Although the recession is still biting, with many companies in real difficulty, now could still be a good time to launch a new business venture, according to Sheffield start-up specialist Ian Bryan.
Mr Bryan is business development services manager of Sheffield-based independent chartered accountants and specialist business advisers Hawsons.
He reckons that anyone with a good idea shouldn’t be put off going ahead because it is possible for them to turn the current economic conditions to their advantage.
“It doesn’t seem at all logical but some of the most successful enterprises have been started in hard financial times,” says Mr Bryan
He says there are several reasons why new start-ups could do well if the idea is right.
n Talented staff are more likely to be available because of redundancies and failing businesses.
n Prices sometimes drop and office and shop space is cheaper during a recession.
n Reduced prices on components and office supplies may also be available.
Mr Bryan adds that customers search for value during bad times and, if a new venture gives them a good customer experience, they are likely to remember it and give you their business when the economy starts picking up.
He says businesses that start in a recession and survive usually know-how to keep costs to a minimum, standing them in good stead in better times.
“But,” he adds, “it still needs a lot of courage to start a new business in times like this and you should only go ahead if it feels right for you and you are confident that your idea is a good and sound one.”