At the moment in the U.S. the stock market is booming and unemployment is breaking recent highs, but there are very troubling trends on the horizon because of a world-wide trade war, automation, supply disruptions and work being shifted abroad. Millions of American workers are going to be impacted by these trends. It is now time to take advantage of these conditions and invest in yourself with the idea of starting your own business that can profit from the coming economic realities.
Cash in some of the gains that you have made in the market, and put this money to work by taking skill-enhancement classes, renewing your professional certifications, taking some on-line business courses and researching multiple business opportunities. Don’t grasp the first straw that comes to mind. You can use the techniques described in my new book, Create Your Own Job Security: Plan to Start Your Own Business at Midlife, to evaluate these opportunities into short term, medium term and long term categories; estimate their potential costs and benefits; and determine their potential for improving your economic well-being.
While is is likely true that a new business can be started by practically anyone, anytime, anywhere by taking advantage of the internet, there are a basic set of skills regarding manipulating the equipment and fully understanding different selling platforms that must be obtained. Many times these will be learned by doing and using self-help features built into the platforms. E-Bay for example, has instructions and gives examples of the best selling techniques, as does YouTube and every other internet selling or performing platforms.
Although the operational mechanics of handling these problems can be taught, human factors like fear of starting a business have to be overcome. This is best done by starting a business that requires minimal financial commitment like e-Bay selling or local yard care and after succeeding with these moving up to things that might require more training , experience or investment. All of these changes are best eased into when you have the cash cushion of still getting a paycheck, while preparing for the day when that paycheck may no longer arrive and your unemployment runs out. The more of a head start you can make towards getting your cash-generating enterprises running, the higher your potential returns will be.
By starting your business ventures early you can start small, but think large. Most one-man business fail because their outlook is too narrow. Many owners can think of only local sales, while their real potential is in the national and international markets. Once you find out what works locally, you can expand your reach to other locations within a city, regionally or even nationally – just like Sanders did with his Kentucky Fried Chicken.
Your business might be of any sort, but may be based on assets or services that have historically risen or fallen in value during economic down-turns. One precept that is developed in the book is, “There is nothing in life that cannot be turned into profit by an inventive mind.” The thing now is to invest in yourself to gain knowledge on exactly how to best take advantage of the coming economic downturn. You might foresee, for example, a dramatic crash in home or commodity prices and research which markets and locations will be impacted first. At a later stage you can use your accumulated cash to buy real estate or some other high value items at depressed values costs. Study the last crash and see what happened. The coming one will be similar in broad impact, but not exactly the same. Be patient, and wait until the timing is right.
Perhaps you are interested in writing or in some aspects of the knowledge-based industries. This is the ideal time to work on your skills in writing, presentations, doing Power Points, making YouTube videos; because it is YOU that is going to have to sell YOURSELF to a doubting public. This will include doing media appearances on radio and TV as well as establishing your own presence on social media. Learn how to do this stuff.
Those with artistic inclinations have a particularly tough time even when the economy is doing well and can face extreme hardship during times when people are not spending money on attractive, but unneeded, things. It is not selling out to convert your art to commercial purposes by approaching companies with your artistic concepts on how to sell their products. Established companies have their own art departments and connections with ad agencies. These are hard to break into. Instead, search out newer companies and make some samples to show them how your art can help them market their new products to a larger audience. You might not be able to sell your visual objects now, but getting income from commercial sources can keep you active and afloat while you establish your reputation, seek grants for public works, make it into galleries, etc. The same can also be done by performing artists doing voice-overs, making special performances to celebrate historic events, staging comedy contest, etc.
Whatever your interest or inclinations, invest in yourself now to help secure your own future.
My new book is now available as a softcover from Amazon and as an e-book at all e-book outlets. The softcover is better for readers and is complete with a Table of Contents and Index. The e-book has much of the same content and is completely computer searchable.
Create Your Own Job Security
Generally available for special promotion price of $10.99.