It's a sad fact that pretty much everybody knows people who have lost their jobs in this recession. But sometimes, hard times can turn into opportunity. An article in USA Today states that a recession is a great time to start a business.
Did you know that Trader Joe's, Disney and Hewlett-Packard started during recessions? But it's not just big companies arising in troubled times. Many mompreneurs view the recession as an opportunity to launch their businesses. Starting a business at any time is hard work. But these economic times create a fierce desire for success. Many moms are rethinking their careers after being let go or thinking about what career move works best for their families, and more than a few are choosing to chase their dreams rather than be at the mercy of an employer. After losing their jobs, what do they have to lose?
Certified meeting planner Cynthia Capizzo has worked in the meeting and event planning business for 15 years. In the back of her head, she always wondered why she didn't work for herself. But being a wife and mom, it didn't seem practical to leave a steady job to become an entrepreneur. That was, until a golden handshake turned into a golden opportunity. Capizzo was recently laid off when the company she worked for was slated to close due to the poor economy. While at first concerned about her future, Capizzo decided it was time to launch her dream. She is now launching CC Meetings & Events, the business she always dreamed of. In Capizzo's business, she doesn't need lots of startup capital. She just needs a great network of contacts and venues, which she's built over the span of her career. Because she works from home and isn't carrying a team of employees, she can keep prices down for customers but still offer them the same great service. While Capizzo is nervous about the future, she's excited to launch her new company and views the current economic milieu as a great opportunity to do so in her particular market.
Jennifer Smith and her partner Christy Perez spent more than a year developing a great business idea that wasn't able to take off because of the failing economy, so they put the idea on the shelf with the intention of dusting it off when things improved. Both of their husbands had been able to support their families and allow both women to be stay-at-home moms. But when their husbands took major pay cuts to keep their jobs, Smith and Perez realized it was time to step up and bring in some supplemental income. They decided to start their business during their down time on a smaller scale using another business's space. Their business, Kids Learn And Play, provides a sort of "mom's morning out" four days a week from 9 a.m. to noon. During that time, kids ages three to five participate in fun games, physical activities, crafts, music and dance while they learn about nutrition, manners and foreign language. Because they couldn't afford their own space, they rented one from a gymnastics studio that needed some extra money. They've been able to help out in their community, improve the health and minds of some great kids, give parents an affordable option to full-time daycare and make the extra money their families need.
Jennifer Parris started Celebrity Parents Magazine after losing her job. Colleen Leader started LooseThreadStitchers.com when her family needed another income. The list goes on and on. These moms decided to stop being at the mercy of an employer and pursue their dreams.
If you're considering taking advantage of these economic times and embarking on your way to becoming an entrepreneur, stay focused with these steps:
- Create your vision for your business.
- Create your business plan. Make sure that there's a need and that you can fill it and make money.
- Create a budget and make sure you can afford to launch your company. The company will require a financial investment, and you'll have to learn to live without steady income.
- Create an action plan and go for it. Don't be another person with an idea that never comes to pass.
Ask yourself how you can create opportunity where others see none.