I’ve been telling people that starting a new faith venture business towards the end of a recession is similar to taking the family on vacation during the off season. Everything is on half-price sale: computers, commercial real estate and other start-up expenses. There is also an abundance of underutilized people talent ready and willing to help out as your organization starts implementing its business plan.
Some other factors favoring business creation during recessions:
- Start-up competition is not as fierce with others sitting on the sidelines.
- You can take advantage of the business cycle by positioning yourself for rapid expansion when the economy starts to rebound. Why not invest your start-up costs when everyone else is losing money and then be ready for the rapid profits during a recovery?
- Difficulty in raising money forces you to focus on the basics, keeping costs low, and boot-strapping.
Finally, it’s important to not overlook the “faith” part of a faith venture. If God is truly calling you to such a business as mission venture, any time is the perfect time. The safest place to be in any economic cycle is operating in the will of God.