Business Buzz is a monthly column presented by the Bermuda Economic Development Corporation. Every month, read about entrepreneurship, obtain business management tips, and find out what’s going on in the small business sector.What happens when all of a sudden your side gig has to become your primary source of income?One day you get up and ready for work like any other day of the week, but unlike most days, today is the day you get laid off. What now? Well now, that hobby you used to have has become your primary source of revenue. You have just become a “Necessity Entrepreneur” and you are not alone.A necessity entrepreneur, which for the purpose of this article I will refer to as a “Nentrepreneur”, is defined as the name suggests, as someone who enters into the world of entrepreneurship out of necessity, not necessarily because they chose to be their own boss. Millions of people all over the world have lost their jobs as a result of this recession and locally we can see the effect of layoffs as well. When one has to resort to creatively marketing themselves like the young lady did on East Broadway the other day just to get potential employers to notice her, then that is just a sign of the times that we are in. At first glance one could look at this scenario and see the world as a glass half empty, with no hope since the availability of jobs appears to be scarce. However, there is always an opportunity if you are willing to seek it out.With Nentrepreneurs, the opportunity exists in the fact that, if they are like most Bermudians, then they have probably had a side hustle for as long as they have held a full time job working for someone else. In most cases these side hustles are the things that the person may be really passionate about like baking, sewing, fixing computers, photography etc. Now out of necessity they have been presented with the opportunity to finally pursue their passion.Here are eight reasons that Nentrepreneurs can benefit from having to start their business now in this economy versus any other time:1. The cost to start a business has decreased. You can get great deals on products, supplies from vendors who are willing to offer great deals to generate business.2. Rental rates on commercial property have gone down and are definitely more negotiable.3. Online businesses have become active business models for some and the cost to establish a business online is most often minimal.4. The technology that is needed to start a business is affordable and in some cases free.5. The opportunity to partner and collaborate with others is more feasible as others find themselves in similar positions.6. If you need to hire employees, there are now more qualified people available and at better rates.7. Other business owners are willing to consider new business opportunities. They are looking for better alternatives and you could be the one to offer it to them.8. If financing is necessary, there are some people, friends & family included, who have the funds and would be willing to invest in you and your good idea since the stock market is not necessarily a sure thing anymore.In the end whether you are forced to start your business or if you chose to go into entrepreneurship, in the words of rapper Jay Z “you can’t knock the hustle” at least you shouldn’t, because it is that very hustle that can take you to the next level in your Nentreprenurial life.Jamillah Lodge is a Business Development Officer for Bermuda Economic Development Corporation. She specialises in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance. In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing. The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.If you have questions about starting a business in Bermuda, just ask BEDC: E-mail us at info[AT]bsbdc.bm or call 292-5570.