The world is going through some really difficult financial times right now. It’s not a good time for any of us, no doubt about it. Things are difficult, they require hard work and constant effort in order to keep ourselves and our families financially stable. With hard work, though, we will all make it through this rough patch, I really believe that.
I have always been a firm believer that hard financial times are times of opportunity. When times are rough, that is the best time to lay the foundation for success. During hard times, most people take cover, they shy away from starting any kind of new business.
When the stock market is plunging, as it has been, a lot of people sell everything they have in the stock market. The problem is that they sell stocks too late. They sell when the market has already sunk considerably. As I type this column in, the Dow Jones is around 8,000 or so. Last week, it sunk as low as the 7,500 range. The Dow has been in the 14,000 range at times over the past year or so, but it has now lost nearly half of its value. Now is not the time to be selling. I don’t believe we are at the bottom of the market, but if you’ve stuck it out from 14,000 down to 7,000 or 8,000, you need to stick it out further, in my opinion.
This site is not about the stock market, but I am just using that as an example of how bad the times are right now. When businesses are hurting as bad as they are now, you can get big discounts from them. Negotiate hard. People are scraping up whatever business they can find, and they will be flexible in many aspects, pricing included!
Here is the way that I look at getting into business at this time. If you can make it through doing a startup during the worst of times when things improved you will be well positioned to make a huge run at real success.
Hang in there. Do what you can to keep things afloat. Keep a keen eye out for new opportunities that may present themselves during a time when most people won’t chase those opportunities. There is no better time!