Why Small Businesses Can Thrive in a Bad Economy

by Joe B on November 6, 2009

With the unemployment rate reaching over 10% today, you may wonder how small businesses are going to be able to survive. It is a good question, particularly when you consider that many new small businesses get their start by people who were unemployed and decide to start their own business. Yes, there is no doubt that it is hard to make it in today’s economy.

A recent Wall Street Journal blog post discussed some advantages that small businesses have.

Big companies often reel in their marketing budgets in bad economic times, leaving room for small companies to make a bigger splash. As large stodgy companies get battered, small companies are nimbler and can more quickly adapt their prices and their marketing campaigns to appeal to thriftier consumers. It can also be a good time to introduce new products into the market that address today’s economic realities, such as less-pricey alternatives to luxury goods.

Many start up companies are even able to operate from home, saving on expensive overhead. Many experts agree that it is the small businesses that will lead the way in pulling us out of this recession. And, small businesses are doing all of this without the luxury of huge bailouts by the federal government. Way to go small businesses!

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