It’s a strange new world for the American worker. The economy has changed, and not in a good way. Today the average person knows what a “double-dip” recession is. The economy is still in pain, and the work force is hurting with it. Today the average Joe knows what a “double-dip” recession is. With prominent businesses carrying tidy surpluses and job creation starting to hover above “zero” the recession may very well be in the rear view mirror, but unemployment is still through the roof with minuscule prospect for a timely comeback. The housing industrypersists in tumbling. Finally the unemployment rate is hovering at almost 10%.
Is it time to move into a cave?
Nope. when times are harsh, you should hang out a shingle.
That could shock you but if you look at history you’ll see that lots of businesses are founded during the most troubled times.
Many of the most influential companies have gotten their start during and after recessions.
Walt Disney, Apple, and Microsoft were all established during economic hard times.
CPA’s are uniquely qualified to take advantage of a arduous economic environment.
An accounting practice can be set up as a home based business with a very small initial investment. Countless staff accountants have been let go as companies tighten their belts and resolve to get by with less. With such a large percentage of the population needing jobs, the unemployed have an uncommon chance to cart out an old business plan and give them another shot. What better retaliation 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. Since companies tend to close their doors during economic turbulence start-ups get a real chance to thrive. They can take advantage of:
* Low-priced commercial space
* An enormous supply of available talent
* Weakened competition
Accountants with an even remotely enterprising mindset should examine the existing market and find out the underserved segments of the population. The more you can carve out a niche, the better your chances of standing apart from your competitors.
Think outside the box. Try to identify sub populations in the community you want to serve. Instead of going head to head with established competitors it may be easier to tap into one of these sub markets. Physicians? Car dealers? Bar owners?
According to Bob Parsons, founder and CEO of GoDaddy, “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?
You bet it is.
Brian O’Connell is the President and founder of CPA Site Solutions, one of the country’s biggest website design firms oriented entirely to CPA website design. His company at present provides websites for more than 4000 CPA, accounting, and tax preparation firms.