Episode 78: Business Trending in 2009 (Part III)

June 23, 2009

In Part III of our series on Business Trending in 2009, Kim and I discussed the pros and cons of starting a business during a recessional economy.

Did you know that both Disney and Microsoft started during a recession?  I didn’t, at least not until I was doing some research for this episode. Knowing that now makes me think that it’s not necessarily when you decide to start a business but what you decide to do once you’ve decided to go for it.

A concern for many people who are considering a business start-up is how they’re going to finance it.  Before you start throwing cash at any business, there are three things you can do that don’t cost anything.

1. Plan
2. Plan
3. Plan

Kim and I discussed several questions you need to ask yourself when you’re ready to venture out on your own:

• What would I be doing if I wasn’t working for somebody else?
• What am I passionate about that can create an income for me?
• Can I provide a service for other businesses?
• Is there somebody I know who could be a mentor for me?
• Can I start a business part time while I’m still employed by someone else?
• What kind of training do I need to start a business?
• Will the product or service I want to provide still be needed when the economy improves?
• Can I find partners who have the skills I need from the growing number of professionals who have been laid off or downsized?
• What is my time worth?
• Is there such a thing as security in corporate America anymore? Was there ever?

To hear how we answered these (and other) questions, listen to this episode!

We encourage you to share your own experiences as a small business owner or as a member of corporate America during this shaky economy by leaving a comment on this post. We appreciate your input!

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Posted in Business Resource