning of the herd occurs, which leaves the customer looking for new products or services.
- #2. Alternatively, this allows new businesses to enter the market. And it creates buying opportunities for new or established owners to enter the market.
- #3. Action => Reaction. Every economic downturn is followed by a solid 10 years of growth. When established businesses are uncertain, they freeze development because they are afraid to rock the boat. While everyone is frozen, this is your best time to leapfrog forward.
- #4. The war for talent chills and salary expectations get re-priced. Therefore, high-quality, reasonably priced talent, is easier to come to find.
- #5. The hardest talent to source is the one w/ a stable and consistent income. Great talent already has a job. When the economy freezes, great talent hits the open market - either by way of layoffs or uncertainty. Incredible talent starts looking for the next opportunity.
- #6. Your vendors are also experiencing the same challenges, which means their pricing gets more affordable: services, equipment, material, supplies, etc.
- #7. Everyone is a genius in a bull market. It’s been easy to run a business during the climb. It takes a different set of skills to stand tall and remain steadfast in the depths of a recession.
- #8. The perfect time to disrupt an industry. The cracks in an industry become strikingly clear during a recession. This creates a perfect opportunity to forge a new way of doing things. Mind you, being a pioneer during a bull market is typically not a recipe for success.
- #9. Business buying and asset purchase opportunities. Legacy businesses, that have failed to evolve start looking to exit or they fold up shop and sell off their assets. One person's pain is another person's Profit$.
- #10. As yields on simple investments like real estate get smaller, investors pause and wait for better opportunities to arise. However, as the market thins in a recession, investors are also faced with fewer opportunities. This means more eyes will look at your business.
Simply put, the time to build your entrepreneurship muscles was 5 years ago. The next best time is right now. Start taking massive action right now.
Have a blessed week.
Best,
Samson
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