What if you could build a business that is recession-proof? It’s not as far-fetched as you might think. Of course there are medical practices and other medical businesses that will continue to be in need no matter the economic situation, but those often require special degrees and years of training as well as huge amounts of capital to start. One thing that is always in need and requires less training and capital is tax preparation.
Signs Point To A Recession
The following is our rough coverage of the 2021 Sohn Investment Conference, which is being held virtually and features Brad Gerstner, Bill Gurley, Octahedron's Ram Parameswaran, Glenernie's Andrew Nunneley, and Lux's Josh Wolfe. Q1 2021 hedge fund letters, conferences and more Keep checking back as we will be updating this post as the conference goes Read More
Why start thinking about making a career change now? Personal income growth is falling at the same time unemployment is rising, and job growth in most sectors is falling. Sub-prime car payments are behind, and the wage gap between the very wealthy and the very poor is growing. If you are in an unstable industry or just looking to make a career change to something that is more stable and has a better income, it’s time to start making new plans.
Recessions hurt everyone, both skilled and unskilled, employed and unemployed. There are fewer jobs to go around, and that demand for employment drives down wages. Four years after a recession highly skilled workers begin to recover, while moderately skilled workers are just starting to regain some of their lost ground. Those who graduate into recessions may never recover from them as opportunities to get a good start just never materialize.
Tax Preparation Might Be A Good Call
Contrary to popular belief, you do not have to have a degree in accounting or any other college education to be a tax preparer. Once you go through your tax training course you can gain a certification to be a tax preparer. It’s a steady job that is always in need no matter what the economy is doing because people will always have to pay taxes. You can also work as much or as little as you want, seasonally or year-round, full time, part time, or around your own schedule, making it a great option for families with small children or anyone who wants flexibility in their lives.
Plan For The Worst, Hope For The Best
In tough economic times, healthcare workers, financial workers, and Federal Government workers have seen better wages and lower unemployment, but if you’re not in any of those fields it doesn’t mean you don’t have a chance. Learn more about the benefits of tax training from the infographic below.