A report out today predicts that it will take, on average, 25 weeks to find a new job if you lose your current job. Here is the link Unemployment Woes
So what do you do if you lose your job? If you can’t wait a half year and hope you find another job, there is another solution.
Start a job. Or rather, start a business and create your own job.
If you still have a job, it’s an even better time to start your business. That’s because you can do this without needing the revenue right away. You have time to build it without the added pressure of trying to feed your family and keep a roof over your head.
In recessions, small, home-based businesses boom. Here’s why:
* Control the amount of money you make. Once you get your own business formula dialed in, the question will be how big do you want to grow? In the beginning, the question is more likely to be how hard you want to work. In this economy, work is good, especially if you don’t have any.
* Control the amount of taxes you pay. Remember that a business loss can be used to offset other income. And if there is still a net operating loss, after applying other income, you can take that loss back 2 years to receive a refund on taxes you paid. That could mean quick cash in your pocket.
* Control your assets. Stock markets go down. Real estate markets crash. Businesses get hammered too, but if it’s your own business you can control how you react and adapt. Many businesses get stronger in recessions. Costs go down. Plus, your competition gets eliminated. Get through a recession and you may find a huge pot of gold on the other side.
You might have decided to become an employee because it was the most secure route. Now, in times like this, you see that being an employee is actually LESS secure because you have no control over your income, your taxes or your assets. A small business can give you all those things.
Once you have your business going, make sure you protect it with the best business structures. The secret is not just to make money, it’s also to keep it. That means protection. The Operation Guide for Corporations is an affordable way to get up to speed on what you need to legally and safely run your own corporation.