I have been in the tax business since the early 1980s and see business creation accelerate as a recession ends every time, until now. For some reason (maybe government interference and lack of a clear policy) people are creating jobs at a slower pace this time. When current employers refuse to hire, smart people find an unfilled demand and fill it.
Several of my clients have started a new business. Business ownership has its risks, but the rewards are really good, too. Starting a business as the economy leaves a recession has fewer risks as demand is increasing and there are ample opportunities to fill space vacated by businesses that closed during the recession.
Owning a business is not for everyone and has unique issues related to it. Still, nothing beats business ownership. Yes, the hours are long and risks abound. But losing one client does not break the company where losing the one and only job you have is a severe body blow.
The people that started businesses over the last year in my office have done well. It seems to me there is significant unfilled demand waiting to be filled. Some of these businesses may fail in the future, but for now things look all roses.
You can beat the odds when starting a business by following a few simple rules:
- Use little or no debt.
- Hire professionals to help you start and run the business (accountant, attorney).
- Start small, if possible, and build from there.
- Plan each step of the way. Have a business plan.