Why now might be the perfect time to start

own business

With the UK economy continuing to tread an uncertain path, it might seem the last thing you want to do is to set-up shop on your own. The threat of recession and a lack of confidence in UK businesses in general is probably enough to put off even those with the necessary skill, ambition and capital to launch their own start-up.

Yet, as economic experts have pointed out time and time again, times of economic downturn are, in fact, the ideal time to establish a new company. There are several reasons for this:

• Take advantage of people's desire to save

During times of economic strife, customers become far more careful with their money. If you are entering a crowded marketplace as a start-up, it is quite possible that you can minimise your overheads in a way larger, more established competitors cannot. Being the ‘cheap alternative' is a huge advantage when people's wallets get light.

• Take advantage of high unemployment

While nobody likes to see unemployment figures rise, a high level of joblessness presents an opportunity to the new start-up. With so many qualified and ambitious people looking for work, the talent pool is much larger from which you can choose your employees.

• Take advantage of decreased prices

Everything – from office furniture to rent to workforce – costs less when the economy is in trouble. By setting up your business at this time, you can purchase all the essentials of your workplace for a fraction of the price then if you waited for the economy to boom again.

• Take advantage of a depleted field

Start your company during the boom-times and prepare to fight tooth and nail for position in an arena filled with powerful competitors. When money, and credit, is not so easy to get your hands on, a good half of those competitors, regardless of your industry, are likely to disappear.

• Take advantage of a slow market place

A weak economy slows things down across the market place. In such an atmosphere, a dynamic young start-up is a real attraction. See the lack of activity in your field as an opportunity, not a disadvantage.