In the wake of the economic crisis, many people are making the effort to create a job for themselves, instead of passively waiting for the government to bail them out. To cope with present financial difficulties, it is extremely important to have a contingency plan in place.

If you are out of a job, it is time to stop feeling sorry for yourself, and consider starting a small business.

Statistics indicate that 49% of all US businesses are now home based, and 60% of those are self-financed. The greatest advantage of home businesses is that your future and security is no longer dependent on your boss.

Besides the freedom to be your own boss, the other benefits of home based business include saving commuting time, no need to dress formally for board meetings, and having a lifestyle that allows you to spend more quality time with your family and decide your own working hours.

Timing is everything. If you feel your job may be on the upcoming chopping block start planning today. If you have savings, or access to seed capital you should begin planning an exit strategy. Do check out sites like www.SBA.gov, where you can find useful information.

If you have the luxury, be proactive and begin planning what you'll do in the evenings and create a business plan, based on your strengths and skill set.

Do not waste time reading about get rich quick schemes. To make the leap you need to put in hard work, draw on your skills and most importantly avoid short-cuts. Use common sense and plan out your goals so you can work effectively.