| The economy is in complete shambles. We've been in | | | | over and find a new job? It's something you should |
| the middle of one of the worst recessions in the | | | | take into consideration and I find that many people |
| history of the world that started around late 2008 and | | | | tend to overlook it. |
| has stretched well in towards the end of 2010 and | | | | The next question you need to ask yourself is about |
| shows no signs of letting up anytime soon. | | | | insurance. If you're currently at a job that offers health |
| One of the only bright spots in any recession is the | | | | insurance benefits then you may not be able to afford |
| fact that new businesses are often born because of | | | | insurance on your own if you start your own business. |
| recessions. Why is this? Well, it's pretty logical actually... | | | | People tend not to realize that insurance costs much |
| the first thing companies do when a recession starts is | | | | more than they think it will when you're running your |
| to lay off as many workers as they can in order to | | | | own business. At your current job, your employer is |
| reduce costs. With such a sudden surge in the number | | | | able to negotiate lower insurance premiums based on |
| of unemployed people looking for jobs, one of the only | | | | quantity and that is something you won't be able to do |
| things those unemployed people can do in many cases | | | | when you start your new business. |
| is to start their own business. | | | | Further, if you are nearing the end of your working |
| But before you run out and start your own business | | | | career, health insurance can become prohibitively |
| there are several very important questions that you | | | | expensive for the self-employed with premiums that |
| need to ask yourself. These questions can vary | | | | can cost $10,000 - $20,000 a year or more depending |
| depending on the particular person, their training and | | | | on your age and health history. This is a very large |
| background, and experience and specific situation, but I | | | | consideration and you should spend time with a |
| think you can get a fairly good idea of the type of | | | | professional insurance agent running scenarios before |
| things you need to ask yourself before starting a | | | | you start your business. |
| business from this article. | | | | Finally ask yourself where you're going to get the |
| The first question you should ask yourself is whether | | | | money to start the business. Will you be using your |
| or not the money that you have set aside to start the | | | | own savings? Will you be getting money from friends |
| business is money that you can afford to lose. If you | | | | and family or other investors? Will you need to go to a |
| only have $5000 to your name and next month you | | | | bank to get a loan and if so what kind of credit history |
| have $6000 in mortgage payments and credit card | | | | do you have? Be sure you get these questions |
| bills... maybe spending that money on building a new | | | | completely ironed out because only then will you be in |
| business if not the most logical thing to do, or the | | | | a position to start any sort of business. |
| safest thing to do. | | | | Starting a business can be exciting as well is |
| The next question I about age. How old are you? Why | | | | challenging and hopefully these questions have given |
| is this question worth asking? Well, what happens if | | | | you a firmer grasp of what may be in store for you. |
| your new business fails; are you young enough to start | | | | |