Today, we continue our conversation with Jonathan Fields, author of the great new book Career Renegade: How to Make a Great Living Doing What You Love.
Last time, Jonathan discussed why it’s so important, especially in tough times like these, to understand how to operate online because it’s an inexpensive way to swap work for money. Let’s get back to the conversation …
We are privileged to have a special guest on The Bigg Success Show today. Jonathan Fields is a lawyer, entrepreneur, and author of the recently released book Career Renegade: How to Make a Great Living Doing What You Love.
By Bigg Success Staff
12-17-08
It’s not easy to succeed in your own business even in good times. So why would anyone consider starting a business now?
You might be surprised to know that many people think it is a good idea. They learn they can’t easily replace the income earned from a lost job and decide to try their hand at self-employment. In addition, after losing a job, a person might want to feel a stronger sense of control over his or her own life. Being your own boss may be the answer.
Whether you’re considering starting your first business or adding to your empire, it pays to think about what will be hot in the near future. Here are our picks for the best businesses to be involved in for 2009:
Consumers and businesses are expected to cut back on their major purchases in 2009. So rather than replace their old do-hickey, they will repair that old do-hickey. This will create tremendous opportunities for repair businesses.
As an example, shoe repair shops are reporting incredible demand. This is a highly fragmented industry with lots of possibilities. How about a service that picks up and delivers shoes that need to be repaired? A good place to start your investigation would be the Shoe Service Institute of America.
Reports are that more people are staying home more often. So home repairs of any kind should do well in the coming year since people will be home to see, hear, or smell the problems they may not notice in good times. For example, handyman services were booming even before the recent financial storm. They are expected to continue to thrive in the current economy.
These are just two examples of repair businesses that are likely to thrive in 2009. It is impossible to list all of the possibilities. So think about your own repair skills or find a partner who can do the repairs while you run the business. Then research the industry to see if the service you’re thinking about is experiencing growth right now.
Consumers and businesses are also expected to purchase “used” more often in 2009. In fact, used may become chic in a world where frugality is a status symbol. So look for opportunities in industries that offer lower-priced second-hand products rather than something new.
If you have a flair for fashion, consider starting a resale clothing business. There are many possibilities even within this category. In most cases, these businesses are racking up sales almost as fast as they can get clothes on the rack.
Beyond clothes, there are many more businesses that sell second-hand items that are reporting boom times. From books to office furniture, if there’s been demand for new products in the past, there is probably demand for used items now.
Think about what you like to buy and then do some research to see where it’s being offered second-hand. Don’t be discouraged if you see some competition. Instead, think about what you could do differently (and better).
The baby boom is starting to retire. This will create demands for products and services for seniors like never seen before. Many of these businesses will thrive in spite of economic conditions.
Start a senior service business to and help seniors do things that they don’t know how to do, don’t want to do, or can’t do. There are a number of ways to service this large and growing market including starting a(n):
You could also think about combining opportunities. By this we mean, you could target seniors with your new repair business or think about used items that would be useful to seniors.
Here’s something to ponder – if you have a job, you essentially have one customer. What kind of security does that offer? We think it’s possible to have freedom with security.
The overwhelming majority of small businesses are micro-businesses, often consisting of a single person. We think more people will continue jumping on this free agency bandwagon in the years ahead.
So instead of going for a new job, why not try to land two customers that pay you what you would expect to earn from a single job? Take that special skill you have and market yourself as a specialist rather than an employee.
Like any business, it’s usually not easy to get started. While start-up costs can be minimal, you still need the financial resources to weather times with little income or you can start part-time. However, many people find the lifestyle of a free agent very rewarding.
Franchisors often state that, when layoffs occur, they get more prospective franchise buyers. So expect franchise sales to do well in the coming year. Another piece of good news is that many franchisors will be more likely to help with the upfront financing, directly or indirectly, in light of the credit markets.
In addition to that, when you think of investment alternatives (e.g. stocks, real estate), a franchise may seem like a good option. Many people may prefer to invest in something over which they feel they have more control after the volatility of the last year.
Many franchisors offer a proven business model. They are often less risky than a new franchise system. However, there may be more opportunity in a new franchise system. You have to determine what is best for you. Start by learning how to buy a franchise.
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One word of warning – in tough economic times, scam operators come out in full force. Kiplinger has a great quiz that tests your ability to spot a scam. They present you with eight business opportunities, some which are legitimate and some which aren’t. See how you do!
Then apply this to the real world. With any opportunity you consider, trust your own instincts and do your own research. Prove to yourself that it is the right opportunity for you and the right time for the opportunity.
Hear today's lesson and laugh on The Bigg Success Show.
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Today on The Bigg Success Show, we continued our discussion with Adam Shepard. Adam is the author of the book Scratch Beginnings, which describes his year-long real-life experiment to see if the American Dream is still alive. Last time, Adam told us about the initial stages of his experiment and what it took to begin his path toward independence. Let’s get back to the conversation …
Subscribe: Apple Podcasts | Google Podcasts | Spotify | RSS | More
Adam, have you ever thought about becoming a Wall Street investment banker, losing all your money and turning to the government for help?
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I have not.
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People who find joy in bad news have to be pretty happy lately. The financial crisis has dominated the news, as we watch Wall Street and Washington scramble.
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Subscribe: Apple Podcasts | Google Podcasts | Spotify | RSS | More
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We don’t usually do this – in fact, we’ve never done it in the 230 shows we’ve done so far. But this subject is so important and so timely. So we want to share some valuable information that our newsletter subscribers received in their In boxes last Friday.
In the last edition of The Bigg Success Weekly, we discussed “Profiting from Panic”. It was about maintaining the proper mindset in the midst of all this turmoil.
We started with the safety net that exists for depositors, investors, and insureds. Here are some links directly to pages that can answer your questions about banks, brokers, and insurers in a hurry.
In general, banks are insured by the Federal Deposit Insurance Corporation (FDIC). However, not all money invested through banks is insured. What would happen if your bank failed? If you have accounts with a failed bank, what should you do? How can you obtain a release of lien, if a failed institution is your lienholder? The following links provide the answers to all of these questions:
A Guide to What Is and Is Not Protected by FDIC Insurance
FDIC Bank Find (make sure your institution is FDIC insured)
When a Bank Fails- Facts for Depositors, Creditors, and Borrowers
Accounts with brokerage firms also offer some protection through the Securities Investor Protection Corporation (SIPC). The coverage isn't anything like that offered by the FDIC, but it's still important to know what remedies might be available to you.
While banks and brokers have federal backing, insurance companies have backing through associations at the state level.
The National Conference of Insurance Guaranty Funds
If your insurance company fails, you'll want to contact your state's Department of Insurance, since insurance companies are overseen by that department in each state in which they operate. Click here for a directory of each state's office.
Your State's Department of Insurance or Guaranty Association
Warren Buffett, the richest man in the world according to Forbes, recently invested $5 billion in Goldman Sachs, in the midst of all this turmoil. That’s pretty typical of how he’s made his fortune – he says he’s “fearful when others are greedy and greedy when others are fearful.”
He has also opined, “We want to do business in [a pessimistic] environment, not because we like pessimism but because we like the prices it produces.”
From: The Warren Buffett Way: Investment Strategies of the World’s Greatest Investor, by Robert Hagstrom, Jr.
Warren Buffett is not alone.
J. Paul Getty was one of the first billionaires and the richest man in the world in his day, according to The Guinness Book of World Records. He said, “I began buying stocks at the depths of the [Great] Depression. Prices were at their lowest, and there weren’t many stock buyers around. Most people with money to invest were unable to see the forest of potential profit for the multitudinous trees of their largely baseless fears.”
He went on to say that he made over 100 times his investment on many of these stocks!
From: How To Be Rich, by J. Paul Getty.
So we can learn from these two men that we shouldn’t panic, even in turbulent times. Now, you may not want to rush out and buy a bunch of stocks. However, you probably shouldn’t sell out right now either.
These two billionaires made a fortune by going against grain. So keep making those 401(k) contributions. By investing consistently over time – paycheck by paycheck – you’re dollar-cost averaging into the market. In bad times, you’ll buy more shares with the same money than you can in good times – just like the billionaires.
Above all – diversify, diversify, diversify. Diversification is one of the four key investment principles, according to William Sharpe, a Nobel Prize winning financial economist. Our newsletter subscribers read about these as well as some ideas to simply put them into practice.
Today, more than ever, it’s important for you to take on the role of Chief Investment Officer for you and your family. You can’t count on Wall Street or Washington to do it for you!
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| If you would like to get the newsletter we’ve referred to here, just e-mail us: bigginfo@biggsuccess.com, with “Profiting from Panic” in the subject line. We’ll send it to you and sign you up for The Bigg Success Weekly! |
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Next time, we’ll discuss why it’s so important to move beyond personal productivity. Until then, here’s to your bigg success!
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