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Given recent news--unemployment at 9.5%, 6.5 million jobs lost, perhaps as many as 9 million jobs needed to employ everyone who`s looking--what`s to be done in a Great Recession? Undoubtedly small businesses should be preparing for the next big growth spurt!
New growth is inevitable
Life is made up of curves: downturns and upswings. Right now, green energy and green building are the growth businesses we`re aware of, and that only means there are and will be a multitude of new enterprises spawned by a new way of looking at what makes life satisfying. Boomers are especially well-suited to this challenge.
Take Simplification
and Flexibility
At our house, the two of us are underemployed: we`re freelancers with half or less work than we had last year, and Stuart`s real estate-related work was already sliding downward last year. We knew what to do:
- Simplify service to cut the telephone bill.
- Vote "no" on the school budget (just this once).
- Set thermostats to use a little less heat and a little less A/C, using fans and open windows whenever possible.
- Turn off power strips when the equipment`s not in use.
- Stop delivery of the local daily newspaper and give up the YMCA family membership--walk, bike ride and use the neighbor`s pool instead.
- Stop going out to eat, see movies or concerts
- Stop buying new things! (Stuart found a cologne I like, so he goes to the mall on Saturdays and sprays it on! Then he cooks something special and we watch a Netflix CD on our cable-disabled low def TV.)
- Discontinue prescriptions if the co-pay goes up and ask for generics
- Sell old jewelry that`s not being worn--but don`t expect a fortune.
None of this has been painful for us. It`s not like we`re eating cat food: we still indulge in pricey organic hot dogs and baked beans! (We also use meat as a flavoring rather than a main course, but we made that change mostly for health reasons.) So now, we earn less but we also need less.
The downturn
The point is, like most solopreneurs and small biz owners, neither Stuart nor I qualify for unemployment benefits -- there`s no safety net for us, and this can involve some anxiety, interrupted sleep and stress-related health disorders. We`ve learned it`s best to take care of ourselves first, then soldier on.
The upswing
On the upside, we`re awake, alive and learning new things all the time. Stuart has expanded from real estate title closings to loan modifications to arranging private and conventional mortgages. I`m blogging, editing, writing SEO web content, e-books and a book, marketing, and social networking.
Tie Your Core Values to Your Work
We do whatever needs to be done, but we also try to keep a grip on what our values are, what is meaningful to us, our core values--rather than grabbing at sleazy, "black hat" selling practices in desperation. We know we are best and most successful at what we love to do, what motivates us, and what makes us feel valuable to our community.
Dispel Anxiety With New Goals and Dreams
It`s a bad recession, and we are no longer
young
.
We know we can`t retire, and we don`t know exactly how we`ll "monetize" our old age. But we also know that right now, despite our age, we still need to:
- dream and set new goals
- focus on what`s most important
- help other people and as well as ourselves.
Sustainability, motivation and meaning
Even during a Great Recession, doing something "just for the money" is a poor choice. There is a balance point in the center--of our talents, motivations and opportunities--and that`s where we want to be. Does this work have meaning for me, and can I convey that to customers? That`s the question to ask yourself. All the research shows that companies that spend on marketing during a recession come out ahead, and so I should be able to help some of them and, in turn, they will help me.