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Underground economy':

Thursday, January 22, 2009   (0 Comments)
Posted by: Matthew Montoya
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January 22, 2009

'Underground economy': Entrepreneurs find creative ways to supplement incomes

Christine Rook
clrook@lsj.comPublished January 18, 2009

Call it an economy within an economy. Or think of it as a job market created by the underemployed.Meet Michigan's new entrepreneurs. They're working outside the traditional corporate grid creating their own kind of job security by hawking any ability they can - whether it be sewing a straight seam, making salsa or converting a snowblower from garage tool to plow-biz moneymaker.This group isn't interested in picking up a shift at Home Depot or in learning the intricacies of a fast-food fryer. They're the niche makers, the mom-and-pop businesses of the new millennia. Experts say their numbers are likely to grow and that's a good thing."There's this sort of underground economy out there," said Tom Donaldson, regional director of the Michigan Small Business and Technology Development Center in Lansing. "There are lots of side businesses and garage businesses."This past fiscal year, 46,867 new limited liability companies formed in Michigan, according to state data. A decade ago, Michigan logged less than 16,300 new LLCs in a year. LLCs help protect personal assets in the event a business is sued.Read remaining story here.



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