AFRICANGLOBE – A recent study by the SBA found that when unemployment is high, the number of sole proprietorships goes up. Some people who are laid off from their jobs decide to start small businesses.
If you find yourself in such circumstances — out of a job and thinking about starting a business — chances are you won’t have much money to start up with.
So here are 10 businesses with potential for growth in 2014 and beyond that require little startup capital. In many cases they can be run out of a home office. Most require minimal equipment beyond a computer, phone, printer, a few tools, and perhaps your car or truck. You won’t need advanced degrees or highly specialized training beyond what you may already have or can learn on the job.
As always when starting any business, do your due diligence. Research the business and your market to make sure there is demand. Write a business plan. There’s nothing like putting a business plan down on paper to force you to think of issues you might have overlooked. Business.gov offers business planning guidelines here.
Also, if you are receiving unemployment benefits, first check with your local unemployment bureau. When you start earning money from your new business, it could make you ineligible to continue receiving unemployment assistance. Check into any state or local business licenses required, too, for a business.
But assuming you’ve done your homework, the above list can trigger ideas for what could become the next stage of your career – your own business.
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