By Rieva Lesonsky
My friend Tom Markel III at iBank.com interviewed me earlier this month about why 2010 is a great time for starting a business. As the economy recovers, what will be the hottest business ideas, markets and demographics? Should you buy a franchise or start an independent business? How can you find your perfect business? To find out, watch the podcast at iBank’s YouTube channel.
Getting ready to start a business? Check out iBank.com for help finding business loans.
It would be cool if there were some good data on what part of the business cycle is best for starting new businesses. The argument that the end of a recession is a good time because it is right before an increase in demand certainly makes sense.
However, we also know that more businesses are started out of necessity during a recession, people lose jobs and then go into business by themselves. It seems like starting a business at the same time as a lot of other folks are starting potentially competitive businesses probably isn’t a good idea either.
You can’t let competition stop you from jumping in though, or no one would ever get started. The key is to figure out your USP (unique selling proposition) and run with it. Good luck and happy new year.
There are going to be more opportunities this year then ever before. Competition will always be there no matter what you do. In this recovering economy businesses and owners have changed the way thy do business. They are going to need more services and products more then they ever have before. When they choose their vendors they are not necessarily going to go straight to the big brand names. They are going to read reviews, check out “About Us” pages, ask for testimonials, etc. Think about the personal touch that most companies don’t offer. 2010 is going to be a big year for many small companies.