Out of Work? Start a Business
According to the U.S. Department of Labor’s Unemployment Insurance Weekly Claims Report, January saw unemployment claims reached the highest levels in over 20 years. Actually highest since 1982. Almost 30 years.
Employers unaffected by past economic downturns are finding themselves worried they too may soon have to cut jobs to stay afloat. Employees currently taking home paychecks worry they may be next to be cut as mergers and mass corporate layoffs erode confidence in job security. And unemployed job seekers are concerned another job might not turn up anytime soon.
Though the situation is nowhere as bleak as some Arab nations, with unemployment as high as 45%, in some individual US cities unemployment rates have hit as high as 22.6 percent.
The US economy may see a turn around or it may result in a major collapse. Regardless of the direction the economy goes, now is the
time to take a proactive approach to finding or creating stable income.
An immediate solution to improve ones economic situation is to consider starting a home-based business either full or part-time.
Speaking from experience, running a business from home gives people more control over their schedule and control over the type of work they want to do.
Though in some cases clients and deadlines may dictate their schedules. But typically business ownership allows a more flexible
schedule for family or other pursuits. As wonderful as that might sound, running a business isn’t for the timid.
Business owners are called on to wear many hats. There are promotional activities to deal with, sales, servicing, perhaps product or service delivery and customer service to deal with too.
Much of this might be automated or outsourced depending on the industry. But still, overseeing the business responsibilities falls on
the owner’s own shoulders. There’s no boss to pass the buck to. And then there’s the risk factor of home-based businesses. The risk is
not as bad as some might think. Compared to working for someone else in a new company, running a home-based business can be a better choice.
Only 29% of new, non-home based business ventures will last over a three-year period. But about 70% of home-based businesses will
continue at least that long or longer.
So if a job-seeker is looking for a job with a new employer, there’s a 71% chance they will be looking for another job in three years or
less. But with a home-based business there is only about a 30% chance their venture will fail or cease. 70% chance of success in their favor as a home-based business owner.
If a person chooses to run their own business they won’t be alone. Nationwide, home-based businesses range from 18 million to 38 million. Private research firms and U.S. Census figures are not in agreement on the upper numbers. But they do overlap near 18 million home-based businesses as a starting point. More home-based businesses are reported, depending on who is doing the counting.
Is a home-based business a realistic option in our tight economic times?
I think so. Look at what gave the US economy its economic edge from the beginning. It’s the entrepreneurial spirit that existed from the early days of the country onward – not big corporations. It’s only been in the last 100 or so years that an attraction towards
corporate jobs developed. But that isn’t what gave the country its beginning.
The entrepreneurial spirit of individual early pioneers and settlers that gave the economy its strong foundation in the first place. It’s
getting back to this foundation where success lays.
Recently billionaire Sir Richard Branson said in an interview that smaller businesses are the ones to get the economy back on its feet
again. Not big businesses. I agree whole-heartedly. Home-based businesses and smaller businesses are the keys to economic stability.
So what type of home-based business is best?
The largest group of home-based businesses are professional businesses or management services. Second to that are businesses related to construction of one type or another, and the third largest group are businesses primarily focused on sales or marketing.
Among professional service industry, writers, website developers and people skilled in consultancy-type of work remain in high demand. These are skills many businesses either don’t have the skill sets to handle in-house or don’t have budgets or enough workload to hire full-time staffers.
That’s partly why most business owners are in need of help to establish even a basic presence on the Internet. Even local businesses
with websites are in need of web marketing assistance beyond throwing up a page and hoping someone sees it.
Offering web design services, search marketing advice, and helping businesses develop ongoing relationships with web visitors are just a few of the lucrative fields for home-based business startups. Even in this crazy economy.
To learn more about starting a home-based business visit http://www.sensibleworkathome.com for Andre’s free video series about helping local businesses succeed online.
