Starting a Business Now

We have talked about it before. Starting a business during economical down times is an opportunity if you just reach out for it.

According to a recent CNN Commentary, No Job? Create Your Own by Peter Bregman:

"And this is the perfect time to start a new business. Marketing costs are way down because of the Internet and less competition. And as I wrote in a recent article about the new economy, small companies are replacing big ones because we trust people more than companies."

Figure out what you love and get going!

Is It a Good Time to Start a Business?

I just read that the nationwide unemployment rate in the U.S. has hit a whopping 8.1%. There is no doubt, times are tough. Many are without work.

If you are not working at the moment, it may be time to think about starting your own business. Business did not stop during the Great Depression. In fact, Allstate and Disney both started during the depression, as did others. Existing businesses held on and some even thrived through the depression. We know it is possible.

Start by looking at your skill set. Make a list. Include your job skills, natural talents, your hobbies, etc. Think about what you enjoy doing and decide if others might pay you for doing the same thing for them.

Oftentimes, the best things come out of adversity. This may be one of those times.

What Small Business Owners Say - Part 1

Megan Collins is the owner of The Last Wordsmith Book Shoppe in North East PA. We recently sat down and talked about what it is like to start and run a business these days. Below is the first part of our interview:

Kristine: You started a business in August of 2008. The economy had not totally tanked then, but there were signs. What made you decide to start a business in a difficult economical climate?

Megan: My plan was to start up a small bookstore as my “retirement” job. So I had put money aside for a few years for that. When I was laid off from my job as a Human Resources Manager and had no promising prospects for work, I thought I might as well start it now.

Kristine: What kind of research did you do before starting your business?

Megan: I looked at several professional organizations and found The American Booksellers Association to be most helpful. Their forums helped tremendously. There is nothing like getting help from people in the business and several had been in for over 20 years. Their advice was priceless.

I also contacted PAZ & Associates. They are consultants who specialize in opening bookstores. Their books and workshops provide real life situations, budgets, business plans and so much more.

I can’t stress enough the value in talking to people who have been in the business for years. As a business owner, you will use their advice on a daily basis.

Kristine: Some people have predicted the death of independent bookstores because of Amazon, Barnes & Noble and the like. What is your take on this?

Megan: I really think that personalized service will always win out over big box and internet stores. Communities like to help their own. People who come into the book shop become more than just patrons, they become friends. We offer book clubs and writer’s workshops and personalized services that you never get from other bookstores.

People come in and take ownership and pride in the bookstore. I’ve had people come to the Last Wordsmith and call it “their bookstore.” It is a really nice feeling to know that they feel that way and they don’t want to see it close up, so they do what they can to make sure it stays in business.

Part 2 Coming Soon.