DOING BUSINESS IN A RECESSION
DOING BUSINESS | OPINION | 2022 RECESSION ONCOMING
If you’re a Creative who hasn’t started your own business yet, I’d advise that you start positioning NOW!
WHAT & WHY
Long story short, in a recession many things are bound to become much more affordable. Why? A recession is basically when there becomes too much inventory and can’t be sold because those who have the money won’t be buying and purchasing. Demand is low. With that said, when companies start discounting products—and in some cases, services—this becomes a GREAT opportunity for those with disposable cash to buy into resources. Low prices are a GREAT opportunity. Even with stocks, if you have some disposable cash, this becomes a good time to invest. Buy low…and sell high!
This is not necessarily financial advice to influence financial decisions however in business, the effort is to keep costs low and obtain as many resources and assets as possible. Entrepreneurs and potential entrepreneurs needs to use this time as an opportunity. Not only in attaining resources but also to position within their markets to become competitive by providing above average and competitive services and products with low and competitive pricing.
Within a recession is the opportunity to create a closer-knit community that might funnel clients, customers and other associated relationships that might bring the potential of sales and revenues or investments and support structures.
*If you find that you’re ready to move your creative idea or hustle into a formal business structure, we advise you contact LegalZoom.com today!
OPINION - THE UPDATE - LIAM IAN
© 2022 William B. Philpot (Liam Ian) of LIAM IAN LLC