Possibly getting laid off...thinking of going into business for myself. Any tips?

This is the idea I have.

I have 6 nieces/nephews and attend way too many pee-wee sports events. I've wondered if I videoed the entire "game" I was at and captured a fair amount of time on camera for each kid if I could sell them to the moms. I have thought of adding in some commentary or scrolling some comments.

Or compose the season into highlights DVD for each kid.

Quote from saladdin : This is the idea I have. I have 6 nieces/nephews and attend way too many pee-wee sports events. I've wondered if I videoed the entire "game" I was at and captured a fair amount of time on camera for each kid if I could sell them to the moms. I have thought of adding in some commentary or scrolling some comments. Or compose the season into highlights DVD for each kid.

In a more positive economy, this is an idea. However, when 3 out of 10 households can not afford enough food to avoid hunger, I would be wary.

Quote from mothernature : In a more positive economy, this is an idea. However, when 3 out of 10 households can not afford enough food to avoid hunger, I would be wary.

Stop watching Faux News you nutjob, and spreading their bullcrap wherever you go.

If they can afford to put their kid in peewee football, they can afford to buy a DVD of highlights of their kid.

And this is another reason not to put more then matching into a 401k account.

It's restricted until they tell you you can touch it at the age of 62.

What if you want to use it for investments like real estate, stocks, dividend growth, startup businesses, online businesses, some future tech business like apps but 10 years in the future?

To me 401k's are like Social Security Taxes. They gladly take and take while you work and work and work, wondering what you are working for, then they tax you either upon death or when you reach the age restriction they set.

Quote from Brian1 : Many, many business-owners-to-be don't write a business plan.

I cringe every time I hear someone give advice to new entrepreneurs to write a business plan.

if you didn't put $100k into a 401k, then you could have 25 dividend growing stock positions, paying out about 6% in dividends and growing each year, or $500 a month, that would be helpful coming up (no matter what the fluctuations of the markets are) and/or support you as you develop a business startup a few times.

I don't see why people lock up there money for someone else to play with all their lives, but that's another topic.

For now, you are doing well! Pat yourself on the back because only a handful of people make it this far. Welcome to the 1% of Creditors, while 99% are debtitors in the world.

Continue to save money and put your efforts into creating something awesome like a business, websites, inventions, apps, websites, estores, product combinations, etc when your freetime is given back to you. Turn many hobbies and skills into full time passive incomes. Be your own Boss of your limited Time here on Earth! Be frugal and be happy! Have as many children as you desire, don't let other's scare you off or put fear into your head, and say " You must work for me slave and have no children!" all because they say you cant "afford" a child. Even caveman had as many children as they desired with their cavewoman, and they made it just fine!

Quote from ViciousTide : if you didn't put $100k into a 401k, then you could have 25 dividend growing stock positions, paying out about 6% in dividends and growing each year, or $500 a month, that would be helpful coming up (no matter what the fluctuations of the markets are) and/or support you as you develop a business startup a few times. I don't see why people lock up there money for someone else to play with all their lives, but that's another topic. For now, you are doing well! Pat yourself on the back because only a handful of people make it this far. Welcome to the 1% of Creditors, while 99% are debtitors in the world. Continue to save money and put your efforts into creating something awesome like a business, websites, inventions, apps, websites, estores, product combinations, etc when your freetime is given back to you. Turn many hobbies and skills into full time passive incomes. Be your own Boss of your limited Time here on Earth! Be frugal and be happy! Have as many children as you desire, don't let other's scare you off or put fear into your head, and say " You must work for me slave and have no children!" all because they say you cant "afford" a child. Even caveman had as many children as they desired with their cavewoman, and they made it just fine!

Please explain how doing all of the active work required to start a business, develop websites, etc etc somehow equates in your mind to passivity.

Another poster mentioned videoing pee wee games. That might be a good idea. You could find out when pee wee tournament games are happening, then go to each team's practice and advertise with flyers, talk to parents. If there is enough interest that it is worth your time, then do that. Also dance recitals, gym meets, etc. Call up local dance studios and gymnastics places, high school tournament games.

Most importantly, make sure someone is willing to buy your video before you invest the time in making one.

I am cringing at some of the "advice" in this thread.

If you are going to do photography/videography, I wouldn't start with weddings. Screwing up the wrong wedding can get you sued, and insurance for that is expensive. If you are interested in photography, senior portraits are a good way to start out, there will be many parents looking for cheap senior portraits in this economy. Do shoots at a park during the day and you can keep your startup costs low (you wouldn't have to invest in lighting right away).

Good luck OP with your job hunt. Do you work at CNN?

You're in a great market for this line of work. Lots of people are moving to Atlanta now, many of which are, or should soon be in the market for services you are offering.
I have a good friend who struck out on her own in the DMV area doing videography/photos for weddings and such. After advertising her biggest issue was credentials. ie Proving she knows what she is doing and is good at it. In your case, the credentials are rock solid. Facebook page, business cards and promo flyers should help you get started. At your age you must have a few married friends coming up on anniversaries. Offer to take their shots to build a quick portfolio.
Personally, I think you should use your weatlth of contacts and reach out to other industry professionals and line up a new job before June rolls around.
Good luck.

job hunting is not a full time job for me. It's a draw of luck because I have only 5 years of working experience and so a lot relies on my education background. 2 hours a day is all you need to write a cover letter and apply for jobs online. Yes I have spent past year looking for a job and recently got one which is even better (the nature of the work and the compensation) than I expected. I say just have the mentality that you are a job seeker and it's something you want to do every day like a job but not taking all day to do it.

Meanwhile you can take care of your daughter, take online classes (credited if you want a degree), start doing research on your business, and be a house-husband and handyman. It will be a big change but at least you get to spend time on things that's good to learn and otherwise you don't have the time to do.

Even with tough employment market out there, I still believe something good will eventually come along if you pay attention long enough, kinda like spotting SD deals. Even a part-time job is good if you just want to get out of the house and earn some money but I don't think the severance payment will continue if you start to have an income from a part-time job.

Quote from barnz008 : I feel everyone should a) have a business plan and b) have their own business, I don't care if it's counting toothpicks. Do what you can to keep everything on the DL and work for straight $$$. I mean it. It's income, you earned it and you should keep it. All of it. If the entrepreneurial spirit wasn't crushed by red tape and ridiculous State bureaucracy, this nation might actually have jobs and that GDP thing. /rant.

So everyone should have their own business and commit tax fraud? Got it.