Over the past few years the US economy has plummeted to record lows and resulted in increased unemployment, record numbers of foreclosures and increased consumer debts. Many people are sitting tight and hoping for the economy to recover without realizing that it is unlikely to recover for many years.
However it is not all doom and gloom, there are opportunities for entrepreneurs who have the courage to take a stand and become the master of their own destiny. Setting up on your own could be the best business to start in recession.
Despite the current recession, a study in 2009 by the Kauffman Foundation showed that US entrepreneurial activity has increased to the highest rate in 14 years. This is not really surprising given the increase in unemployment levels and many more people fearing redundancy. There is something about a recession and tough times that brings out the entrepreneurial spirit in individuals. Successful entrepreneurs have a strong will to succeed and won’t let the recession stop them making money.
In fact during the Great Depression there were more millionaires created than ever prior to that era. So recessions can be a time of opportunity for those that are open to it.
Whilst many great organizations were started during a recession, they were often started as micro businesses and then grew from there. Setting up from home is becoming very common in the US with the internet boom in recent years. The internet has allowed people to work without the need for office space or even to employ staff. Certain tasks can still be outsourced depending on the business you are in so overheads can be kept to a minimum.
The benefits of many home businesses online are low start up costs as you simply need internet access to get started. Clearly you will want to invest further once you start making sales but you can start off with relatively little outlay. The best place to start is identifying a niche market that you can offer a product or service to. Try and find a niche that is relevant to your interests or expertise. This way you will find yourself much more passionate about what you are doing. If you can offer a value driven service to customers you are more than likely to gain a following. Commerce is all about giving value to customers and in return you will get something back, whether that be money or referrals.
Affiliate marketing is a low cost way to start a business online. All you need initially is a blog or a website. Once you have built up a following you should start to see a decent income stream. The beauty of this is that you could start this part-time if you are still working in the Corporate Grind.
Franchise companies may be another option as they tend to follow a proven business model that has been tried and tested. This literally saves you hundreds of hours as a lot of the business infrastructure is in place. You simply need to attract and serve new customers well. There are many low cost options available if you do some simple research online.
If you look online there are literally hundreds of options to make money from home. It is important to do your due diligence and ensure that the businesses are legitimate before parting with your hard earned money. However if you look hard enough there are a number of golden nuggets to be found. You will generally find that the more time and energy that you can put into your business, the more you will see results.
Becoming an entrepreneur may sound daunting when you are working in the wage system and have a regular salary coming in. But can you guarantee how long this will last for in the current recession. Are you working for a recession proof business? If you are worried about leaving a paid job behind, consider the part-time option so you can test out the waters prior to diving in.
Whatever you decide to do, it’s important to take action now before it’s too late. Click on the website link to learn more about how you can protect yourself against the recession. You can also find examples of recession proof businesses which could assist you in wealth creation strategies to protect you for the future.
David Anthony Watson is a Marketing Professional with more than 13 years experience. Having been impacted by the current recession he now offers help and support to those in similar situations. Click the link for more information:
In 1993, Tony Magee, who had foundered at every job he’d ever had, decided to become the founder of a brewery. So You Want to Start a Brewery? is the thrilling first-person account of his gut-wrenching challenges and unexpected successes.
Based in Petaluma, California, the Lagunitas Brewing Company makes craft beer that is simple and flavorful and defies categorization. The same could be said for this book. Equal parts memoir, narrative, and business story—with liberal dashes of pop culture and local color—this honest yet hilarious account of a one-of-a-kind, made-in-America journey just happens to culminate with the success of one of the nation’s most popular craft beer brands. In twenty years, Lagunitas has grown from a shoestring operation to be the fifth largest—and the fastest growing—craft brewer in the United States.
- Chicago Review Press