900 North Kings Highway · Cherry Hill, New Jersey 08034 · 856.667.4100 · 215.563.0276 · Fax: 856.667.3652
165 North White Horse Pike · Hammonton, New Jersey 08037 · 609.561.1555 · Fax: 609.561.8596


Business Tip of the Month

Monthly Business Tips

Business Tip - August 2010

Archives

View past Business Tips:

2010

2009 · 2008

2007 · 2006

2005
· 2004

2003 · 2002

2001 · 2000

1999
 
 

Other Tips

Tax Tips

Financial Planning Tips

Money Management

Online Advisor

Search

Looking for something specific? Enter one or more keywords and search our entire site.

Starting a business in a down economy

High unemployment, beleaguered stock values, corporate and personal bankruptcy — these headlines have become all too familiar. But the same factors that signal a recession can actually highlight a great opportunity for folks hoping to start small businesses.

For one thing, fewer businesses in the marketplace can mean fewer potential competitors. For a start-up company, that can be good news. It's difficult to enter a market when the economy is booming and competition is stiff.

Also, a down economy can mean cheaper prices for goods and services. As companies close branch offices, they may be willing to sell office equipment, furniture, electronics, and other items at discounted rates. Check eBay and Craigslist for deals. Find local businesses that are closing their doors and see whether they're selling stuff you need.

Skilled labor is also more readily available in a down economy. It's perfectly acceptable to contact downsizing businesses to find employees who might be a good fit for your company. With today's employment outlook, skilled workers may be willing to take lower salaries, at least for now. As your business prospers, you may be able to ramp up salaries and offer other benefits. Over time, some folks who have only worked for large corporations may even find that a small business fits them better. Your newly hired Boeing engineer may be happier designing equipment parts in your small machinist's shop.

If you're thinking about starting a small business, here are two time-tested suggestions:

  • Start small. You'll want to test the market for your product or service without risking too many resources. In these days of tight credit, you'll probably need to pump a good deal of your own money into any start-up venture. Take it slow and let it build.
  • Seek advice. Find other small business owners, perhaps in other cities, and pick their brains for suggestions about overcoming obstacles, keeping the business focused, and prospering in hard times. 

If you'd like additional suggestions for getting your business started, give us a call.

"Business Tips" are published monthly to provide useful business information. Return to this site every month for helpful suggestions on how to make your business more profitable.

The information contained in this site is of a general nature and should not be acted upon in your specific situation without further details and/or professional assistance.

If you would like more information on anything in "Business Tips," or if you'd like to be on our mailing list to receive other business, tax, or financial information from time to time, please contact our office. We're here to help.

We currently have individuals licensed to offer securities in the states of New Jersey, California, Connecticut, Washington D.C., Delaware, Florida, Maryland, Nevada, Pennsylvania, Texas and Wisconsin and to offer investment advisory services in New Jersey, Connecticut, Delaware, Florida, Maryland North Carolina, New York, Pennsylvania, Texas and Wisconsin. This is not an offer to sell or provide investment advisory services in any other state or jurisdiction. Securities offered through 1st Global Capital Corp., Member
FINRA/SIPC. Investment advisory services offered through 1st Global Advisors, Inc.
[Business Information] [Home]

 
 

untitled

This site designed and maintained by the Information Technology experts at Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.

We appreciate comments concerning our website. Contact our webmaster .