Spring Break
Finding new business during tough times
Issue date: 4/6/08 Section: FYI
(ARA) - There have been a lot of warning signs lately that our nation is headed towards a recession. The stock market is down, unemployment is up and the real estate market is in a slump.
Historically, in times like these many retail businesses struggle because consumers cut back on unnecessary spending. For people worried about money because of the recession, now is a good time to take control of their financial future by starting a low risk online business according to Scott Fox, author of "Internet Riches" published by AMACOM.
"Unlike brick-and-mortar businesses that have high startup costs to worry about, Internet businesses can be started on a shoestring budget when times are tough, and some online businesses can even be started for free," says Fox. "This can create new income streams for the entrepreneur on the side or part-time, and depending on the business, once it's up and running can cost very little to maintain the business."
Fox has been studying the dynamics that drive Internet business since the early 1990s when he was a graduate student at Stanford University. Since finishing school, he has either started up or helped launch several successful online companies.
The most important advice Fox offers business owners-to-be is to start up a company they can be passionate about. "Most successful business ideas are simple and grow out of the entrepreneur's personal experiences," says Fox. "The key to finding the right new business is to combine a person's skills, interests, and hobbies to target the right group of customers with in-demand products and services that will help them solve their problems in a cost-effective manner."
A classic cars enthusiastic might start an e-business that brings together buyers and sellers of spare parts for a particular type of car. A collector of old bottles might discover through online research that there are lot of people who would flock to a Web site that sells pieces gathered at estate sales.
Historically, in times like these many retail businesses struggle because consumers cut back on unnecessary spending. For people worried about money because of the recession, now is a good time to take control of their financial future by starting a low risk online business according to Scott Fox, author of "Internet Riches" published by AMACOM.
"Unlike brick-and-mortar businesses that have high startup costs to worry about, Internet businesses can be started on a shoestring budget when times are tough, and some online businesses can even be started for free," says Fox. "This can create new income streams for the entrepreneur on the side or part-time, and depending on the business, once it's up and running can cost very little to maintain the business."
Fox has been studying the dynamics that drive Internet business since the early 1990s when he was a graduate student at Stanford University. Since finishing school, he has either started up or helped launch several successful online companies.
The most important advice Fox offers business owners-to-be is to start up a company they can be passionate about. "Most successful business ideas are simple and grow out of the entrepreneur's personal experiences," says Fox. "The key to finding the right new business is to combine a person's skills, interests, and hobbies to target the right group of customers with in-demand products and services that will help them solve their problems in a cost-effective manner."
A classic cars enthusiastic might start an e-business that brings together buyers and sellers of spare parts for a particular type of car. A collector of old bottles might discover through online research that there are lot of people who would flock to a Web site that sells pieces gathered at estate sales.
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