High inflation, rising bank rates and the recession are not good for any business. But this does not mean that you should not try to start a business.
First, you have to have an idea about your future business and consider several things that are connected to money:
high inflation means that everything is very expensive
rising bank rates mean: high living costs, high costs for a companies’ building, people don’t want to buy homes and rather wait, debts increase
the recession means: higher unemployment, slow economic growth, companies cut down on their costs by having fewer employees
So, after analysing all these factors, you can begin to plan your new business and how you want to work. I am a Witch and I work professionally with clients worldwide.
I have clients who run big and small businesses. Those clients who run big businesses are of course males. I do not know much about how to start a big business, because several things are needed:
capital
competent business partners
equipment
a building
I know how to start a small business and how to grow it globally. Not all types of businesses will be able to grow during these days due to several things like:
there is low demand on cleaning services, because companies have moved their staff to work from home
people prefer to eat at home, because they work from home
people try to save money, because of the high inflation and the high bank rates
High inflation,
rising bank rates
and the recession:
which business?
People have less money. The middle class is shrinking. You have two options:
to offer low price products and services
to offer high price products and services
You can have two types of businesses: low prices and high prices. Because a lot of people have money only for their basic needs during bad times, you can offer low priced products and services globally.
I have clients from the real estate and investment sectors and their business is not going well during these days of the financial crisis. This means also that if you start a high price business, your business may be slow to grow.
Businesses connected to the food industry tend to prosper faster, because people crave food for basic survival. This was so during the great depression too.
Marketing agencies also go well and a marketing agency that markets European and American companies towards Asia may grow faster.
How do I know this? I had business interactions with a Chinese business partner. I decided to attract customers to myself by running blogs in 3 Asian languages, because to market my services on Asian social media is not comfortable due to their special policies.
Or, you can use your professional skills and run your business. That is a good thing, because companies will soon begin to cut down on their costs.
High inflation,
rising bank rates
and the recession:
bank loans?
If you have money right now, it makes little sense to take bank loans, because:
loans will grow more and more expensive (rising bank rates control the high inflation so it does not spiral out into hyperinflation)
you will be in debt and debts will become more and more expensive
you don’t know for sure if you will be able to grow your business or not
So, you have to analyse and plan your business, before you take on the burden of a bank loan. One thing is better now: people can work from home.
High inflation,
rising bank rates
and the recession:
work from home!
Have a home based business if you are just starting out. Working from home is good, because it saves you a lot of money. You will market your services via websites and social media.
But of course, if you plan to have a construction business, you cannot work from home. I do not know how to start a man’s business, because I am a woman.
If you are just starting out, it is good to keep in mind that you will not be able to attract crowds of customers to you. Adjust the monthly taxes at once, by estimating your income during the coming year.
I also advice to be very stingy when it comes to spending money. 1/2 of the money goes to the tax authorities. This is so in Sweden.
Observe the situation regarding your business and your income during the coming years. I was not able to grow my income while I had moderately low prices, because taxes are huge in Sweden.
I was forced to raise the prices for my services and also go global. I began attracting less clients, but then I noticed that I am attracting quality customers to me.
I started to attract very rich men from USA to me. They ran big companies. I also attracted rich people from Sweden, Germany, Russia and Austria.
But there is one bad thing with high prices: there will be periods of financial stagnation within the business. Growing this type of business during times of high inflation is not easy and requires a lot of effort.
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