The labor department just released the latest news about our unemployment rate, announcing we are at a 5-year high of 6.1%. It’s really no surprise, and it may get worse before it gets better.

There are two times that people decide to start a business: When the economy is strong and they feel they can take their time to get their business up and running, before quitting their jobs, and when the economy is weak, and they either have just lost their jobs or fear it will happen any time.

Because service-oriented businesses can be started with very little capital, through bootstrapping, probably one of the BEST times to start a business is when the economy is weak! Imagine making a go of your business during today’s tough times… and then what is possible when the tide turns? And, it WILL turn; it always does.

In fact, back in 2001, the talk was big then on the failing economy, too. Headlines included such titles as these: “Fed Says Economy Remains Sluggish”, “Brokerages Stuck in Profit Slump”, “The Layoff List”, and I love this one: “US Industrial Utilization Falls to a 17-year Low”.

During that last economic slow-down, reporters for the online newsletter at Wharton School of Business at Penn State asked several professors their opinion about starting a business when the economy was weak. Their replies are exactly what I say above! With a good, unique offering, and the right type of business, and being able to start a business without a lot of capital, a business can be started in good or tough economic times.

In that series of interviews, the professors also discuss the changing of the face of economy; back then they mentioned it more along the lines of including more ‘m-commerce’, but it’s actually the beginning of what we now know as ‘globalization’. Thomas Friedman probably emphasizes this best in his compelling book, “The World is Flat”. I HIGHLY recommend this book for anyone either in business or considering starting a business.

So, what is good news about an increased unemployment rate? The good news is it could be the best time of your life to start that business you keep thinking about!

Margie