If you're unemployed and always dreamed of being your own boss, it might seem like a good opportunity to start a business. But before you get started, be sure to do your homework.
Study the market: Look for products and services that more established companies aren't delivering. Big firms are more likely to be distracted by the economy, opening the door for a startup to take market share.
Take the long view: When hunting for opportunities, consider where they might lead you in five to 10 years.Famed chef Wolfgang Puck and his company decided to go ahead with a new restaurant at the MGM Mirage (MGM) and Infinity World Development's extravagant CityCenter in part because they "didn't want to miss the boat," says Tom Kaplan, senior managing partner of Wolfgang Puck. A great idea is only half of it: You should have passion for the concept behind your business. But you must also like doing all the things a business owner must do, such as find customers and handle vendors. "You don't have to love everything you're doing in business, but you have to love the things you do a lot of," says Steven S. Little, author of Duck and Recover: The Embattled Business Owner's Guide to Survival and Growth (Wiley 2009). Little has a friend who started a surf shop because he adored surfing. He discovered that he spent more time talking to vendors and creditors than customers. Keep your operation lean: Create a conservative business plan based on the lowest income possible, and then run it by a trusted business contact. While optimism is an entrepreneur's middle name, the recession demands fiscal discipline.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV