How to Launch a Small Business in Today’s Economic Climate

The current economic climate poses obvious challenges for any business, and especially for new small businesses. The country entered a technical recession with two consecutive quarters of shrinking GDP, and more than 80 percent of small business owners anticipate a recision. This is in the midst of 40-year high inflation rates that are impacting business.

Small business owners have always been ones to meet a challenge face-on and rise to the occasion. After all, no one would successfully start a business if they gave up at the first obstacle. Some 600,000 entrepreneurs start a business each year, and there's no indication that this year will be different despite the challenges.

If you intend to start a small business this year, these details shouldn't dissuade you. They simply mean that you need to be extra judicious with your decisions. Here's how to launch a small business in today's economic climate.

Locate and Secure Financing

Self-financing is a preferred way to fund a new business if you're able to, as outside financing can be difficult to come by. Many new businesses cost a surprisingly small amount to get going -- most micro businesses require $3,000 in initial investment, and home-based businesses often require $2,000 to $5,000. Those generally aren't insurmountable amounts to save up.

If you do require outside funding, there are both traditional and non-traditional sources to use. You might appeal to: