Is recession the right time to start your small business?

The recession and its side effects are everywhere. Despite stimulus packages and bailouts it continues to terrorize the entire humanity. So, when someone talks about starting a new business during such times, he is bound to get more brickbats than bouquets. But believe me, it is not really a bad idea to start a small business during a recession provided you make the right choices.
You must have heard the old adage that says that a threat is also an opportunity. As a matter of fact ancient wisdom seldom proves wrong. If we look back at the beginning of the crisis we can see that it was triggered by some basic flaws in business practices. Be it the blowing of the housing bubble out of proportion or frivolous lending practices, there is always an opportunity to learn from the past mistakes and offer better services. The recession has destroyed many huge corporations also. So you need not worry just because you are starting with a small startup or a franchise. It is not the size but the idea and the execution that matters.
If you have already decided to try your luck as an entrepreneur, it might be a good idea to spend some time deciding what business you want to get into. You must note that the recession has resulted in severe job losses and salary cuts everywhere and disposable incomes have significantly dropped. So it would be reasonable to get into a business that is not affected by recession. For example a new restaurant or a career consultancy can always attract clients because recession can't alter our basic physical and social needs. You can also look at education or training sector if you have the expertise as people are looking for enhancing their skills to improve employability in the present scenario. There are also a lot of opportunities with the new media i.e. the internet. Internet marketing, search engine optimization, web designing or e commerce can still create those first generation millionaires.
Alternately, you can look to provide more cost effective services as opposed to the existing ones. Recreational facilities or luxury products at a more affordable rate can be a big hit during these difficult times. Another good idea would be to target the High Net worth Individuals (HNIs) who are taking a break due to recession. They are out of the job as of now, but have enough savings to afford quality services. Apart from all these, you can start your own marketing agency to help others get started or you can take the franchise rout to expand your business family.
So whatever it is, do your bit of research and analysis before getting ahead with any kind of small business ideas. If you have a good plan just don't get intimidated by the recession. Be cautious, be creative and offer something worth the money. Nothing lasts forever. This recession would also get over one day but your business will survive if you really have it in you.