A recent USA Today article reported that recessions are gold when it comes to home-based businesses. The Small Business Administration (SBA) found that when in a recession, more people create home-based businesses.
During the previous recession of 2001-02, the U.S. economy dumped nearly 2.7 million jobs overall, according to the SBA. However, during that same period, new and existing businesses with less than 20 employees added 853,074 jobs.
Lean economic times also can be good for one-person businesses. The SBA estimates that 1 million more people launched businesses in 2003 than in 2002, a 5.7 percent increase. “The bulk of those are home-based businesses, such as consultants, people selling on eBay, independent contractors,” said Brian Headd, economist for the SBA’s Office of Advocacy.
“Hard times also seem to spawn many one-person businesses, more so than good times,” the article said. “Such businesses can be born out of necessity by men and women who lose their jobs or just need to boost their household income.”
So don’t use the economy as an excuse not to start an at-home business—now may be the best time to do so.
Until next time,
Sarah
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