Economic downturns present a multitude of challenges for small businesses. When the economy takes a turn for the worse, small business owners brace for impact. Credit markets tighten up and consumers reduce their spending. There has been much talk about a recession for nearly two years. The war on Israel leaves many small business owners scrambling for safety as Americans feel an impending threat.
The trailblazers and risk takers of the world are small business owners. Small business owners are hesitant when it comes to launching or growing their small business. As a matter of fact, most small business owners will scale back or hold off on launching a new business as uncertain times arise. When your competitors scale back this is your launching pad. They literally just opened up the greatest opportunity for you to transform their fears into your success.
Whether you are trying to decide if you should start a new business or take your business to the next level, take note, there is a unique window of opportunity and it is right now!
Economic downturns are business launching pads. Listen to the episode here!
Avoiding Fear based Business Decisions During Economic Downturns
Fear is a powerful emotion with two sides to it. You need to experience fear to survive as a human being. Without fear you could end up taking chances that could cost you your life. On the flip side, fear has the ability to dictate and control your success. It has the ability to prevent you from making strategic decisions. Poor decision making will cause you to cut back on employees, expenses or new initiatives, negatively affecting the quality of your services and products and limiting your growth.
Overcoming fear is the secret ingredient to stimulating growth and success during uncertain times. Mindset is key for empowering you to overcome fear and embrace opportunity. Your belief in your ability to solve problems with your products and services need to outweigh your doubts. Your doubts are justified and can be used as data points. Knowing what might go wrong is actually valuable information that can help you avoid pitfalls. When it comes to making strategic decisions in your business, always seek wise council! Here are three professionals we recommend having on your team to walk with you through the tough times in business.
Successful Business Startups During Rough Times
Change is inevitable. Some of the most successful entrepreneurs found their window of opportunity during times of inflation, recession and economic downturns. With change comes an opportunity to solve new problems.
The CEO of Airbnb Brian Chesky, accidentally co-founded his company while brainstorming ways to pay rent in 2007. He booked out air mattresses to complete strangers who were looking for affordable hospitality while visiting San Francisco for a design conference. He had a personal problem that resulted in a viable business idea that solved someone else’s problem as well. Travelers now had options that were more affordable than hotels. What started as a solution to pay rent, Airbnb is now a $77 billion dollar company and they helped launch Uber, the alternative to taxi services, in 2009
Brian Chesky is not the only example of an entrepreneur that saw a need and launched a business during the most uncertain of times. Other leaders found a unique problem to solve and started companies and organizations such as General Electric, General Motors, Disney, HP, Trader Joes, FedEx, Slack, Pinterest and Microsoft.
There is Never a Bad Time to Start or Grow a Small Business
It is important to ask yourself the hard questions before you take risks or start your new business.
As the business landscape faces economic challenges it is no wonder that entrepreneurs take steps to mitigate risk and often hold back. However, remember that small businesses are born every single day. Don’t let fear hold you back from seeing the opportunity to change the world. Right now is prime time to make your mark by launching or growing your small business.
Not sure how to get started? Even under the best circumstances, starting or growing a business is complex and challenging. At Jump Start Business Builders we know how important it is to take purposeful steps to grow a profitable small business. Check out our 12-week business coaching series! Over the next 12 weeks you will have the proven steps and strategies to help you launch or grow your small business. It is our mission to help you achieve your first $100,000 in revenue and dispel the myth that you are 2-3 years away from a paycheck. Register here for just $97!
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