In less than two years, the United States could face another recession. How do you plan to stay up when the economy is down? Only 27,000 jobs were created in May 2019, and the unemployment rates are expected to increase over the next three years. Meanwhile, the rate of personal income growth is simultaneously falling. 46% of Americans are calling for more job security, is your business recession-proof?
During a recession, the opportunities for new graduates begin to narrow as there are less opportunities to be promoted, as well as to be trained. However, a recession hurts the entire workforce; increasing layoffs and decreasing hiring. In fact, recessions can even force employees into entry-level, low-wage employment. People are reluctant to start businesses, which has an overall drag on the economy that lasts far after the recession is over.
Choose the right business to avoid being victimized by a recession. For approximately a century, financial, medical, and federal government workers have seen improved wages and lower unemployment than the national average. This provides job security when the economy is up or down. But you can also start your own business in a recession if you choose the right type.
Don’t ride the economy’s wave without a life jacket: recession-proof your business. If you don’t have a job in finance, try sharing your strengths, demonstrating your leadership, networking with other professionals, or learning new skills to make yourself a vital resource Investing in a tax training business requires no prior training or experience, is in high-demand, and is self-paced with certifications available online.
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In the words of Benjamin Franklin, “In this world, nothing is certain except death and taxes.” If you aren’t prepared for the next recession, take time to plan for the future of your business today.
Infographic Source: National Tax Training School
