Entrepreneurs Can Weather a Recession – and Thrive
Many of us will be concerned by the talk of an approaching recession, but we would encourage entrepreneurs to hold their nerve and to seek out the unfolding opportunities that will arise.
The downturn that most experts are predicting will bring a host of challenges for individuals and businesses and we must all do what we can to support each other throughout this time. But entrepreneurs are inherently resilient and have the agility and skills to survive and even prosper through a recession. We see time and again that entrepreneurs are uniquely placed to find emerging opportunities during tough times. For our part, Storage Giant was established during a recession – as a single-facility concern in Newport. Now we have a portfolio of facilities across Wales, The Midlands and the M4 corridor and, crucially, we have seen a real boom in start-ups under our Storage Giant roof during the tough times of Covid. Some businesses that are well-placed to do well during tough financial times include:
- e-commerce businesses with low-investment stock items
- home-improvement firms
- skilled tradesmen and women
- online software companies
- firms that offer low-cost luxury items
Be aware that your competitors may be pulling back from investment and from marketing their goods and services, leaving an opportunity for gaining market share. There will be inevitable shifts in consumer behaviours that will open up fresh opportunities to all kinds of businesses to offer something new to those consumers. Start-ups may also find that they can negotiate harder on rates, office space, or technology costs. Also, if your competitors are cutting back on hiring new staff this may give you a better talent pool to choose from if you are keen to take on staff.
Need office space on a low-cost, flexible terms basis? Find out more here: https://www.storagegiant.co.uk/office-space/