Few weeks before BBC highlighted that now is the time to start a business, despite the current recession. There are various reasons why this could be the case, as the recession often provides unique opportunities for new businesses or it can be a necessity for those who are made redundant.
Traditionally economic downturns have spurred an entrepreneurial spirit in many. The prospect of owning your own business and managing your own career path is an enticing one for fresh graduates faced with a tough jobs market. Also in the context of rising unemployment, an attractive redundancy package has been the incentive needed for many to start up their own business.
Currently interest rates on savings are exceptionally low, thus making a business start up a more attractive investment for some budding entrepreneurs. While the costs involved with setting up a new business are still significant, it is always cheaper to do so during a recession.
Establishing a business during the height of a recession is certainly a challenge and one that requires determination and significant support. However those that are built in challenging times are often considerably more efficient, leaner, and better equipped to compete on a competitive business level. Consider some great examples of businesses that started in recessionary times such as Microsoft, Proctor & Gamble and Burger King!
Intuit are firmly focused on supporting small businesses in the UK with powerful tools and valuable learning resources.
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