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Opportunity knocks, extract from The Leader Board
IN previous issues we have already touched on businesses thinking creatively to ride out the recession, using their websites to increase sales and about people making a career change for personal satisfaction.
Well, whether you are are an ex-pat looking to return to these shores to consider a business opportunity, or someone who has lost your job and has redundancy money burning a hole in your pocket, you may want to explore the possibility of setting up on your own.
If so, you may be interested to learn the cost of running a small firm is falling steadily mainly due to cutbacks in labour costs, advertising, vehicle usage and raw material costs. Deflation of around 1.4% was seen in the first quarter this year in the UK, a situation replicated around the world as the recession continues, and this is believed to have inspired more people to consider starting their own firm as it is more affordable.
The fall in labour costs is good news for service-orientated businesses, although profit margins are under stress according to experts and starting up in such turbulent times is still a risk. Weighing up just how cheap it is to run a small firm against the falling demand for goods and services is the key to making that decision. Whether you are one of those ready to branch out only you will know. Like anything else in life, it is your choice.
Businesses who are being creative and thinking along those lines are the ones who are going to thrive. I believe they will recover much more quickly. So starting up now might be a good thing.
Deflation is an interesting one. Of course we are aware that costs are down but there is still reason to be wary when setting up a business. More haste less speed when undertaking such a task.
I also believe you have to be a very dedicated and special person to be able to drop everything and start a new busines.