With the ongoing economic downswing there are problems and some good chances too. The greatest challenge when someone loses his or her job is: What will i do next? It is a question that we hear many times. Answer to the problem is to run your own business. But there are lots of challenges you are goona face before starting your own business.
1): Is there any marketplace for the product or service that you want to offer?
Before starting any business people thinks that there passion and enthusiasm for a product will make them successful. Passion is one of the most important component in the success but there is no guaranty. Your 1st step is to recognize if you have a solid marketplace.
2): Is the marketplace you want to follow vulnerable to this economic cycles?
If the product you want to sell falls more into the class of being a WANT instead of a NEED then there are more risk of business failure. Specially in this tough economic time.
3): What should you do when in an economic crisis?
The first step is to honor "who" you are.This is one of the most important factor to do well professionally. One of the most vital factors of success is to be doing something that you love. You must be doing business in conjunction with "who" you truly are. If you are not doing a business that gives you satisfaction then success is far far away. Don't use your education, training or past as a prison house to keep yourself from the future you want. Ask yourself what worked. What didn't work? Talk to your friends and family members about your dreams. Think of a service that is always needed. Something like cleaning compny. Cleaning is still making a lot of money world-wide. There are a lot of competitors. But, it is low cost and easy to enter and you are in a position to offer the same or much better service and at low cost. This business doesn't take a lot of expertise. And, I can guarantee you that it is very profitable.
4): Stay away from get rich quick or businesses
Most of the advertising you read is established on someone's true story. The slice that is missing is that how many people who attempted to start that business made it financially viable to where it could support them. Normally, this percentage is really low.There are numerous answers to what kind of business you should start. The most essential thing is to ask this questions of yourself.