What If-Life On the Dark Side of the Moon

17.5 million Americans out of work. The nationwide unemployment rate hovers around 10%. Businesses have cut payrolls and inventories to match the decline in revenue as a result of lower demand for product and services. Individuals and families are working diligently to strengthen their balance sheets by reducing debt, increasing savings and consuming less.
As each day goes by, the unemployed begin to realize that the likelihood of their re-joining the corporate workforce is unlikely. Unemployment benefits will begin to run out. The responsibility for providing and procuring benefits such as health, life insurance, disability protection and retirement savings is shifted from the employer to the unemployed.
As a result, many of the unemployed are becoming entrepreneurs. Clearly, they do not want to nor have they planned for such a dramatic event. To fund their business, they draw upon retirement funds, savings, borrow against cash-values of life insurance policies, sell assets, or borrow money from lenders, credit cards or friends and family. Success of the business becomes critical.
The Internet has lowered the barrier to entry to starting a business. However, entrepreneurs quickly learn that their skill or knowledge will not sell itself. Most have to learn how to sell or market or procure services to help them run their business. That is why I am building relationships with business coaches, mentors and consultants. These highly trained professionals provide the necessary tools to help any start-up believe they can be successful.
This blog is dedicated to my fellow entrepreneurs who are in the midst of or seriously considering the transition from being a corporate employee to self-employment. Henceforth, each posting will be a story (most are true). The story will illustrate a risk that is probably relevant to your business.
As your awareness of risk increases, you will realize that you have the power to implement risk management strategies to address these risks. I will work with you and guide you through the various solutions, building a customized product or service to meet your needs and budget.
After all, you may be risking everything you own or have. Shouldn't you take advantage of the opportunity to protect your business so you have a reasonable chance of growing it??