Start Own Business in THIS Economy?

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Taking advantage of the lower interest rates, I  am refinancing my home.  Although  being self employed has never kept me from qualifying for mortgages, I am aware that in the current market, “stated income” is a thing of the past. Despite my excellent FICO score and significant equity, I held my breath after answering that I am an entrepreneur.  Rather than the self employment bias I expected, the young woman taking my phone application, on hearing what I do for a living was so enthusiastic. She started telling me how she always wanted to start her own business and her supportive husband kept telling her to go for it, but the time just never seemed right. She was afraid to give up the security of her job -particularly in this economy! I had to laugh. Can you imagine how hard it was for me not to remind her that her industry was the catalyst for the present economic problems and that she probably had the least secure job of all. I wanted so much to rescue this woman from her JOB and show her all the ways she could make a living doing what she loves, but,  keeping in mind the reason for our call, I brought her back to the topic of approving my “Fast Track” refi. 

After we hung up, I just couldn’t get this woman off my mind. I find it so sad that someone will stay in an unsatisfying job when the economy is good because they don’t want to give up the money, and when things are slow, they are afraid to start something new. 

The truth is, right now is the best time to begin taking the steps to financial freedom that having your own business provides. I hear all my corporate friends worrying about layoffs-but they say they don’t want to leave the “security” of a job. How can they feel “safe” in a position that could be eliminated anytime?  In all my years of self employment, it never occurred to me that I might be found to be ”redundant”. I never worried that if the economy slows down, I would have no income. On the contrary,  I had a boss who had my best interest in mind and whose goal was to keep me “employed.” As an entrepreneur, I have ridden a number of downturns in the economy and felt secure n the knowledge that I had control of my own income. I had the freedom to tailor the business and change with the times to keep myself and my family fed, clothed and sheltered regardless of the state of the economy. 

If you are thinking now is too risky a time to start your own business, consider the risk you are taking by putting your livelihood in someone else’s control. Now is actually the smartest time to be planning your escape. IT’s not frivolous -it’s practical to have your back up plan in place. Most successful businesses start small and many entrepreneurs begin building their business while they are still employed. If you start now, you will at least have a plan in place if you are found to be “superfluous”. Should your job prove to be one that weathers this economic downturn, you will still be ready with your dream plan when you choose to pursue your passion full time. Give yourself the gift of job security. Start thinking about what you love to do and who needs what it is you have to give.  The only truly secure job is the one you create and there is only one boss to whom you are #1. YOU!

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