These days many ask, what to do if you lose your job? They know it is not easy to find a new job in this economic climate and are worried about starting a business during a recession/depression. The financial worries for many are extreme, as unemployment payments are often not enough to even pay your over heads, not to talk about having a bit of a life.
With unemployment numbers set to rise by about 600,000 to almost 3 million in the UK or to 6%, the outlook is dire.
My answer to the question on what to do, is pragmatic and simple, do both. If you lose your job, look for a new job and start a side business. It is no longer necessary to make a decision about these two options. Starting a small business is easy and it will give you at least some control of your destiny, while looking for a new job will give you the chance to find new employment. Should your business support you and your family well, just stop looking for a job.
Remember job security is a thing of the past – that is why you will not be surprised to read, that even if you still have a job, you should start a home business on the side, to make sure you keep your options open.
In my opinion running a small business is THE essential financial survival tool these days. — ST.