Q: “I have a great idea. But just when I finally got the confidence to get it going, the economy fell to pieces. Now I am totally confused and uncertain all over again. Should I start my business now or wait until the economy picks up again?”

A:  Recently Ladies Who Launch was featured on CNN responding to this very question. Below are our tips on starting your business during an economic downturn and why the time may be better than ever to lay the foundation for your business and get started now.

Organic approach- Connecting with like-minded entrepreneurs and offering to exchange services is a popular and effective strategy when launching on bootstrap budget. That is why it is so important to have professional organizations  where you can meet and connect for support, tools and resources.

Side Launching – Transitioning from your full time job into your business is often a more comfortable starting point for entrepreneurs. Use evenings and weekends to start slowly on the side of your full-time job. This will give you the chance to measure success and determine whether your idea is truly viable before committing to it full-time.

Online Distribution of your product or service is often a more affordable entry point for those launching businesses. It reduces the costs of the traditional brick and mortar store fronts and allows for global accessibility to products immediately. The key to success online is implementing viral online marketing tactics  and finding the right online partners.

Technology has changed the scope of how anyone can do business. Blackberries and wireless internet have made working from home or even the carpool line an acceptable method of doing business.

Investing in startups instead of stock markets. Investors bet on people, not ideas. In times like these, investing in a person you trust feels safer to those who are fearful of the stock market right now. If bootstrapping is not an option for you, talk to friends, family and angel investors to feel out their risk tolerance and their potential to invest in you.

If money were no object, you might launch on a whim without a plan, a care, or even a good idea. But anyone launching in today’s ecomony has got to be extra cost-conscious and super-savvy. Always a good idea regardless of what the economy is doing. So stay focused, don’t waste time or money, and get that business off the ground! You can do it!

Read more advice from Victoria.

If you have a question for Victoria, please post it in the comments below.