Washington, DC - 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.
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 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.
Go global without going anywhere
When looking at the various types of home-based small businesses,
online businesses are not only the most affordable; they also have the
highest impact. Over the last several years there has been an
increasing trend for businesses, large and small, to get online.
With an online storefront you can sell anywhere. Even if your state is
in a recession, it's important to keep in mind that other places around
the world are not, and you can easily reach those global markets with a
good Search Engine Optimization (SEO) campaign. Drop-shipping -- a
supply technique in which the retailer transfers customer orders to
wholesalers who then ship the goods directly to the customer --
completely eliminates all storage costs and keeps your home office
clutter-free.
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