Courtesy of Sky News

Credit crunch opens doors for start-ups
Updated: 19:14, Friday April 3, 2009
Contrary to all the doom and gloom in the SME sector, now is actually are good opportunity to look at starting your own business.

With a spate of reduncancies sweeping across the business sector, many are finding it may just give them the push they need to turn their dreams into a reality.

Ben Fewtrell from Action Coach says there are many reasons as to why now is a good time to look into starting a business, most of all because the cost of doing so has come down significantly.

Attracting the right people to work in small business can always be a challenge, but now with unemployment rising it provides significant opportunities for small business owners to secure the best people.

Base salaries have come down now and Fewtrell says it is a good time to put in place a bonus incentive scheme for new employees.

With businesses reviewing their suppliers to find a better deal, this also provides opportunity for new businesses to come into the market with innovation or lower pricing structures.

Fewtrell says that if you are looking to start a new business, it is a great time to go and get some cost free PR as many other small businesses may have gone into defensive mode in preparation for a recession.

He says the businesses that are more proactive in tough times are the ones who can rise to the top once the economy ticks up again.