I think that 2023 will be one of the best years to start a business and here is why.
A lot of signs point to us heading into a recession. This can be worrisome for some people I know. One thing that everyone craves that tends to hold us back is security. We would rather put substandard working conditions and a poor work-life balance and have the deposit of a paycheck every week than take a risk.
This leads to depression because deep down you know you should do something about it but you never do. And every day you don’t do what you think you should do leads to depression. This can have a compound effect on you and at some point, you just give up. Everyone runs into this wall at some point in their life and I am no different.
That is why I think 2023 will be a good year to start a business. I remember what it was like back in the 2008 recession era and it led to a lot of people losing their jobs. Every time you opened the paper there was a headline about another mass layoff. You saw companies that you thought had some of the most securest jobs in the world start laying people off or going bankrupt.
Once you realize that your job is not secure it takes away some of the risks of trying something on your own. Only then will you know proper security. When you are in charge of your destiny you can create the lifestyle you want.
Some of the most successful companies were started in the depression era.
Companies like
General Motors was founded in 1908 during an economic recession.
Hewlett-Packard got its start during the recession of 1937
Microsoft – Founded in 1975 the year of the oil embargo took effect. Raising oil to an all-time high.
The first Burger King opened in 1950 during the Korean War
Hyatt opened its first hotel in the 1957 recession
CNN went live during the 1980s recession
Mailchimp formed during the dot-com recession in 2001
Uber and Airbnb started in the recession of 2007
All these companies started when everyone else was saying we need to cut back spending, button up the hatches and just get through this.
Disadvantages of starting a company during a recession
Now starting during a recession has its disadvantages too. Money is harder to come by, capital is harder to raise and it can be hard to find investors not stockpiling money.
But for the brave and those willing to take over their destiny starting a business can be one of the best things you can do in 2023.
