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Going Solo in a Down Market

Why would anyone want to start a business in a down economy? As it turns out, there are some very good reasons to do so. Some are articulated here by a career coach (competitors weaken, clients get restless and are looking for bargains, biglaw cuts back). It is also true that your opportunity costs are less (you are not giving up a potentially lucrative job to do something more risky).

I would add that in a down economy, services, office space and other business related expenses become more affordable. There are more "deals to be had". But you have to be able to overcome the paralysis of trying to succeed in the face of a lot of bad news. This is not easy for the typical lawyer (being more oriented towards risk than opportunity). On the other hand, if you can overcome this paralysis, you will be in good company of many successful businesses that were launched in down times.

Full post as published by Counsel to Counsel on January 07, 2009 (boomark / email).