In the face of an economic slowdown and widespread layoffs, it's time to take control of your future. Instead of waiting for the inevitable, seize the opportunity to create a brighter future. Launch your own business. It may seem daunting, but it's easier than you think.
Starting a business during tough economic times may seem counterintuitive, but history tells a different story. Many of today's successful corporations were born in basements during the Great Depression, a time when one in three people were destitute. These businesses not only survived but thrived.
Contrary to popular belief, you don't need a massive bankroll or a line of credit to start a business. Half of the companies on the Fortune 500 list started with just a few thousand dollars. Some even began with a few hundred dollars. There are countless examples of successful small businesses that started with nothing more than an order pad and $20 worth of fliers announcing a new service.
Starting your own business can be a transformative experience. When you become your own boss, you often find a new level of motivation. You may find yourself working longer hours, but it won't feel like work. It's a phenomenon that was well understood in the 1800s but seems to have been forgotten today: you're smarter, more clever, and harder working when you work for yourself.
Choose a field you know and love. If you're not an expert in your chosen field, set out to learn. Use resources like your local library, Amazon, and search engines to find books, websites, and videos about your chosen field. Become a self-taught expert.
Identify a group of potential customers. Find a group of potential customers who really want what you have to sell. Make sure they are a group you can advertise to with little or no money. Then promote, promote, promote. Use methods like door-to-door sales, letters, talk radio, letters to the editor, and trade associations. For more ideas, check out Jay Levinson's "Guerrilla Marketing Weapons".
Keep track of your finances. Many small businesses fail because the owner didn't keep good books. "Small Time Operator" by Bernard Kamoroff is a great resource for learning how to stay legal and keep track of money and inventory.
Don't give up. It often takes a year to get a new business off the ground. Most business owners report that their first year was slow, but business picked up in the second year and continued to grow in the third and fourth years.
If these steps still seem too daunting, consider working with a good reseller or networking business. They are like franchise opportunities for individuals and usually require little to no startup capital. The good ones provide lots of help with marketing, selling, and a great line of products.
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