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Five Reasons You Should Start a Business in 2010

Many would-be entrepreneurs are unsure about starting a business in the down economy. With high unemployment and even those with a job tightening their belts, they figure it is next to impossible to make a go of a new business. Of course, some aspects of a startup are made a bit more difficult by the current economy, but these are far outweighed by the advantages, both short-term and long-term. Here are five of the best reasons for starting a business in 2010.

1. Opportunity

Dramatic economic shifts tend to alter people's priorities, thus opening all kinds of doors to business opportunity. In addition, businesses that fail in a downturn typically fail due to poor management rather than just lagging sales -- thus creating opportunities for conscientious entrepreneurs to pick up the slack. There are a million solid business ideas that could be launched now...you may not get rich overnight, but you will be on the right path!

2. Bootstrapping

There is no time like the present for starting a business on a shoestring. Business services, supplies, and even inventory are available at reduced rates or on excellent terms as the suppliers seek to rehabilitate their customer base. Savvy business owners know that offering good deals to new businesses will build loyalty as the economy recovers, and they are willing to do all they can to help you succeed. And, should your startup require commercial space, desperate landlords are offering everything from months of free rent to random perks to get you moving in.

3. Slow Growth

The explosive, overnight growth of your is likely to be absent for the next few years, but there is a lot to be said for slow, methodical growth. Starting a business now allows you to work the kinks out without becoming overwhelmed. You can take the time to learn and examine every aspect of your venture, from operations to marketing to financial management. You can pay attention to each transaction to ensure your operations are as efficient and productive as possible. You can do the time for money swap with marketing (spend more time and less money) by trying out and evaluating the free and inexpensive guerilla marketing techniques available. You can manage your own accounting and financial planning through startup, so that even if you outsource accounting later, you will have a solid grasp of what it all means.

4. Good Employees

One thing the tough economy does for business startups is make it easier to find quality people to staff your business. The idea of coming in on the ground floor of a venture with unlimited potential is very appealing to skilled go-getters, and many are willing to work for less now if they believe a payoff is possible down the road. Whatever specific skill set your startup needs, you will likely find several solid candidates who are willing and eager to help you build your company.

5. Prepare for Recovery

Starting a business now means your venture will be well-placed to take advantage of opportunities that will come with economic recovery. Two or three years of solid financials will make you a good bet for expansion or cash flow loans when you need them. The management and operations will be running smoothly and you will have had ample opportunity to plan and prepare for the growth that should inevitably follow a downturn of this magnitude.

While starting a business in the current economy isn't likely to turn you into a millionaire overnight, the advantages add up to an incredible opportunity to secure your future.

About the Author

LaunchX.com is dedicated to training entrepreneurs to turn their good ideas into great companies. The LaunchX System provides step-by-step education in the mindset and skill set entrepreneurs need to succeed. Our program includes intensive seminar training, key business software, and specialized workbooks that teach you the fundamental skills you need to achieve your financial and worklife goals through entrepreneurship. Register today for our introductory course and see what LaunchX can do for you!