With high rates of unemployment, and low retail sales, a recession seems like the absolute wrong time to start a business. It sounds counter intuitive, but a recession can actually be a great time to start a new business—you can pick up some incredible bargains on rent, inventory, and supplies. Here are a few tips to recession proofing your start up:

1. Start Small. Run your business from home if possible, and only buy stock or supplies as they are needed to maintain growth. A recession is not the time to buy a full inventory of items you hope to resell.

2. Don’t borrow money. It can be harder for a startup to get financing in a recession period anyway. Use your own funds to get started, and try to roll as much of your profit back into the business as possible. Having a limited budget forces you to focus your priorities, and to be creative.

3. Buy used office furniture, equipment, and supplies. Purchase used but good furniture and equipment at a fraction of the original cost, and save big. The less money you spend up front, the faster you will see a profit.

4. Rent equipment if needed. If you only use a large or expensive piece of equipment occasionally, rent instead of buy. You will only need to pay for the equipment when you use it, and don’t run the risk of paying for something that you barely use.

5. Barter. Work with other business owners to barter for products and services. Offer lawn care in return for bookkeeping, or haircuts in return for tutoring.

6. Network. Promote other, non competing businesses, and let them promote you in return. If you have a housecleaning business, pass on business cards for a local carpet cleaner, and ask them to do the same for you.

7. Build referrals. Offer existing customers an incentive to refer you to others. A free gift or a discount off of a product or service will go a long way towards building referral business.

8. Ask for a discount. Ask your suppliers for a discount. During a recession, sales slump for everyone—if you are one of the few businesses buying supplies or services, companies will compete vigorously for your business!

9. Negotiate your rent. A recession means empty storefronts and office space. Many landlords will be willing to offer free or greatly reduced rent for your first few months, just to win you as a tenant.

No matter what business you are in, you can be successful during a recession. You will need to be vigilant about expenses and budgets, and creative about marketing and advertising to truly recession proof your small business.