A Shift to Self-Employment

A Shift to Self-Employment

Is self-employment right for you? Is now the best time to start your own business? Questions like these are common right now. And the answer is: definitely, maybe. Regardless of the type of business, self-employment isn’t for everyone. It requires passion, know how, and opportunity. It requires strategy and great timing. And it takes resources. To be sure, there are many pros and cons to consider: With unemployment claims at 30MM in the U.S. and unemployment dropping to 10.2% (16.5% factoring in part-time employees), there is still a lot of volatility in the market. In the months of March and April the US economy lost more than 21MM jobs, and in May, June, and July, regained 9.3MM (about half of jobs lost). While this upward trend is good news, the question remains, what happens next? A lot depends on three things: The virus: While scientists are making great progress toward a vaccine, the number of new cases continues to grow. Consumer confidence and behavior: Some experts speculate that many people used the $1200 US stimulus check to pay-down debt, rather than stimulate the economy with new purchases. The government’s response: At the time of this writing, the U.S. government has not reached a consensus on a second stimulus bill. Of course, this is really only a piece of the puzzle in response to a global pandemic. For the unemployed, with no indication of a work return date, now is a great time to explore possibilities. According to the National Bureau of Economic Research, when people have a greater amount of time to find the right position (with the security...