1. Everything is cheap: The economy has changed everything. Products and services are cheaper than ever. You can keep your start-up costs low by taking advantage of the great deals out there for any type of assets.
2. Vast talent pool: Due to massive layoffs there is a sea of extremely talented people out there for the taking (hiring). You can find great people who are willing to take on new opportunities for less than they were making before. But remember, respect their experience and be fair. Never under estimate their availability either…the economy is generating my start-ups and new entrepreneurs than ever before. Find your next rock star team before they go start their own businesses.
3. Many start-up Incubators: Many of the successful entrepreneurs that have already found an exit strategy are finding ways to help new businesses. Today’s incubators are a bit different than VC’s or angel groups. They are typically more involved in building the company and educating the young minds in the ups and downs of running a start-up. They also usually only focus on a specific number of start-ups each year and look for very early stage opportunities.
4. Friends & family: Since most people have turned away from the stock market and are being more careful about real estate investing, many of your friends and family might consider investing in you. If you are not comfortable taking on their investment as an equity stake (generally risky) then consider asking for a loan with specific but simple terms (i.e. offer their cash back with a 20% return in one year).
5. Open minds: Companies are looking for new supplies, new vendors, and new partners. Everything has been turned upside down and the result has fostered some open mindedness. Everyone is price comparing, so if you have a good product or service, beat the competition on price and get out there.
6. Open source technology: With the amazing array of great open source technology available today, new entrepreneurs can take advantage incredible software products that used to cost thousands.