With unemployment still at record levels, and jobs still very scarce many are turning to the option of starting their own business. The cost of overhead can be a daunting obstacle but with some creative thinking many are making a go of it.
It may be necessary for business owners to “downsize” their own lifestyles. Many are moving to less expensive quarters or adding living space to their business to reduce duplicate costs. Others are acquiring volunteer help such as unemployed family members.
Those who opt for entrepreneurship are finding they must work longer hours and be more persistent in their marketing efforts than in the past. They are also discovering the best customer is a repeat customer. It is easier to sell to someone who has bought from you before. Thus, advertising dollars are being split between building a relationship of trust with current customers and soliciting new customers.
Policy makers are eying the situation and looking for ways to help, because they understand small businesses are the biggest potential source of new employment. Unfortunately, fraudulent applications for loans and grants put a damper on government’s willingness to help. Nonetheless ways must be found to help those who can provide the means to turn the economy around without wasting precious seed money.
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