This article are provided for information purposes only, and are not intended as legal advice.


Home based business – more likely to start one in good times or in bad times?

May 19th, 2009

If the economy is booming and there are lots of jobs, many people are afraid to make the jump and go out on their own.  There are many risks and also rewards if you own your own business as mentioned in previous articles.  People who start their own business can be broken down into two different groups, entrepreneurs who are good at starting and building businesses and those who are forced into starting their own business in order to pay bills and survive.  In a recession and poor economy such as we currently have, there is a greater likelihood that someone needs to pay the bills even though they are unemployed.  As a result, they will risk starting their own business because they have nothing to lose and everything to gain.  If they cannot do well, then what was their options, they had none so they had to be creative and look for work.

 

Would an employed person start to look to create a business?  In my opinion, many people talk about going on their own to start their own business but few do, they are afraid that they will miss that constant pay check.  If there is no regular pay check, what will you do to find work – chances are that you will hustle, be more creative and many of those people will succeed.  Being unemployed or the threat of being unemployed makes people motivated.  This motivation probably would not have been their if the economy was good. 

 

Last week, they published employment numbers and surprise surprise, the number of self employed individuals increased tens of thousands of positions even though others were being laid off.  Are recessions bad, not if you want to start  home based business, that may be the catalyst to make you start what you have been talking about for years.


Filed under: Home based business — Gary Landa @ 5:33 pm


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