It's a scary new world for the American labor force. The economy has changed, and not for the best. Nowadays almost everyone knows what a "double-dip" recession is. The economy is in bad shape, and the work force is hurting with it. With notable businesses sitting on healthy surpluses and job creation starting to hover above "zero" the recession might be done with, but unemployment is still an 800 pound gorilla with no real promise for a swift comeback. The housing industry continues to tumble . Finally unemployment is hovering at almost 10%.

Is it time to surrender and stock up on ammunition and canned food ?

Absolutely not! In a time of grave economic crisis , you should start your own business .

This may seem strange. If you consider the past, however, you'll notice that numerous companies are created during the most tumultuous times.

A lot of of the biggest companies have gotten their start during and after recessions.

Businesses established during hard times include Apple, Walt Disney, and Microsoft.

Accountants and CPA's are exceptionally qualified to take advantage of a rough economic environment.

An accounting firm can be set up as a home based business with a minimum initial investment. Lots of staff accountants have been laid off as firms tighten their belts and resolve to get by with less. With millions of people out of jobs , the unemployed have an extraordinary chance to drag out their old business plan and give them another crack . Can you think of a better come-uppance on an old company than to start a successful business and take over the market?

It wont be easy easy. Starting a new business never is. However the right idea might just work at the right time. Because companies tend to lock down during economic turbulence entrepreneurs get a real chance to do well . They can take advantage of:

• Economical commercial space

• A huge supply of available talent

• Weakened competition

Accountants with an independent mindset should consider the existing environment and determine the underserved segments of the population. The more you can carve out a niche, the better your chances of distinguishing yourself from your competitors .

Don't get stuck on traditional business models. Think outside the box. Try to identify sub populations in the community you want to serve. Instead of going head to head with established competitors it may be easier to tap into one of these sub markets. Musicians? Teachers? Bar owners?

Bob Parsons, founder and CEO of GoDaddy, definitely sees opportunity in the current economic environment. In his words, "When the economy is in a recession, I think that's the best time (to start a business). The reason? Your efforts will stand out."