Create Your Own Recession Insurance by Starting Your Business

Create Your Own Recession Insurance by Starting Your Business
by Monica Carter Tagore

Financial fear and economic pessimism dominate the airwaves and news pages these days as economists debate whether our country is in a recession. But millions of families across this country already know the answer: They are experiencing their own personal recessions, as the economy slows, the dollar weakens, and homes go into foreclosure.

Many people are looking to their employers for clues they can gain as to their own financial futures: Will their jobs still be around? Will their hours stay steady? Will they be able to survive?

But there is another way to try to help secure your family’s financial future. And that is by looking at yourself. That’s right, you. Critically examine your life to see what you are good at doing, what you like doing, and what you know how to do that can make you money. It’s time to put your talents, skills and abilities to use so they create income and wealth for you and your family.

Launching your own business – even on a part-time basis – could be a realistic way to get through an economic recession and build your family’s financial future. You may find your business grows from a part-time venture to a full-time position. I launched my first company on a part-time basis while working for a newspaper. Two years later, I was working full-time for myself. 

Entrepreneurship isn’t for everyone, of course. But it may be for you. It’s an intimidating undertaking for many because they do not know what to expect or fear they already do not have enough money or other resources to be successful. Proper assessment and planning can help you objectively answer your questions, as well as position you for entrepreneurial success.

Here are four questions to get you started figuring out if entrepreneurship is for you:

Four critical questions for those considering entrepreneurship

1. What do I do well that can also make me money?

2. Am I willing to educate myself about starting and growing my own business?

3. Am I willing to adjust my schedule to fit my business into my day?

4. What financial resources do I have available to me?

The first question answers the basic query about what you will offer that will be marketable. It’s not enough to just start a business and hope customers will come. You must know early on that you are providing something the market finds valuable.

The second question helps you assess whether you will be willing to invest the time – and money – into educating yourself about business, your new company and other critical matters. Work with a coach who can help you navigate business start-up and growth. Read books and articles about your area. My latest book, Zoom Power: Your Key to Hitting Your Personal, Business and Financial Targets, is a good resource for people struggling to achieve their goals and dreams. This book helps you develop the mindset to see your business to success. It also helps you create a practical plan to go from thinking to doing.

The third question goes to your commitment of time. Running a business – even a part-time venture – is a serious commitment. If you are not willing to dedicate the time to establishing your business, then it will not succeed. 

The fourth question addresses financing your business. You must consider how you will support your business in its start-up and growth. Will you use savings? Loans? Will you reinvest money into the business? Will you reduce your personal expenses and use that money for your business?

Entrepreneurship is the means to achieve financial stability, security and ultimately, freedom.  Maybe you’re good at doing the job your employer pays you to do. Can you turn that skill or ability into a business of your own? Perhaps you have a story to tell or you have a wealth of knowledge about a particular subject area. If so, maybe you would want to consider writing a book about what you know and turning that book into a business. Or maybe it’s time to turn your hobby into a business.

Entrepreneurship could be the answer to your family’s financial concerns.

ABOUT THE AUTHOR

Monica Carter Tagore is an entrepreneur, author and columnist. She also is a mentor who helps people publish marketable books. Sign up for her free Ambitious Entrepreneur newsletter at knowledgewealthseries.com.