Today pretty much everyone knows what a “double-dip” recession is. The market is completely manic depressive. NASDAQis hitting more summits and vales than the Sierra Nevada. The housing industry , which kept the economy afloat for years, continues to tumble . Most notably the unemployment rate is hovering at almost 10%.
Is it time to surrender and move into a cave ?
On the contrary. In difficult times , you should start a business .
This might look odd. If you consider the past, however, you’ll see that countless successful companies are started during the most turbulent times.
Many of the biggest companies got their start during and after recessions.
Walt Disney, Apple, and Microsoft were all established during economic hard times.
CPA’s are remarkably qualified to take advantage of a hard economic environment.
An accounting company can easily be set up as a home based business with a minimum initial investment. Scores of staff accountants have been let go as businesses tighten their belts and resolve to make do with less. With millions of people needing work , the unemployed have a distinctive chance to drag out an old business plan and give them another try . What better come-uppance on an old employer than to start a successful business and take over the market?
It wont be easy easy. Starting a new business never is. However the right idea might just work at the right time. Because companies tend to close their doors during hard times new businesses get a real chance to achieve something . They can take advantage of:
- Low-priced office space
- A lot of available talent
- Weakened competition
Accountants with an even slightly independent spirit ought to consider the existing market and determine the underserved segments of the population. The more you can carve out your niche, the better your chances of standing above the competition .
Keep an open mind. Are there any sub-populations in your community that you could tap into? Construction? Teachers? Motels?
Bob Parsons, founder and CEO of GoDaddy, definitely sees opportunity in the current economic environment. In his words, “When the economy is in a recession, I think that’s the best time (to start a business). The reason? Your efforts will stand out.”
So is it a good time to start a business?
Absolutely.
About the Author
Brian O’Connell is the owner and founder of CPA Site Solutions, one of the country’s biggest web design firms dedicated exclusively to CPA website design. His company currently provides websites for more than 4000 CPA, accounting, and bookkeeping firms.
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