Downward trends in the economy that lead to job losses also increase the number of new business startups. Losing your job coupled with some low interest rates make the idea of entrepreneurship attractive for a variety of reason.
In fact, with more people out of work recession in fact see an increase in people launching their own small businesses.
Remember, though, when you launch a new business to protect yourself and your investments ranging from fixed to capital assets. You’ll also have to consider new tasks you may have never considered before. Who will go over your books and submit your tax reports? How will you pay employees (how will you remit that payment to the government?) Do you have enough start up capital and which bank will fund your enterprise (if you need a loan)?
There are a number of sole proprietors exist, but many chose to incorporate. That’s an important task but can be arduous to ensure you’ve set up your corporation properly. The more complex your business the more you’ll need expert guidance from a business attorney familiar with incorporation.
The startup costs may sound like hassle, but in reality you’re only jumping through hoops to protect your private assets should your business go South–and many startups do.