Recession-proof your income for tough times
Issue date: 10/19/08 Section: FYI
(ARA) - Unless you live in the wilderness, you know the news on the economy is not good. Employers have been cutting workers from their payrolls for six months straight, according to the Labor Department, and economists don't expect the job market to improve any time soon. With all this talk about a recession, it's hard to feel any kind of job security lately. However, starting an online business can be a quick and affordable way to make additional money and, it provides a safe back-up plan if you fear your job might be in jeopardy.
Steven D. Strauss is a lawyer, author and speaker who specializes in small business and entrepreneurship. He writes a column in USA Today and his latest book is "The Small Business Bible." He offers several tips on how to recession-proof your income in uncertain economic times.
Do what you love
Having trouble coming up with a business idea? Starting a small business is not only a great strategy for protecting and increasing your income; it's also an opportunity to make a living doing something you truly love. Start by thinking of all of the things you enjoy doing in your spare time, and then see if you can come up with a way to make them profitable. For example, if you're constantly knitting clothing for your friends and family, why not offer your products to the masses? Or, if you've been collecting baseball cards since you were a kid, you could create a database for people to buy, sell and trade them. The possibilities are virtually endless when you get creative.
Make your home your home-base
Setting up a small business in your home is one of the easiest and most cost effective ways to build a start-up -- especially during a recession. In fact, the 2005 U.S. Census says that small businesses have generated 60 to 80 percent of new net jobs annually in the country during the last decade.
"By working out of your home you can avoid the not insignificant costs of a brick-and-mortar storefront, such as rent and utilities. And, by working from home you'll eliminate all commuting costs, which is especially important with the rapid increases of gas prices this year," says Strauss.
Steven D. Strauss is a lawyer, author and speaker who specializes in small business and entrepreneurship. He writes a column in USA Today and his latest book is "The Small Business Bible." He offers several tips on how to recession-proof your income in uncertain economic times.
Do what you love
Having trouble coming up with a business idea? Starting a small business is not only a great strategy for protecting and increasing your income; it's also an opportunity to make a living doing something you truly love. Start by thinking of all of the things you enjoy doing in your spare time, and then see if you can come up with a way to make them profitable. For example, if you're constantly knitting clothing for your friends and family, why not offer your products to the masses? Or, if you've been collecting baseball cards since you were a kid, you could create a database for people to buy, sell and trade them. The possibilities are virtually endless when you get creative.
Make your home your home-base
Setting up a small business in your home is one of the easiest and most cost effective ways to build a start-up -- especially during a recession. In fact, the 2005 U.S. Census says that small businesses have generated 60 to 80 percent of new net jobs annually in the country during the last decade.
"By working out of your home you can avoid the not insignificant costs of a brick-and-mortar storefront, such as rent and utilities. And, by working from home you'll eliminate all commuting costs, which is especially important with the rapid increases of gas prices this year," says Strauss.
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