Jump start

So you’re feeling anxious about the economy, worried about your job and nervous of career prospects? You’re thinking that this is probably the worst time to think about starting your own business. Well, think again. Some of the most successful businesses such as CNN, Wikipedia and Microsoft began their lives in an economic downturn. In fact, historically, recessions have proved to be ideal growing grounds for the seeds of great business ideas. This is because entrepreneurs have either recognised opportunities and/or a market need and filled it, or they’ve been given an opportunity in the form of redundancy payout, and used it to springboard into a new career. And then there are all those prime opportunities in the form of struggling businesses that are now going for a bargain price or company stocks that are going for a song. Combine these factors with the proliferation of talented freelancers who have been laid off or lost contracts and are looking for more work, the ready supply of services now that the market is softer and less hectic and the ease with which people can start up a business now, using low operating costs and innovative marketing, and you’ve got all the ingredients for a great year to jump-start into a new career.

Smart entrepreneurs are taking advantage of these opportunities and snapping up people, ideas or businesses, or all three, in order to launch their own new venture.And not all of them are doing so with an ambitiously huge business venture either. In fact, some of the best ideas are those that are based on a simple idea. Pet accessories and doggy daycare groups, for example, are a fast-growing industry that’s set to become huge, as are businesses that act as a support base for other businesses in some way. You don’t have to be the next Bill Gates or Donald Trump and build an empire to be successful. Find something you love doing, work out how to make a business out of it (and then put a profit margin on it) .

Companies that started (and thrived) in a recession

Wikipedia Foundation Inc. Born in 2001 during the recent post-9/11 recession. Now features 2.5 million-plus articles.

Hyatt
 First opened at LA’s International Airport during the Eisenhower recession (1957 to 1958). Now operates more than 365 hotels in 25 countries.

CNN
 Began in 1980 as a little-known station called The Cable Network News. Found fame as the first 24-hour all-news channel. Today, 1.5 billion people across the globe watch it.

Burger King
 Began in Miami in 1954 and grew during another recession in 1957 by introducing its signature Whopper burger. Now operates more than in 65 countries.

FedEx Began in 1973 by delivering 186 packages to 25 cities on its first night of operations. Now manages more than 7.5 million shipments everyday worldwide.

Microsoft
 Created in 1975 by university dropout Bill Gates, who started with basic computing languages before finding success with MS-DOS. Now estimated to earn more than $60 billion p.a.

Sports Illustrated
magazine Launched in 1954, at the tail-end of a recession. Benefitted from the boom in professional sports, which  exploded soon after its founding. Now sells around 3 million copies in the U.S. each week.

Tips for starting a business

• Play to your strengths and passion. You’ll always do much more successfully at something you love. Drive and energy come from passion. Find a passion, then work out how to create a business out of it. Alternatively, find a business idea you feel passionate about and then go forward.

• Don’t take the ‘Toolshed’ approach. This means going it alone, in your spare room or back shed, as you’ll only end up using all your energy before you get to the starting line. Either find a partner who can share the load, or mentors who can guide you, or simply a support system of family, friends, professional colleagues and
financial partners (even your accountant) who will be there to offer support on every level, from emotional to financial.

• Be confident. Use whatever mental and motivational techniques you need to get you through the nerves of the first month (visualising yourself as a successful
business person is a good one). You’ve made the decision; don’t look back now.

• Use your address book. People don’t realise just how effective their contacts can be. Alliances are one of the best things you can have in business. Good contacts
provide valuable advice, mentoring, insights, experience, networking, contacts and even finance and partnership options. Work on your relationships.

• Generate publicity, or a ‘buzz’. To do this think about where your audience is; where do they commute from and how; what do they read/watch/listen to; who do they interact with. Once you know your audience’s daily patterns you’ll be able to target them accordingly.