I want to start a business but I am nervous about the current state of the economy in the US. I know that there are often opportunities in every type of economy and certain types of companies can still flourish, but if the risk for failure is much higher then I’d rather wait.
I am unsure what to do because I don’t want my fears to rule my decision making here. Is this a bad time to start a business in the US?
My perspective is a past life in the consumer products industry which weathered many cycles like this. The cycle we’re in now is one where needs vs wants plus buyer’s financial position impacts services & goods businesses. If it’s a business based on wants buy may be delayed until confidence in the market improves. If it’s needs based it must be done regardless of market conditions. When things are good everyone buys and at all price levels including high-end. When confidence erodes, all levels drop dramatically but the high-end still has some activity. Everyone else has their head down hoping things get better. So the decision for starting a business would hinge om how much anyone needs what I offer vs wants what I offer. If it’s wants based could be a long drought. If it’s needs based the buyer will figure out how to do it.