This could be your year. If you have been longing to open a retail store, take a cue from Atlanta consumer advocate Clark Howard, who says, “The best time to open a new business is when you’re in a down economy.”
That would be now.
In a depressed economy, Howard says, “space and employees all come cheap.”
In particular, Howard suggests that franchises heat up when the economy cools down. The cycle, he says, is that mid-career corporate employees get laid off and decide this is their last chance to go into business for themselves.
Often, they choose franchises. If you go the franchise route, Howard suggests first taking a job at the franchise that interests you.
“Don’t tell the employer you’re doing research, just get in there and empty out the garbage or sweep the floors,” he says. “Make your mistakes on somebody else’s dime and decide if you want to be in the business.”
If you decide to do it, Clark advises: “Remember to keep your costs low and your risks lower.”
It’s a new year. But is it your year?