In recent years, some of the most successful online stores have been launched during periods of economic recession. There are a number of reasons why this may be the case.
For one, starting an online store is a relatively low–cost venture compared to other types of businesses. This is especially true if you are selling digital products or services, which have zero inventory costs.
Another reason why online stores tend to do well during recessions is that people are increasingly looking for ways to save money. They are more likely to shop online for deals and discounts.
Finally, recessions can actually be a good time to start an online business. This is because there is often less competition during these periods. So if you can get your store up and running during a recession, you may have a better chance of success.
Some of today’s most successful online stores were founded during a recession:
While it may be harder to raise outside funding (because investors are more cautious during a recession) or to get a loan due to high interest rates, it’s the perfect time to self-fund an eCommerce business. With a little bit of planning and a lot of hard work, you can launch a successful online business during an economic downturn.
A Helping Hand from ShopFox
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