Mon, 10 Jan 2011
The current economic climate is favourable for entrepreneurs wanting to set up their own business, one expert has suggested.
Julie Meyer noted the cost of starting a firm is "much lower than it was three years ago" as a result of the recession.
"Different parts of the economy are working at different speeds, but there's enormous new company creation and there's a lot of demand for start-up capital," she stated.
She added that "different parts of the economy are working at different speeds" and there is "a lot of demand for start-up capital" and a growing trend for the creation of new enterprises.
One reason why the popularity of creating a firm is soaring is because the dotcom boom has resulted in a higher number of experienced managers.
"People have learned how to become better business managers earlier in their career," Ms Meyer said, explaining these people know a downturn is "the best time" to enter the market, as by the time the economy has recovered, the company already has an advantage over its competitors.
"Timing is a huge advantage," she concluded.
Ms Meyer, who has over 20 years of experience in helping start-up businesses, was commenting following the release of a new report from the Local Data Company.
This revealed the gaps left in the high street by the collapse of major retail chains such as Woolworths are being filled by new enterprises with nearly 11,000 more new shops opening last year than closing.
Over the course of the year, the number of new independent businesses being started climbed 5.6 per cent.
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