We will see new studies this quarter showing that the GDP is growing at around 3%. Yet, 15 million are still unemployed. What does this mean for you? Have you considered opening your own Business? Federal Reserve Chairman Ben Bernanke says that, "From a technical perspective, the recession is very likely over," What does technically mean? A recession is defined by two or more consecutive quarters of negative economic growth, or declining output. Even with that bit of good news, the unemployment numbers are still at or around 10%. A question we ask is how can be benefit from this trend and what type of businesses could I start today, that will not only give me employment, but growth?
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First things first. On a scale of 1-10, what is your desire to be in business for yourself? Self employment is not for everyone. There is a period of time that it takes to grow a new business or franchise. In some cases, 3 months or in others 3 years. Again, on a scale of 1-10, with 10 being the highest desire, do you want to be in business for yourself? If you are a 7 or higher, then continue reading. You need a strong desire to get up and going. Desire equals hard work, which equals success. I believe we all deserve to be successful! Yes, you can! But building a house needs a solid foundation. That foundation is you. Your #1 need for success in business is YOU!
Money is tight, and lending is even tougher. So, Second, we need some working capital. There are many low cost businesses to start today. Some with an investment as low as $1000.00 and others over $100,000.00. If you have cash, you will be surprised what types of businesses you can start for under $20,000.00. You can also use your 401K funds and use them without tax penalty. There are great services to help with that. I have my favorite, so contact me and I can point you in the right direction. With your own cash and a 401K plan conversion, you might have more cash than you thought available to you. Money is tight from our financing sources, but you can still get some funding. Recently President Obama said in a radio interview in response to businesses needing credit, "These are the very taxpayers who stood by America's banks in a crisis - and now it's time for our banks to stand by creditworthy small businesses, and make the loans they need to open their doors, grow their operations and create new jobs." Third, Now that you know you want to start your own business, and have some working capital, what should we look at?
Are you comfortable working from home, or do you prefer a store front? Working from home is a major trend today. Many businesses and large publicly traded corporations are now using more outsourcing and work from home options. This is a popular trend. Your capital needed is very low, and your continued overhead is low. All you need is a telephone and a computer and you are in business. There are great services available to you for marketing and giving your home based business a professional look. You can find answering services, writers, marketing professionals, and call centers available to you, and with minimum overhead. Many great sites such as Elance, Getafreelancer and Ifreelance provide a wealth of service providers to you. You are able to bid on them and hire and fire at will. You now have a staff to add to your home based business.
What Businesses can I do from home? The types of businesses vary from personnel recruiting, to direct selling of internet training and mentoring, to consulting, or working with children in after school programs. The choices are limitless, and they do not have to include MLM. Traditional businesses from home are a strong trend. In conclusion: If you are ready, then Economic rallies help, but not as important as you and your effort. The home based business offers the lowest cost solution and can be invested in for under $20k readily. You can own your own business and see it succeed. You only need personal motivation and in my opinion a good coach.
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