The official unemployment rate in the U.S. at the time of this articles writing is 10.9%, that only counts the actual people on unemployment compensation, the true figure is probably twice that. That's pretty high, about the same as the Great Depression level of unemployment. Production in America has declined to record levels. The economy looks bad. People are not buying luxuries and knick-knacks like before. Companies are laying off, cutting back on quality, and outsourcing jobs to other countries for lower wages.

But if you believe that the economy is turning around, now might be a good time to start a small business. Even in times of recession and depression people have been able to start profitable businesses. Even in 3rd world countries small businesses abound. Although no good statistics exist for Mexico, having traveled there and knowing many people who own their own business there, I've come to believe that most Mexicans are entrepreneurs. If only out of necessity.

Small businesses can flourish anywhere. The old adage applies "find a need and fill it". Starting a business is always a little complicated but so is working for someone else. It will require you to sit down and think, plan, act, then repeat the process every once in a while.

Pros:

• Become employed
• Be your own boss
• Set your own hours
• Income unlimited
• Great business deals to be found because of slumping economy
• loans have gotten easier under new funding

Cons:

• Dangerous economy (but appears to be getting better)
• Complicated finances (loans, taxes, payroll)
• Income depends on your motivation and skill
• planning (creating a business plan)

Maybe your wondering "am I ready to start my own business"?  Well only you can decide that but I recommend you get a second opinion from someone you trust to give you an honest and intelligent answer, preferably another business owner.

The First step though is to find a business that suits you. Your personality, skills, and start up capital. Think about a product or service that people need and will buy.

Next think about the type of business model you want and would be good at.

Recommendations:

• Traditional business or service ( Inexpensive Start up- Skill and Networking)
• Online services or products ( Inexpensive Start up- Learning Curve)
• MLM (Inexpensive Start up- Much Networking)
• Brick and Mortar Business (Fixed Location, Customer convenience- Expensive Start up)

Next step is to make a rough draft plan and take advantage of the resources available to you, like your local SCORE office, Business Incubator, or other mentors. Take some classes, SCORE usually offers low cost classes on making business plans and getting SBA loans. After you get your business plan together you can apply for any loans you'll need. Even if you don't need a loan to start it is still best to run a work up of your business plan to see if you are being realistic about finances.

Lastly start your very own business. You'll be stimulating the economy, hopefully mostly yours, and providing jobs. Thereby doing your part to help the US get back on it's feet.