I just want to know if y’all feel like it’s a profitable decision with the current economy in the USA? If you think it’s a good idea, which businesses would do well or which ideas will flop?
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Small & boutique is what I’d do. Low sales, high margins.
Idk but I’ll find out soon enough
Yes of course. There’s no bad time… unless you are launching your own clothing brand
Whoops!! 😅
People always say this, but I see tons of new clothing brands popping up on instagram and most of them have a hefty following.
Clothing will always have scope for the people that have high business acumen
Just don’t open a coffee shop ffs.
Most economies are driven by small businesses so it is never a bad idea to start one.
But be sure the business idea is a viable one and you’re not just doing it because you saw someone else do it.
Also, make sure you enjoy it. Enjoying what you do makes the challenges that you will eventually face while running the business, easier to bear.
Yes, and the best ones are anything that provides a need or solves a problem. I’m always inspired by one of my friends who opened a daycare center in 2020 during the height of the pandemic and has now opened a second location.
What’s the alternative? Trading 40 hours per week for a salary? Wages in America have stagnated over the past few years, so what else do you have to lose?
Uh… what exactly about the “current economy in the USA” are you worried about?
its never a BAD idea, but this environment is far from ideal. i would recommend not taking any loans at this time. most small businesses depend on the microeconomy rather than macro, so it really depends on your industry and the state of economy in your city if you play it safe you can still see success. the main part is persisting through a very very likely recession in the future. if you survive that, youre set up for big gains in 5 years time
The economy will never be perfect. Make a move, my friend!
It’s always a good idea as long as you have a plan and contingencies.
I soft launched Sipharmony.com in 2020. Not a horrible idea. I guess it really depends on what your business is. Is it B2C? Is it B2B? What would do well, during a crash? B2B is extremally tough. No matter what the market looks like.
Really depends on the business idea itself. Online businesses are thriving but brick and mortar are slowing down. Services like contractors are thriving but bakeries and coffee shops are slowing down… there is always ups and downs - but if you keep to a plan and follow through… things should be fine! Maybe dip your toe in and go into your buisness as a side gig (like I am) and work your way towards it.
Cheers!
Yes it is.
If the economy is good, often people argue that it’s a bad time because it’s only going to get worse.
If the economy is bad (like it is now), people then argue that it’s a bad time for that reason, when in truth you could argue that it will only get better.
As long as you work out your costs, can afford to do it and properly plan, then there is no bad time really.
It is very unlikely you’d ever have financial freedom as an employee but if you’re going to start a business you need more to that then asking randoms on the internet for what a good business would be.