7 Reasons Starting Your Own Business in an Economic (franchise business reviews) Downturn is a Grand Idea

October 31st, 2008 admin Posted in business |

By Nickolove Lovemore

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 sizeable income and thousands more can expect to face axe 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.

For all the ins and outs of starting and or running your own business who better to mentor you than someone who’s not only been bankrupt but also a billionaire? Check out the Billionaire Business School for full details of this comprehensive, step-by-step, customisable business training at an incredibly affordable price.

About Online Credit Card Applications
By Irish Taylor

Obtaining a credit card these days is certainly a lot easier that it was years ago. Today, the process for owning a credit card is often done through the internet, where anyone can simply fill-out and submit his application without even leaving his desk.

Getting an approval is just as easy, especially if you have a good to excellent credit. Seconds or a few minutes after submitting your online application, you can expect a response right away. After getting approved, it usually takes only 5-7 banking days to receive your credit card by mail.

Even those with bad credit history dont need to have a difficult time applying for a credit card. Credit card issuers offer bad credit credit cards that are especially designed for customers with less-than-perfect credit history. Secured credit cards offer customers the chance to rebuild or repair their damaged credit by using their credit cards and submitting their payments on time. In fact, even those with no credit history at all can qualify for a secured credit card to start building credit.

Apply with Caution

Since applying and getting approved for a credit card is so easy, consumers are advised to spend more time in studying their choices. There are literally hundreds of choices of credit cards that are available in the market. But of course, not all credit cards offer a great deal. As a consumer, it is up to you to find the right card that suits your lifestyle and needs.

Most people are concerned about the interest rate. Although the interest rate offer plays a major factor in your decision, it should not be the only basis for your choice. Take note that some credit cards offer very low rates but the rest of the fees could be expensive. Aside from the rate of interest, dont forget to consider the other fees (annual fees, late penalty charge, transaction fees, etc.) associated with your card.

Comparing one credit card to the next could take some of your time but its certainly worth the effort. Use the internet so you can compare credit cards with more ease and convenience. Check out credit card review web sites that offer evaluations of different cards and issuers in the market. Know what other card holders have to say about specific credit cards based on their personal experiences.

Take the time to read and understand the Terms and Conditions of each card that youre considering. Remember that the advertisements do not reveal all information about the card. If you want to find out the real costs and terms of a credit card, you should read the fine print from the first statement down to the last.

Finally, when filling out online credit card applications, make sure that you are in the right web site and that it uses a secured server. A secured sites URL should always begin with https:// and you should see a locked pad icon at the bottom right corner of your browser. Fill-out your application careful and see to it that all information youll provide are true and correct.

Irish Taylor is a bussiness loan consultant with SBA Loans for Startup Business

and has been providing consumers and business owners with startup business financing since 1992. For years she has helped people with credit and loan problems especially pertaining to business start up, SBA Loans

and Unsecured Loans

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