Don’t be afraid of unemployment in today’s economy – 2 recession proof options

May 2, 2009 · Filed Under Recession

Recent statistics showed that the unemployment rate in US has gone up to 7.6% in January 2009. For many, they are not anymore afraid of getting laid off. They have started thinking more than that. When it is actually going to happen?

Jobs are no longer secured as they used to be earlier during the Industrial Age. Nowadays, many companies are downsizing the strength of the employees, with no plans of replacing them. There is less overtime and many employees find hard to see their hours cut. The number of benefits is also moving down and pensions are being raided or taken away. No one is immune to being downsized.

Management and HR department of the big companies are evaluating pay for performance strategies to implement in today’s struggling economy. They are assorting the top performers, rewarding them, and retaining them during tough economic times. Serious consideration is given to the base pay with additional income on performance. Most of the average employees are not finding this to be comforting news.

Here are two options that you may consider to stay on top of the recession period.

Option 1 – Franchise

Proven system with ongoing support.
High success rate and low risk.
Established market.
High startup cost. Average Franchise fee runs from $20K — $30K.
Full–time commitment for the 1st year.
Frequently takes a year to cash flow.
Usually requires a large overhead of employees, real estate, and goods.
Some Franchises might be less attractive while the economy is in a downturn.

Option 2 — Home Based Business

Work at home, no commute, and more time around family.
Can work part–time while holding a regular job.
Low startup cost, often $500 or less.
Low overhead: computer, long distance, high speed internet, and a few supplies.
You may have had a bad experience with the old style of Network Marketing — prospecting friends and family, buying expensive leads, having to attend meetings, lots of rejection, and a 95% failure rate.
New style Home Based Business is a new mind–set using new technology.
Social Media is an integral part of the new style of Network Marketing. Seldom a day goes by without you hearing about Twitter or Facebook in the news. Social media is changing the way people are communicating.
Abundant free training on the Internet on how to use Social Media.

Conclusion

You don’t need to worry about unemployment when you have a perfect plan in place to recession proof your income. Start executing your plans from the very first day after you find yourself unemployed. If you are fortunate enough of not having to lose your job, then consider these two options as a source of extra income. You will make your financially secure.

Tags: Recession