The super successful investor Warren Buffet is fond of saying, "When others are buying, I am usually scared and when others are scared, I am usually buying"
The question of timing the launch of one's business during a recession has been top-of-mind for me because several of my clients are boldly moving forward with projects. For example, I am working with a very successful operator in Florida, who has taken the opportunity to purchase a site that was completely unaffordable two years ago. He will be launching his second restaurant by the end of this year.
I am also helping a nationally known Chef in the Carolinas with his business plan and negotiations on a location that would cost four times as much in a normal economy. So, as I work with clients who are making bold moves, the question arises "Is this the right time to jump in?".
For most of us the answer is no, not yet. My clients, who are taking advantage of the market downturn, all have the financial strength to endure the worst case scenario. For everyone else, I recommend using this time to prepare yourself. I mean deciding on the right concept, developing a solid business plan, connecting with potential investors, and selecting a professional support team.
I think it would be a big mistake to idly let valuable time past by without taking steps to move forward on your dream business now. Those who plan now will be in the best position to succeed as the economy begins to show real signs of recovery. I heard it said that luck is the place where preparation intersects with opportunity. (Also see: Recent this Forbes article)
No comments:
Post a Comment