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3 min read
By:
Cubeler en-ca
January 25, 2023 9:00:00 EST AM
Navigate the launch of your SME during a recession.
The one looming issue for most people when it comes to the idea of recession is job loss; the cascading effects that follow, be it: maintaining payments, credit issues, the possibility of bankruptcy, etc. can all happen regardless of whether you’re working for yourself, or for another boss. In all honesty, if you really want to start your own SME, recessions can be the ideal moment.
As Joe Chatham, the Founder & Managing Partner of USE 500 Clubs LLC has said, “If you value autonomy, being in control of your own time, guaranteed employment …” then starting your own business could be the ideal solution for you, regardless of whether it’s mid-recession or not.
For some people, starting your SME mid-recession may be your only option. As most companies tend to go through a period of job losses mid-recession, starting your own business will place you at the helm of things, which automatically circumvents the possibility of being laid off. While this is a plus, there are a number of other elements you must consider before establishing your own SME to ensure success.
Let’s take a look at the benefits first:
Banks and Credit card companies are more likely to lower interest rates to encourage spending and keep the economy going.
With more people looking into various options to help support them with business financing, companies will have to lower interest rates, even more, to compete with each other to attract more borrowers.
While the benefits do seem quite motivating, it’s important to look at both the positives, and negatives before making your decision.
Here are some of the disadvantages of starting a business during a recession:
While there are both advantages and disadvantages to starting an SME mid-recession, the one MAIN takeaway you need to do if you choose to start your SME during these times is a plan!
Plan accordingly, take into account all the things that could possibly throw a wrench into your business plans, and recession-proof your business.
Cubeler Business Insights helps SMEs navigate the post-pandemic landscape. Learn more from this exclusive article on Becoming an SME Owner in Post-Pandemic Canada.
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