Jul 212010

Plan B

What would you do if you are or your spouse were unable to find work? More and more families are being forced to face that question. Whether or not you currently have a job, now is a good time to consider creating some options. One way to do that is to start a home business.

Your business can provide many benefits:

  • A source of income in case of layoffs
  • Extra money to pay off debts, build savings and fund special projects
  • New skills that can help you in your current job
  • Tax deductions
  • Retirement income
  • A tool to teach your children entrepreneurial skills.

It takes time to build a home business. So why not start one before you need it? Your current job will provide income, so you can grow your business without risking your family’s livelihood.

However, even if you or your spouse have lost your job, it’s not too late to create a home business. You can job hunt for part of the day and work on your new business for the rest of the day. The job market still is very tough. A home business gives you another option if you have trouble finding work.

Take some time to think about what kind of home business you would like to start. Explore, dream a bit, research and plan. What can you provide that customers want? Can you spot some unfilled needs? What are your interests, skills, work experiences and passions?

Start small so your home business will fit in with your existing work and life without overwhelming you. Then build your business one manageable step at a time. Look for business ideas that can be started with little cash. Then use the profits to grow your business.

If the idea of a home business is scary, remember that a century ago, working for yourself was a normal part of many people’s lives. Think of it as the ultimate do-it-yourself project.