Clark Howard's Tips
Retirees opening micro-businesses in a down economyJuly 16, 2008
This is an extraordinary time for entrepreneurs. There's no better time to start a business than during a recession. Think about it: There's a surplus of vacant office, retail and commercial space that can be had for below-market value. Ditto for high-quality labor.
Clark started his business in the midst of the 1980s recession. The reality is that you always lose money with a startup. But if your overhead is lower to begin with, then as the economy recovers you're poised for faster growth than you might have been otherwise.
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CLARK'S TIP TOPICS
Find more consumer advice in Clark Howard's book, "Get Clark Smart" |
The New York Times recently ran a story about people who wind up going the entrepreneur route after they've retired. Economists call this the "micro-businesses" trend. These are people who may have had a beloved hobby, but they never really got to pursue it during their working life.
It might also be a good time to try out a micro-business if you've lost your job. However, what was fun as a hobby does not always prove fun as a job. But Clark's longstanding belief is do what you love first -- and then figure out how to monetize it later.
