Good Day!
Unless you have been living on the moon for the past three or four years, you know that the economy has been in the pits. Unemployment has screamed to an all-time high. Although the government reports improving conditions, that information is highly suspect basically due to the fact that the figures have been "spun" for political considerations. On the surface, the numbers appear to be improving. Those figures are likely highly skewed based on exactly what is being counted. Many workers that are actually unemployed are totally ignored for various reasons.
The unemployment figures reported are inaccurate! Who'd a thunk it?
Many times the unemployment figures one sees reported are based on the number of workers actually drawing unemployment compensation. It totally ignores the fact that there is a huge number of workers that have exhausted their unemployment and have fallen off the rolls and are no longer collecting unemployment. They are still unemployed but have become invisible to the powers that be that make up these reports.
Today, I read a report that the true unemployment numbers are at an all-time high. When one looks at the overall population and compares it with the number of workers that are actually unemployed, whether they are drawing unemployment compensation or not, the figures reveal that the number of workers with a job is hovering at an all time low of around 58%. That's a huge drop over the last four years.
Unfortunately, I must count myself as one of the members of the "42% club" of people that are truly unemployed or underemployed. This has been going on for me since 2008. In my case, as a self employed business owner, I would never be counted in any of the government studies that generate the unemployment numbers in any case since I am not eligible for unemployment compensation in any form. So basically I fly under the radar. People like myself do not get counted and there are millions of us.
Owning one's own business is a two edged sword.
Given the long-term nature of this crisis, many people are trying to cope by starting their own businesses. Unfortunately, historically, most start-ups only survive about two years. Many barely last out the first year. If they do survive beyond that, they gradually succumb to the debt load and fail in the second year.
There are pluses and minuses to going into business for one's self.
On the plus side,
- One does not have to answer to a boss.
- No punching a time clock.
- Your income is more closely associated with your efforts.
- Suffer from age or sex discrimination. (At least within your own workplace)
- There is no "income cap". There is a potential to make as much money as you possibly can, with no artificial ceiling based on age, gender or education. If you have a brilliant idea or concept, market it properly and people actually give you money for it, the sky's the limit.
On the downside;
- There are no guarantees, compensation wise or effort wise. Guarantees come with toasters, not with life (or business).
- In spite of your best efforts, you can still come up at the end of the week with no money in your pocket. Or worse yet, in the hole! You may effectively be moving backwards.
- No punching a time clock. You don't get to go home when the bell rings. If you operate your own business, even if it's a brick and mortar operation with posted hours, when the front doors close the work doesn't necessarily stop.
- If you employ others in your business, you carry the burden of supporting not only them but all the people that depend on them for support. If you make a bad decision. it can have serious consequences for literally dozens or even hundreds of people.
- There can be a serious financial impact on your life and your business due to the additional expenses you now incur for being in business for yourself. If you have a "brick and mortar" operation with a physical location, you have all the expenses that go along with it. Rent/lease, insurance, security, building maintenance and upkeep, utility costs, physical assets such as equipment, inventory "flooring" expenses if you don't own the inventory.
- No health insurance. Buying your own health insurance for yourself and your family can be quite expensive since you are not part of a "group".
So....what's a person to do? The only guaranteed failure is to do nothing. Inaction is the true killer. Someone once said "Do Something, even if it's wrong!" at least you are moving and trying. Inaction breeds more inaction. Hopelessness is contagious and will bring down the ones closest to you. It's a downward spiral.
Get up every day, shower, shave and dress. Be ready to do something. It's a mind set, an attitude you assume. You will be surprised the opportunities that suddenly appear when you are ready to take advantage of them. Success is when preparedness and opportunity come together. Be ready for it.
