Sweating Bullets over the Auto Industry?

Some interesting news came out today while reading about the auto industry. As you have probably read or heard at some point, the Big Three (Chrysler, General Motors, and Ford) are struggling with Chrysler and General Motors potentially having to file for bankruptcy or receive immediate help from the government just to survive. The Bush administration is thinking about bankruptcy for the two companies as a possible alternative but within an orderly fashion (http://finance.yahoo.com/news/Bush-considering-orderly-auto-apf-13870003.html). Three major auto suppliers have already filed for bankruptcy. What this then leads to is wondering what will happen if you work in the auto industry or within a related industry which counts on the auto business for parts of your sales. The auto industry has roots in around two million jobs (look at this map CNN has provided: http://money.cnn.com/news/specials/storysupplement/stateautoworkers/).

This just shows you that a recession can affect any job. You may be the most effective person at your job but if there is no demand for your company’s services, you will find yourself laid off.

All of this is used to simply point out that everyone can be vulnerable from any recession. Most people do not have any sort of savings so that if they lose their job, they can not survive without having to declare bankruptcy. Having a home based business can help you in a couple of different ways. It allows you to diversify your income. If you are tied to the auto industry in any way, you may be sweating bullets as you wonder where your next paycheck will come from.

A home based business could allow you to build that savings cushion so that you could sleep better at night. You can have an income which is not reliant upon one company but rather upon many customers. If you lose a customer here and there, that hurts your income stream but you can attract more clients through your own hard work. This allows you to have less stress during a recession. This completely ties back into the auto industry or any concerns you have about the economy these days.