“Uncertain” That is a word we hear a lot lately. I think I heard it said at least once in every commercial I saw on TV last night.
No doubt, these are uncertain times we are in right now. As current or prospective business owners, we are feeling the weight of that truth. It is safe to say we don’t really know what the full economic impact will be on the economy and individual industries. However, I don’t think that means we should sit idly by and wait to see what happens. To quote Helen Keller, “Silver is purified from fire and so are we. It is in the most trying times that our real character is shaped and revealed”. Why would we let these times dictate our desire to pursue our passions?
There is no perfect time to start a business…so does it make sense to wait? If you are considering buying or starting a business, you might find the answer if you ask yourself a couple of additional questions. 1) Does the business you are considering provide a want or a need? In other words, is it something people will need no matter the economic environment. 2) How will your customers change their attitude towards spending during leaner times?
A business in education can provide you with the answers you seek. There are a handful of industries that we would consider “recession-resistant”, among those are health and senior care, pet care, and education. Why education? In the eyes of most parents, supporting their child’s educational growth is a necessity and parents typically continue to finance enrichment or supplemental educational opportunities despite tighter budgets. Good times or bad, people will spend large amounts of money providing for their kids, which is one of the reasons an investment in an education-based business can be a sound decision in any market.
Business ownership is a marathon, not a sprint. We will get through this stronger and wiser if we just remember business ownership isn’t always about the now as much as it is about the long term. Brainy Bytes is here to help your prepare for what comes next. We started this business in early 2010, while America was still trying to recover from the Great Recession. To affirm what David Jones stated regarding his similar experience, starting during those leaner times made us focus on things we might not have otherwise considered…appropriate staff sizing, aggressive marketing and selling, leaner business practices, etc. Doing so led to the successful business foundation we have today.