For many people, the government's economic bailout plan can seem a bit confusing. Most small business owners and workers worry about their ability to survive the next 12 months. Will the bailout inject more money into the economy, or will it add to the anxiety on Wall Street? Are we moving away from free markets, or will the bailout be a temporary measure to keep us from total disaster?
So what can we do to survive the next 12 months of possible economic decline? Let's look at a few suggestions from a variety of experts. The following deals with ways to stay employed.
Repurpose Your Skills
How diverse are your skills? The more you know, the more you improve your chance of employment. If you are a web designer, for example, learn how to program and develop web sites as well as design them. If you work in an industry that is dying, learn to transfer your skills to another industry such as health care, janitorial services, or education. These areas are likely to grow or remain stable.
Diversify Your Business
A business owner should review what he or she offers and look for ways to make it relevant to what people need in this economy. If you are a new car dealer, you might want to tack on $500 of repair services as part of the sale of a used car. If you sell flowers, sell landscaping services too.
Work Part-Time or Freelance
You may have to work two part-time jobs rather than one full-time. If employers start cutting costs, they may decide it is easier to hire two part-time people rather than one full timer as a way to save on benefits. If that should happen, don't despair. Just make sure you ask for more than the usual hourly rate to help compensate for out-of-pocket costs such as health insurance and 401K benefits. If you work on a contract or freelance basis, you should get a much better hourly rate because you will not be employed regularly. Tough economies encourage more hiring of part-time and freelance workers.
Work Second or Third Shift
While some companies rotate people on shifts, many companies hire specifically for the evening shifts. Those businesses desperately want good people to work nights and early morning hours, but often cannot fill open positions because most people prefer working days. If you are willing to work those shifts, you can significantly improve your chance for employment.
Become an Independent Sales Representative
If you have the temperament for it, selling is always a job that is in demand. In sales, you can create your own business simply by offering to sell for a company on a straight commission or contract basis. Many companies will give you a chance. By doing that, you can sell for more than one business. Just be sure you do not represent two companies offering the same product or service. Instead, sell for a number of businesses that are related but do not compete with each other. For example, you might sell for a printer, a graphic designer, a pre-press service, and a paper distributor. All of them are related but not in competition with each other.
Be Willing to Change
Whatever happens in tomorrow's economy, the people most likely to survive will be those who are willing to make some changes, learn a new skill, or re-brand their businesses or themselves.
Ask for Help
Joliet Junior College is here to help you make those difficult transitions. Whether you want to learn a new skill or rebrand your business, we can help you with a variety of training programs and services. Call us for a free consultation.
For more information about Survival Strategies in Tough Times, call Joe Giunta at (815) 280-2729, or e-mail jgiunta@jjc.edu.
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