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If the OP can't find another job, what choice does he have? I have considered starting a business because going out to interviews empty handed is costing me more money than I could have made, plus it's becoming a waste of time if employers don't call you back post interview. It's either get income or be on the streets.
Starting your own business when unemployed doesn't pay the rent or put food in the refrigerator.
I would never discourage someone from starting their own business. Entrepreneurship, risking taking, and innovation is what drives the economy. It's too easy to just give up and get a job at Walmart while collecting gov't assistance.
I think there's a lot of negative misinformation here from people who've never had their own business so I'll quickly summarize my own story and throw it into the mix. I decided to leave my job of 10 years when the corporation was purchased by a new entity. I'd worn many different hats, wasn't sure what I wanted to do. I worked for a year as manager of a small supermarket and then decided that with the little bit of money I had from a retirement fund I'd like to open a restaurant - in retrospect something I'd never advise anyone to do when it's a very tricky business at best and most fail (at least where I live) within a couple of years.
I found a small building for rent which needed to be totally renovated. I had a friend who was an excellent carpenter who donated his services and we worked together for three months to bang the little place into shape. Hard work? Of course but I'd worked all my life (I was then 50) and hard work had never phased me. I had less than $20K to get this thing going and did it. Three years later we renovated from scratch another old but much larger space and I moved the business into that. I finally closed the doors 16 years later. A HUGE amount of work (I look back now and wonder how the heck I ever did it) but one I'll never regret.
I had a great little business, spent next to nothing on advertising and relied on word of mouth to build a firm repeat customer base.
Whether that helps or not I don't know. But if you're not afraid of hard work, if you give your customers excellent service and value and never slack of, and if you have a healthy work ethic, of course you can do it if you're unemployed. You have some money to start something up so if you truly believe in yourself and your capabilities then go for it! Good luck!
I think there's a lot of negative misinformation here from people who've never had their own business so I'll quickly summarize my own story and throw it into the mix. I decided to leave my job of 10 years when the corporation was purchased by a new entity. I'd worn many different hats, wasn't sure what I wanted to do. I worked for a year as manager of a small supermarket and then decided that with the little bit of money I had from a retirement fund I'd like to open a restaurant - in retrospect something I'd never advise anyone to do when it's a very tricky business at best and most fail (at least where I live) within a couple of years.
I found a small building for rent which needed to be totally renovated. I had a friend who was an excellent carpenter who donated his services and we worked together for three months to bang the little place into shape. Hard work? Of course but I'd worked all my life (I was then 50) and hard work had never phased me. I had less than $20K to get this thing going and did it. Three years later we renovated from scratch another old but much larger space and I moved the business into that. I finally closed the doors 16 years later. A HUGE amount of work (I look back now and wonder how the heck I ever did it) but one I'll never regret.
I had a great little business, spent next to nothing on advertising and relied on word of mouth to build a firm repeat customer base.
Whether that helps or not I don't know. But if you're not afraid of hard work, if you give your customers excellent service and value and never slack of, and if you have a healthy work ethic, of course you can do it if you're unemployed. You have some money to start something up so if you truly believe in yourself and your capabilities then go for it! Good luck!
Great post.. Money is not always the most important ingredient needed when starting a business.
Hard work and determination are very important when starting small. Self motivation is sometimes in short supply. Lots of naysayers and boo birds will give you negative feed back. Mostly because they want you to fail, so they can feel good about themselves for not having the confidence to take the risk to start a business. I wanted to try so I wouldn't kick myself later for not taking the chance. It was my second try to start a business. If you fail its even harder to try again. I was the only one that wanted to try the second time. Everyone said you tried once why the heck would you risk being wrong again.?
So happy I got to taste success this time around in a completely different field.
I think there's a lot of negative misinformation here from people who've never had their own business so I'll quickly summarize my own story and throw it into the mix. I decided to leave my job of 10 years when the corporation was purchased by a new entity. I'd worn many different hats, wasn't sure what I wanted to do. I worked for a year as manager of a small supermarket and then decided that with the little bit of money I had from a retirement fund I'd like to open a restaurant - in retrospect something I'd never advise anyone to do when it's a very tricky business at best and most fail (at least where I live) within a couple of years.
I found a small building for rent which needed to be totally renovated. I had a friend who was an excellent carpenter who donated his services and we worked together for three months to bang the little place into shape. Hard work? Of course but I'd worked all my life (I was then 50) and hard work had never phased me. I had less than $20K to get this thing going and did it. Three years later we renovated from scratch another old but much larger space and I moved the business into that. I finally closed the doors 16 years later. A HUGE amount of work (I look back now and wonder how the heck I ever did it) but one I'll never regret.
I had a great little business, spent next to nothing on advertising and relied on word of mouth to build a firm repeat customer base.
Whether that helps or not I don't know. But if you're not afraid of hard work, if you give your customers excellent service and value and never slack of, and if you have a healthy work ethic, of course you can do it if you're unemployed. You have some money to start something up so if you truly believe in yourself and your capabilities then go for it! Good luck!
Thank you for posting this. Opening a restaurant or bar is something that I have thought about a lot... I know tons of other people have too.
The key seems to be that you got creative and leveraged what you your own work and the skills of your friend. I'm sure the work otherwise would of cost a lot more money.
This kind of reminds me of the story of Chipotle. While it's a huge brand and business now, it started rather modestly. The guy that started it opened it with the idea that he would just run it to make some money until he could open a fine dining place. Looks like he started with a loan for $85,000 in 1993 from his father. Then it kept growing and growing.
I had heard the the stores are designed they were because he didn't have much money to do anything fancy so thats why they look kind of 'raw' .
I would never discourage someone from starting their own business. Entrepreneurship, risking taking, and innovation is what drives the economy. It's too easy to just give up and get a job at Walmart while collecting gov't assistance.
Finding competent computer repair or a handyman is very difficult in the Boston area. If you lived here, you would have low overhead on the first and could do the second with a well supplied van. Of course you are in a different state so it may be different there.
Finding competent computer repair or a handyman is very difficult in the Boston area. If you lived here, you would have low overhead on the first and could do the second with a well supplied van. Of course you are in a different state so it may be different there.
You would think some of those MIT students would do computer repair on the side ..but maybe they are too busy studying.
OK thank you for your comments whether negative or positive, I have read them all.
I'm currently at week one of running local advertisements and have yet to receive a phone call for my services. My business cards will arrive in a few more days and I'll pass a few out to friends and family and we'll see if that helps any in a few weeks.
You would think some of those MIT students would do computer repair on the side ..but maybe they are too busy studying.
PC repair isn't hot anymore. Vast majority of people use tablets and smartphones for their routine usage. I have seen a lot of ads for businesses that can repair those though so that might be worth looking into.
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Money is not always the most important ingredient needed when starting a business.
