This is the next in our series done in conjunction with Crain’s Chicago Business.
Posted by Ann D. at 8/5/2009 6:45 AM CDT
If you have a question or problem that you’d like to run past SCORE Chicago’s counselors, send an e-mail to email@example.com. Be sure to put “Ask SCORE” in the subject line. We’ll aim to publish answers to readers’ questions every Wednesday.
To get the ball rolling, here’s a question tossed at Larry Pelka, a SCORE counselor and former CEO of Associates Commercial, a small business lender, in a recent interview on SCORE Chicago’s TV show: “Is now a good time to start a business?”
Here’s what Larry had to say:
This is a great time to start a business. Larry notes that businesses such as Microsoft, Trader Joe’s and McDonald’s were all started in difficult economic times.
For individuals who are looking to start businesses, there are at least three trends that exist that can be favorable. First, there are more highly talented people either out of work or considering working for a small business. These individuals are looking more than ever to join an organization where they might be able to have some ownership and greater responsibility.
Second, this is a great time to rent space. With the empty space currently available, landlords are offering great deals and often paying for buildout. When it comes to negotiations for space, Larry notes that you’re now in the catbird seat.
Last, it is easier to get favorable terms when purchasing equipment. Interest rates are low. Also, with the increased inventory at dealers, a business may be able to obtain the equipment at very good prices.
The entire interview with Larry is available on SCORE Chicago’s CANTV 21 Channel on Blip.TV.