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Economic crisis can be the ideal time to start a business. Do not let this situation prevent you from starting the great adventure of entrepreneurship. We tell you how to start in times of crisis step by step:
Times of crisis generate needs that you can take advantage of to create a product or service that covers them. Michael Hsu started DeepSky in 2009, just during the U.S. economic recession. His company offers accounting services for companies that cannot afford internal departments to do so. Ingenious, don’t you think?
In general, don’t risk your wealth. Find alternative ways to finance your venture and don’t spend all available resources on the initial investment. You will need some gunpowder to overcome the first obstacles.
To undertake in times of crisis you need to focus on a handful of products or services. If it’s just one, so much the better. There will be time to diversify but, for now, laugh at that maxim that says “he who embraces much, little squeezes.
People continue to spend money in times of crisis, but they are much more conscious and judicious to do so. Take advantage of the fact that everyone is looking to generate maximum value for their money and lower prices as much as possible.
Note (if your product is of high quality, have them pay for it, just have a strategy to lower costs, without giving away your work).
In good times, marketing takes a back seat. However, during an economic crisis, a good marketing strategy can make a big difference in your sales volume. The best strategy is the one that works for your business but, in general, the goal is to reach as many potential customers with it.
An aggressive growth plan can be counterproductive for a small business, especially in times of crisis. Consider waiting until your business has a steady stream of revenue before starting to expand.
Save. Take advantage of the fact that everything is usually cheaper these days. Reduce your payroll expenses to the extent of your possibilities. Consider bartering for services – for example, giving a free service or product in exchange for a website design. Save as much as you can. Your future business will thank you.
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