Starting a business during an economic downturn
When market and employment conditions are tough or uncertain, starting your own business may be an option worth examining.
In an economic downturn, overall economic activity decreases. As a result, businesses could experience falling sales, cashflow problems, employment freezes or redundancies.
However, economic activity does not stop and opportunities remain for entrepreneurs. Potential business owners can make good use of the knowledge-based opportunities created by an economic downturn.
This guide tells you about the key factors that can help you successfully start up and run a business during a period of economic volatility. It shows you how a well-thought-out business idea, the right support and advice, good business planning and proper sourcing of finance can drive your business to succeed.