“Start a business? Now, during the economic downturn? Surely you must be crazy!” You’ve probably heard this from plenty of friends and family members, but you know when you’ve got a winning idea. The rub always comes when you’re trying to actually implement that idea, of course, and a small business could quickly turn into a large money-pit if you’re not careful. As it turns out, a poor economic climate is a fine time to explore innovative new ideas in a less competitive environment. Here are a few stories from real entrepreneurs who had the guts to pursue their passions — economic downturn or not!
Sometimes it’s hard to predict where you’ll find your niche, so it’s a good idea to create a small business startup that encompasses a couple of different areas. For example, Dan Wiley, a 48-year-old first time entrepreneur, started a Los Angeles based firm that provides a range of services from public relations and advertising to branding and internet design. “I never expected we would be doing as much website designing as we have been, and that so few customers would be looking for our public relations services,” Wiley admits. His advice to aspiring innovators is to save up a year’s worth of operating capital to cushion the blow, should things not work out as anticipated.
“It’s been harder to find quality investors,” admits Charisse McAuliffe, the 31-year-old head of GenGreen, a database of over 45,000 green businesses and organizations. She finally made her dreams come true with her $250,000 in savings and an additional $750,000 from angel and private investors. “Now that we’re up and running, I’m getting as many as 10 solicitations per day, but for the most part they’re not viable options,” she says. With National Geographic and News Corp purchasing some of her content, this home based business is really soaring! She recommends that you check out tools like www.angelsoft.net, a social networking site for aspiring entrepreneurs and angel investors.
“We had to delay our launch since we didn’t want to have a product on the market without a web presence,” says Monica Murphy, who markets the High Heeler, a rubber stop device that fits onto high heeled shoes. She relates that sometimes the toughest part of launching a small business is finding a web designer who shares your vision and is willing to work with you. “Everything costs twice as much and takes twice as long as you plan for,” adds business partner Becca Brown. “No one else will be as invested in your business as you are,” Brown warns, “so don’t expect everyone to follow through when they claim they can help you.”
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