Apparently, a recession is a good time to start a small business. Customers are looking to shop around, the market is flooded with exceptional talent, even the cost of office space and equipment can be haggled with.
Small businesses, micro organisations and freelancers prevail in the creative sector, and in the current climate a difficult job market has resulted in an increasing number of start-ups and self-employed professionals.
So what impact can small creative businesses have on the economy?
Having worked for large public bodies and SMEs, I'd argue that being small means you stay agile, and adapt quickly to meet market needs. The entrepreneurial spirit remains strong in small companies. You will take more risks, try new approaches and look out for wider opportunities - something which larger firms find harder to do, particularly in difficult economic times.
Small companies provide fantastic training grounds for new talent. School leavers and graduates looking to get their foot on the ladder will gain hands-on experience and a real insight into the workings of a business. It's not often you'll see a trainee chained to the photocopier in a small creative company. This in turn helps to support a cycle of entrepreneurship, and develops a workforce that thrives on innovation.
Digital technology has transformed the ways in which businesses can connect with each other, and their clients. Digital has fostered a spirit of collaboration, without geographical boundaries, and small companies and freelancers increasingly work together to develop new projects and products.
From the small business owners and freelancers that I speak to, confidence in the future remains high. It could just be that this spirit of innovation and entrepreneurship is exactly what the economy needs to get started.
By Ruth Ward, Managing Director, Rewired PR
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