Our economy is not at its strongest. When the economy gets shaky, it tends to cause us to get shaky about other aspects of our lives too. The other day I was talking to a woman who was looking for work. She said that once she finally found a job—no matter what job—she was going to “hang onto it for dear life!” For many individuals who have been contemplating starting a home business, you may be feeling like now is definitely NOT the right time. But, is it really the wrong time to start a home business?
If you are worried and cautious with your financial scene right now, you have every reason to be and you are in good company. It might NOT be the time to be dipping into the savings or upending your finances to do something drastic. But, why does starting a home business have to be so risky and so drastic? Perhaps, you can start your business on the side or try to minimize the risk by continuing to work at your day job while you lay the foundation for your business. Or, you may consider starting a business with less overhead and up-front cash outlay in order to minimize the financial stress.
If you re-frame your business venture and look for ways that it can actually HELP your financial picture during a recession, it might make it easier for you to move forward. I have found that diversifying my income and my income potential by starting a business has actually made my financial picture more secure. I now know that if something were to happen, I would be well-situation to adjust to a tough economic picture. When I was completely dependent on one job working for “the man”—I didn’t have that sort of confidence. A home business can actually provide you with more job security during insecure financial times but you will need to take care in building a sound business. Take time to do your research and look for ways to minimize your risk and it can still be a good time to start a home business.
See Also: Prepare for a Recession
Is There Such a Thing as a Recession-Resistant Home Business?