Apparently, recessions are a good time to start a business.  Who knew?  There are several reasons why this is the case…

1. Lower Overhead/ Lower Prices:  In a down economy everyone is looking to cut costs.  As a new business you can keep your overhead lower than established businesses and therefore offer your services at a lower price.  Being small and nimble is essential in a tough economy.

2. High Unemployment:  High unemployment means that you can get great employees for a steal.  People who are too good to be let go… are being let go.  If you have a position to fill you will have plenty of people to consider.

3. Sales:  In a recession everything goes on sale.  You can get a lot of your supplies at a discount because companies are begging for revenue.  Lower start up costs make it easier to get into the business you’ve been dreaming about.  And help keep your overhead down (See #1).

Here is a list of some famous companies that started during economic downturns.

Hyatt: Opened its first hotel at Los Angeles International Airport during the Recession of 1957.

Burger King: Opened the first restaurant in Miami during the Recession of 1953.  They introduced the Whopper during the recession of 1957.

IHOP:  Opened its first restaurant in Toluca Lake, Ca during the Recession of 1957.

FedEx: Delivered its first package during the 1973 Oil Crisis.

Microsoft: Started writing code during the 1973-1975 stock market crash.

CNN: Went on the air during the Early 1980’s Recession.

MTV:  Went on the air during the Early 1980’s Recession.

Trader Joes:  Opened its doors during the Recession of 1957.

Sports Illustrated: Sold its first magazine during the Recession of 1957.

GE: Illuminated its first light bulb during the Panic of 1873

HP:  Did God knows what in Palo Alto, Ca during the Great Depression.  (With an initial investment of $538, I might add)

Resources:
14 businesses that started in recessions
List of recessions in the US

Thanks for reading. If you enjoyed this post consider subscribing!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.

You know how on TV when someone meets one of their goals it’s a really big deal.  They proudly walk through the door and announce that they have [insert achievement here] and then everyone gets all excited and confetti falls, champagne flows, and they get all dressed up fancy and go to dinner.

Has that ever happened to you?  It’s never happened to me.  The idea behind that scenario is that the accomplishment was a surprise.  Or that it was easy.  The great achiever was just going along with their day, and then BAM!, some great achievement hit them in the head and they went home a celebrated.

I’ve always wanted the big celebration.  The time when I can say “This is it!  As of this moment I have accomplished something.”  But it never seems work that way.  In real life, the steps from beginning to end of an accomplishment are very small and spread out.  By the time you finally reach your goal you have worked so hard for it that it’s more of a relief than a celebration.

Take school for example, I have in my head the day I graduate.  Surely graduating will be a celebration right?  But by the time you have sat through every lecture, written every paper, taken every test, and paid every dollar you just want your dang degree already.  Plus, then it means you have to get a job and start working on a whole new set of achievements.

I’ve come to realize that waiting for the big celebration is flawed thinking.  I can see now that you must celebrate your small accomplishments along the way.  You will have very few times in your life when the confetti will fall from the sky.  But that doesn’t mean that accomplishments don’t come.  They just come in smaller packages.

pic by: ADoseOfShipBoy

Thanks for reading. If you enjoyed this post consider subscribing!

Post Footer automatically generated by Add Post Footer Plugin for wordpress.