7 Reasons Why Starting Your Own Business in an Economic Downturn is a Grand Idea
Starting your own business in an economic downturn is a plucky rather than reckless thing to do. It's certainly not for the faint-hearted.
With the economy in a downturn there is a great deal of uncertainty in the air. Some folks are clinging desperately to their jobs, afraid to seek other opportunities despite the fact that they are unhappy in their current position. Thousands are reeling from being abruptly dismissed from a job that was bringing in a sizable income and thousands more can expect to face ax over the coming months.
Yet, these are precisely the reasons why you should be considering starting your own business or looking at ways in which you can boost an existing business.
So here are 7 reasons why starting your own business in a downwardly spiralling economy is a grand idea:
1. Control your destiny
Do you want your future in someone else's hands or yours? If you run your own business you are responsible for its success. Yes, it's a big responsibility but you can succeed in business even during a recession. Instead of living in fear live in anticipation of the new opportunities that each day will bring.
2. Write your own pay cheque
If you are working for someone else, unless you are a commissioned salesperson, then your pay cheque is fixed. As a business owner you can decide your level of pay. Okay, you might not immediately achieve your desired income but once you do, you can simply work on improving your business skills and expanding your business so that you continually increase your level of income.
3. End the daily rush-hour commute
Commuting to and from work can be a very stressful experience. Did you know that 9am on Monday mornings is the time when most heart attacks occur? If you have a job you generally have to travel at peak times when the roads and the public transportation systems are crowded and congested. It's not the best way to start and or end your working day. Instead, how about a 60s commute to your home office? Think about the time you'll save and what you can accomplish in that time.
4. Set your own working hours
When you work for someone else they generally decide your working hours and even the times at which you can take breaks. Work for yourself and you can choose your working hours. You can take time off to spend with your children or to take care of an elderly or convalescing relative.
5. Decide where you want to work
Naturally, this will depend upon the type of work that you do but many occupations allow for great flexibility regarding you choose to work. In many cases, individuals decide to relocate and work in a different country or even travel and work so that they can experience life in several countries. Individuals with an Internet-based business may simply want to take advantage of a beautiful day and work outdoors. It certainly beats being stuck in a cubicle.
6. Choose your team
At work you generally do not get to choose who you work with and some members of your team can be a living nightmare to work with. If you have you own business you can choose your team. Hiring the right individuals for a particular role is a highly skilled task but there's great expert advice available such as from Brad Smart of TopGrading. And here's another thing, a down economy is a great time to scout for top talent.
7. Follow your passion
The majority of people dissatisfied with their current jobs but they stick it out because they have bills to pay. This is the worst reason to be in a job when you can do something you enjoy and are passionate about and get paid. You don't have to jump ship and go full-time into starting your own business. You can start on a part-time basis and when you're earning enough to take care of your monthly bills and have money set aside for at least six months living expenses you can abandon your J.O.B. and start living your dream.
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