How to.... be your own boss

Recession, credit crunch, redundancy, DOOM and GLOOM! Don't you just get fed up listening about it? Well, you may be surprised to hear that an increasing number of people have decided to take control of their future - by ignoring the gloom merchants and starting their own business.

It sounds a bit odd at first, setting up as a self-employed person in a recession, but for two things. Notice the popularity of "reality" shows like Dragons Den and The Apprentice, then have a look at the published statistics about entrepreneurship. It may come as a bit of a surprise but the early stages of recession are the best time to set you your business!

The reason is simple really. As the bigger players fall away they leave big holes in the market for lean, mean new businesses to move in and set up brand new enterprises with energy and hunger. Most of all, low overheads and keep pricing can often snap up business which it wouldn't usually get in times of plenty. This is particularly true for all businesses who are involved in the leisure and creative sector. After all, what do people need in depressing times? That’s right - they need to be cheered up! It is a matter of fact that it is creative businesses that are best equipped to think and act creatively to fulfill the market gap.

Another oft-repeated fallacy is that it takes a fortune to set up and banks won't help. Banks only make money by lending money. At the moment they are desperate to invest in entrepreneurs. The reason? They can insure their debt with the treasury! Of course, in order for that to happen you need two things, professional business advice to find your way around the system and a solid business plan which demonstrates that your idea is viable. After all, you must produce a plan and cash flow supported by market research in order to convince the most important person in this whole equation - YOU!

Once you have researched and tested the business idea to your own satisfaction, you should have no difficulty in selling it to a funder in order to raise the necessary cash. Then you can begin to build a relationship with your second best friend: your bank manager. Don't worry about tax and national insurance, there is any amount of free help and advice to sort that out, so you can concentrate on the bit you are best at. Establishing and growing your business will be the most rewarding part. The secret to succeeding in a recession is having passion about your business idea and an ability to think "outside the box"