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DQ News: Small Business in Tough Economic Times

The following is a guest post from Kelly Austin.

It is possible to own and operate a profitable small business during the recession. Starting a small business does not mean you have to do the business indefinitely and running a small business can be temporary to help provide some income to help pay for bills and other living expenses. Chances are, if you are doing something you enjoy, you will be successful and stick with it for a while.

Despite what many believe, small time businesses can thrive during a recession. The following are two small businesses that are recession proof. Both bookkeeping and debt collection business can also remain profitable and sustain during an economic downturn and can thrive in stable economy as well.

A home based bookkeeping business is relatively easy to start and does not require extensive training. Small businesses often need help keeping the books, receipts and other financial information organized. Small companies may also need the services of a bookkeeper to complete payroll for a small staff or handle accounts payable and receivable.

Starting a home based bookkeeping business will require some knowledge in accounting. This knowledge can be obtained by taking an introductory accounting course at a local community college. Running a bookkeeping business can be done from home or in a small office space.

There may also be the opportunity to complete work at the client’s office. The mobility of a bookkeeping business can help to keep overhead low and monthly expenses manageable. The monies earned from providing the service can be used to cover household expenses or socked away for savings.

Another business that should be considered when looking to increase income is to start a debt collection agency. Debt collection agencies are ideal in the current economy. Since many people are having a difficult time making payments on credit cards and other debt, both large and small businesses are looking for ways to collect monies owed to the business. Similar to a bookkeeping business, a debt collection business can be run out of the home.

Before opening a debt collection business, it is wise to conduct a personality analysis. Not all personalities are suited for debt collection. A home-based debt collection must have the ability to be persistent, empathetic and organized. Investigative skills are also necessary to be able to track down borrowers and access important information.

The key to running a successful home-based debt collection agency is getting businesses interested in the services. It is imperative that a marketing plan be completed and business goals be set and assessed often. There should also be a business site and a presence on the internet. In today’s Internet age, it is imperative that small businesses have a website that gives information on the company and the services provided.

Whether it is bookkeeping, debt collection or other business the key is to find something that can be enjoyed while also earning a profit. There should be minimal start up costs with the beneficial to earn a desirable side income. Having a business website can help match consumers to the business.

Kelly Austin blogs at HigherSalary.com.

Photo by Monkey Business Images/ShutterStock.

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