During the day, I had a bit of a worry. Is it still okay to spend my time developing the business I will build in the future, or is it better to work towards earning money during this impending recession? I am afraid that making money as much as I can right now also secure a bit more of what can happen in the future. I would want to clarify something. I will have a job for at least another year as a research assistant at the university. What I’m considering is finding a part-time job where I can work to save some money and secure at least a couple of months into the future.
There are two points that I would like to understand. First, is it okay to start a business during a recession? Some arguments for starting a business during a recession can be good or bad. It is good because companies can hire people and help the economy grow in the future. The bad thing is that people may not have jobs hence any money to pay for your products or services. Another thing is that employees might steal from their employers since they do not have enough money.
The second point is how is it working during a recession. Most things I’ve read lead to a lack of job openings during a downturn. The difficulty of working during a recession is finding work. Employers might not have enough to pay their employees or even take advantage of them to undercut their salary or report less time to pay them lower.
So based on these arguments, I was thinking about where I go from here. So in starting a business, honestly, I would not have many employees to begin since I am first starting to build the company’s services by myself and only start earning money after a couple of years. Hence paying up employees will not be a massive problem for me. I need to consider the cost of living the most. With the recession, commodity prices are rising at an unprecedented rate, and the cost of living everywhere in the world is getting higher and higher. So will it be better to spend my time working and earning now instead of developing my “future” company’s services? I guess since I am starting a company that will not require a ton of workforce and my company’s services does not rely on individual people’s income directly. I also believe that the services I am currently developing will somewhat aid economic development in the future in terms of efficient infrastructure management, so I feel like it is only logical to continue developing my services.
So, I am leaning towards continuing to develop my company’s services and maybe reducing our cost of living a little so we can still save some money from our current income. Be smarter with each purchase and avoid extra costs unless necessary. In this case, we will be able to continue the company’s development and even save a little to give us more security in this lousy economy.