With our economy in what happily could be called a tailspin, is it really the right time to start your own business? The answer is, of course! Studies have shown that economic downturns are the best times for entrepreneurship and thinking outside of the box. If you have been toying with the idea of starting your own business, it might be time to take the leap.

Of course, before you jump into the deep end, make sure you have a few things covered:

1. Don’t quit your day job until you have enough money saved to sustain you while you are waiting for your business to get off the ground. We’ve all heard “save enough money to live for six months without any income,” and while this might seem impossible, it is a good goal. After all, while you are building your business, your revenue will be very small. How will you pay your bills?

2. Keep all of your bridges intact. Even if you loathe your day job, keep your relationships with your coworkers open. Every solid relationship is a potential business client and referrer. If you burn your bridges, you could lose a large portion of your new client base.

3. The best businesses are those that take an existing system and find a way to do the same task for less money and in less time. Is there something that you are especially good at? Have you always thought that you knew a better way to get something done? Now is the time to test your theories.

Starting a new business is exciting and scary, and it could be the best thing you ever do for yourself. Remember, Starbucks started as a single, independent coffee shop. Kinko’s was the same. You never know when your new idea could end up being the next big deal!