A friend of mine is starting a business selling Cupcake Towers. When I first heard what she was doing I thought, “Why would you want to start a business right now?” After further consideration, I realized that if you have a good product or service, now might be the best possible time to start a business. Here is why:
- There is less competition for workers right now so you can get good help for a reasonable cost.
- If you have a business idea that you can run on the side, it makes sense to start before you quit your day job.
- Technology has drastically reduced the cost of running a business. You can get a web store up for $20 to $40 per month (sometimes even less).
- If you want to work from home, but can’t with your current job, starting a business that you can manage during the evenings may be a great first step.
- A side business provides great insurance against job loss. (See Don’t Depend on Your Job.)
If you are looking at starting a business on the side, I’d recommend reading The Leap and Go It Alone. The Leap will come out mid September, but the review copy I was sent looks very good, and it really makes you question all of your preconceived notions about why you can’t start your own business. Go It Alone is a bit dated, but it offers some great suggestions about the mindset of starting a small business without trying to hire a bunch of employees. (You can also read it for free online.)