A Down Economy May be a Great Time to Start a Business

EXETER, N.H., June 9 /PRNewswire/ -- Today more than ever may be a great time to start a business despite the economic downturn. In fact, current market conditions have created unique opportunities for those thinking about new business start-up, say experts at BUZGate.org, the nation's award-winning and leading resource and referral network for small business.

There are combinations of factors driving this trend, according to Deborah Osgood, cofounder of BUZGate.org. First, with any slowdown in the economy, downsizing in many key industries has led to the availability of hundreds of thousands of talented professionals who find themselves suddenly out of work.

"Rather than seeking another position in the corporate world, many laid-off workers are looking to unleash their entrepreneurial spirit," says Osgood. "This can be good news for both the individual and the corporation as individuals end up with more control over their long-term financial security and prosperity, and corporations end up outsourcing needed talent for less cost and less liability."

This appears to be the case with the baby boomer generation where last year, 4.7 million people between ages 45 to 64 were self-employed according to the U.S. Department of Labor.

"I've worked for myself, corporate America and recently retired from the government," says Richard Ramirez, founder and president of The United States Association of Veterans in Business. "I much prefer working for myself and with a resource community like BUZGate.org, it is so much easier to start a new venture and become profitable early on."

Osgood says that now couldn't be a better time to launch a new business, as thousands of business assistance programs across the country beef up support. Despite the current credit crunch, for example, financing opportunities are readily available and interest rates remain low.

BUZGate.org offers access to a wide variety of business development resources at no- cost including a 10-Step Venture eMentoring Program designed to assist anyone contemplating launching a new business by connecting them to an experienced virtual business mentor.

Osgood counsels that would-be entrepreneurs should be on the look out for new business opportunities as the economy shifts. While home sales may be down, for instance, there may be more demand for home improvement work; as gas prices go through the roof, demand rises for entertainment options nearer to home.

About BUZGate.org

BUZGate.org (the Business Utility Zone Gateway) is an award winning public/private initiative that serves as a resource and referral network for the nation's millions of small businesses. BUZGate was created by Dr. William and Deborah Osgood, founders of the Knowledge Institute, and recognized leaders in small business development and education. BUZGate's resources are available to users at no cost and supported by private sponsorships. Last year, more than 2 million users turned to BUZGate.org for advice and guidance. Visit http://www.BUZGate.org for more information.

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