Know-How Exchange : Strategy

Startups are always possible.

We don't have any idea what your business idea is, though, so who knows if now is the right time to start it?

If you have something that people are willing and able to buy, then that's a good start.

You've answered it yourself-- with the right strategy you will be successful, no matter the timing. Spend the time writng a business plan -- you'll find the answer will bubble up.

In writng a plan you will conduct significant market research. You will determine if the opportunities of the industry.

Not every business is down. In every industry there are in this year- winners and losers. Plan well and be successful.

I was in business for over 12 years as a sole proprietor, and I would recommend that you not try to do this alone. You might want to check out the service Corps of retired executives, otherwise known as SCORE. as the name implies, these are retired businesspeople who volunteer their time to help companies get started.

Would it be possible for you to begin this business part-time? Before I started my business, I had heard that you needed to have a years worth of income in the bank before starting a business. Naturally, I felt I was smarter than all the experts, and twice began a business with insufficient cash. If you can begin on a small scale while retaining your current income, you will find it easier to get credit and easier to sleep at night.

Another good source of information is the small business administration website, www.sba.gov. Good luck.

If you are looking at this business idea with the mindset that your "market" is the global marketplace that is in a "downturn" right now, then you will not be successful no matter when you try to start it. This is the exactly wrong way to think. Your "market" is built one customer at a time. Why would anyone buy your product/service at any time? How do they benefit and why is your product better than your competitors'? Your competitors include the option, "Don't buy anything." If there is enough of a benefit to that first individual and if there are enough individuals around to sell to, then you will be successful any time you start your business. As Carol pointed out - you have to do your market research to find these things out. And as Gary (NuCoPro) says, this research isn't about going to ask your friends what they think. It's also not to be biased by what you think - you're biased because you're in love with your own idea. You have to be, otherwise you can't hope to be successful. That's the passion required to start a business. However, it makes you untypical and a lousy source for "market data."

So forget the "global economy" and focus on your little market one customer at a time and build a competitive advantage by giving the customers more benefit than anyone else can. If the benefit is large enough so that they will pay you a price justifying your existence as a business - go for it regardless the state of the world. If it doesn't, never start it.

I hope this helps.

Wayde