By Richard Henderson, Publisher of Home Business Magazine
Anyone with ingenuity and perseverance can start a home-based business, even in an economic downturn. Start one in an area with which you have experience or knowledge.
You can begin by studying a market or industry. Then evaluate and project how that market or industry will be impacted by an economic downturn. Include in your business plan significant content on reacting to and capitalizing from downward economic trends.
If you already own a home-based business, take action to ensure its survival and growth in spite of an economic downturn. In addition, search out new related markets that could arise from economic turmoil. Also seek out ways to diversify your current home-based business, such as finding a “complementary business” that you can “cross-market” at minimal additional cost with your existing home-based business.
Whether you have a new start-up or an established home-based business, both will capitalize from a home-based business’s greater flexibility and adaptability. Whichever your situation, look at ways to cut costs and trim expenses. You will be surprised how much can still be cut or trimmed from your home business, even if you think you’ve been running as lean as possible.
I’ve reiterated the following point every year and I still believe it to be true: The home-based business sector seems to do better when the larger business economy does worse. In other words, the home-based business sector kind of works as a reverse barometer. That said, there is no better time than now to start up or grow your home-based business. Be the next home-based business owner in the neighborhood. HBM