Guidant Financial Group Blog

Millions of jobs were lost in 2008 and unemployment levels are expected to rise throughout the coming year. Many Americans who have found new jobs have accepted drastic paycuts. A CNN Money article published earlier this month addresses this increasingly common situation, but those who were interviewed all seem to agree that having a job—any job—is better than having no job at all. The article also cited a recent poll by the National Employment Law Project:

"63% of unemployed workers said they would be willing to accept a job offer that pays less than their previous job...Still, only 37% of respondents expressed high confidence in finding a job in the next four months despite being willing to make such a sacrifice."

One can expect these figures to change as unemployment and desperation rise. However, individuals who do not wish to return to the workforce earning a fraction of their former salary may want to consider going into business for themselves. With the right plan—be it a franchise, a small business or an entirely new idea—there are many ways to thrive even in a troubled economy. The hardest part for many is finding the financing to get a project started.

One of our last blog posts addressed some ways for entrepreneurs and franchisees to find financing. First and foremost we recommend 401(k) small business finance, can be a phenominal source of investment capital. Many entrepreneurs believe an investment in a business they control is one of the best they can find.

Looking for work can be a full-time job in itself, and many people will focus on finding a job without entertaining the possibility of creating their own job. It's a big commitment to start a business or a franchise, but more people are trying it every day and the fact that 90% of Guidant clients who take that route are still in business a year later is reason for optimism. Those who find the prospect appealing and who take control of their own employment may ultimately look back on being laid off as the start of a new, more satisfying career.