Starting Your Business In A Down Economy

Cover of "Start Your Own Business"
Cover of Start Your Own Business

An incredible economic downslide not only threw the world of WallStreet into shock , but regular folks earning an honest paycheck in the workforce as well. After learning that their financial futures would become precarious at best,as their livelihood becomes threatened by financial setbacks which could lead to devastating loss of homes, mortgages,jobs, medical & life insurances the impact of this economic depression caused many distraught people to take their own lives and left many more wondering where their lives would go from here. Where once job security seemed certain,the downsizing and relocating of big corporations caused company closings and layoffs,leaving the hopeful, feeling “hopeless”.

Those still lucky enough to retain employment are doing so while working under a certain stress mentality as they go about their business with a truism that tomorrows are not promised at their ‘day’ job because in reality, there’s no job security. As one astute business person put it when speaking on job security “Employers can no longer be loyal to us,so we must be loyal to ourselves”. There are a few ways people can be loyal to themselves as they weigh their options while working for others. It’s a tough call to make when you’re having to be the employee for your survival, but it’s your choice to make and it’s doable when you’re looking to start your own business. Some savvy tips to employ when starting your business:

1.Define your strengths and passion

2.Research your competition

3.Tackle your survival /financial longevity– give yourself at least a years worth of available finances before branching out on a business startup.

4.Network with like minded people on blogs, forums,advertisements in local newspapers,newsletters, friends,word of mouth… launch your potential business before hanging up your “open for business.” As a precaution don’t inform employers about your startup just yet.

5. Don’t expect instant success…contnue to hone your skills, network, promote and build your brand with persistence, patience and plenty of tlc…See you at the top

FYI:  The latest unemployment rate has falllen to 8.9%…Let’s keep moving forward & living our dreams and aspirations!

What business venture have you embarked upon?

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