Lose your job, start a business?


A clip below from The Today Show focuses on successful entrepreneurs who opened their businesses after losing their jobs. Can losing your job be the push you need to start a new business? Yes. Do I recommend it? No.

Unless you have substantial savings, now is not the time to start a business on a whim. It can take one to three years (or even more) before a new business owner is able to take a paycheck for herself or himself. How will you pay your bills in the meantime?

Maybe even worse, is the problem that those who start a business on the fly often don't do enough planning for their launch. They're so excited and frenzied, that they jump right in without taking the time to formulate the best strategy.

If you're still not deterred... take a look at the video for some ideas to help you kick off your company.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.