Economic hard times are upon us for a while, yes, but don’t panic. Focus. Plan better.
Hundreds of thousands of new businesses will start up in the next year, recession or not. It will be relatively harder to get outside investment and relatively harder to get business loans, but business goes on, and businesses will start.
If you’re starting up or want to start up, focus on the needs and wants of your target customers. How badly do people need or want what you’re going to be selling? Will they spend money to buy it?
That’s one of the reasons we need business planning more than ever these days. The good businesses will do fine. The sloppy, poorly conceived businesses won’t.
When financing is tough, the best financing source is sales.
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Great post Tim.
I agree completely with your comments.
A positive attitude combined with some sound planning will get the results that many people are looking for