Advice for starting as an entrepreneur with a new invention during this economic downturn

 

 

Starting out as an entrepreneur is difficult during the best economic conditions and during economic downturn it becomes harder but the rewards that can be gained by an entrepreneur that takes advantage of new inventions during negative growth can see returns double and triple when the economy starts to pick-up.

 

For example a business started now turning over a few thousand will turn into a business worth a few hundred thousand if it can stay consistent and maintain market share as the economy turns around. If you have a company at a high value an option you may consider is floating it on the AIM part of London's stock market. Another option would be to franchise your business to many entrepreneurs and charge a fee or commission. You target entrepreneurs at franchise events using direct sales once you have people on board and they start to see results then word of mouth will handle the rest.

 

 

Your business then becomes similar to B2B or a business to business setup and can offer incentives to increase sales from the franchise members. To start your franchise requires detailed planning and cash flow management this can be achieved by using a Gantt chart to plot your progress over a time line the benefit of using a Gantt chart is that a visual idea of the businesses progress is a good tool to use for quick reference and to check if you are meeting your milestones and targets initial set out.

 

 

So go to your bank and open your banks debit account and start your business as now is a great time if you do not have any current debt within a business and are also cash aware. The main point to finish with is manage your cash flow whether your an individual or business this should be your priority for the coming year as this is what will determine how your business will turnout remember cash is king.

 

 

The terms in this articles link to the definitions from the business definition site http://3rdeyeview.co.uk/biz/index.asp this articles author is Phil Mitchell