Economic Downturn got you down? Reinvent a business idea

Every week I meet with clients who express fear and disdain for our current economic situation. Then I also meet the clients who come in anxious and excited to finally be able to capitalize on the economic downturn and start niche businesses with clever systems in place to compete with big corporations. We then do some mind mapping of their business idea; develop a business idea that stands out from its competitors and start out testing the feasibility of their ideas.

So when people ask me whether business is slow; I simply tell them, "this is the best season I've had." And it's true.

If the economy has you fearful of starting your dream, here's my suggestion to you: Think Again! Now is the time to start. The best businesses have been started during a recession. Although a recession is a negative time for everyone, it also brings with it some benefits for small business. Since as business owners we must concentrate on the positive aspects, here are some startup business recession tips:

Start an online business or incorporate a virtual aspect to your business. I've been working on incorporating a virtual aspect to my business and it's set to launch this summer. Starting or taking your business online allows you to acquire customers from different states at a lower overhead. It also allows you flexibility with time; and as we know, time is a HUGE factor in a business owner's success. This way, a stay-at-home mom gets some time at home with her kids, a full-time worker can test the water, and a business owner can get more clients with little additional effort.

Structure your business to take advantage of SOME recession funding. I'll give you an example: I had a client working on a business in demolition. As you know, this is a tough business to start because construction work has dwindled increasingly. However, we were able to develop his idea to concentrate more on highway work demolition. Well, our current administration has dedicated some funds towards improving infrastructure and the states will have their allotted budgets. By concentrating on highway work, my client will be able to create five new jobs! There are also allocations towards green businesses and businesses that aid veterans. I'm not promoting business creation that is based solely on government funding; rather I'm saying build your passion and make sure you can capitalize on SOME funding to help you through your initial stages.

Obtain certifications. State entities have tightened on their budgets but they too still need to carry on day-to-day business activities. Companies also need to satisfy diversity requirements. So a startup business wanting to capitalize on these efforts needs to be properly certified. Available are the Women Business Enterprise Certifications (WBE), Minority Business Enterprise Certification (MBE) and 8(a) Certifications. Research how your business may fit into these buckets, what you would need to get started, and get your necessary certifications.

Consider Obtaining Start-up Funding through your state's Community Development Corporations. Although banks have tightened on their standards, these corporations are still lending. They are mostly non-profit or state-funded entities and they have money for small businesses that they must dispose of. So seek them out and schedule appointments to go through their process.