By Wanda “Sistah Soldier” Petty, President & CEO
In this article, we’ll explain ways a business owner can generate income to sustain their businesses?
We already know the grants that the government has granted through the Small Business Administration (SBA) has stipulations, the unemployment checks are taking a while to kick in, and the systems have overloaded. So, let’s look from a different angle. If you previously owned and operated a business that conducted operations in a physical building, consider asking yourself these questions and think beyond what you offered.
How did the market adjust, and how can you reconfirm your business with its new demands? Some of the old services will fit, but not everything. For the services that don’t, what needs to be changed? A few things must be taken into consideration.
- Should you shift the products or services you offer?
- Is it possible to retrain your employees to work online?
- How can you keep your finger on the pulse of your business until you figure it out?
An example would be if you owned a restaurant, what side products did you sell, such as unique recipes, cookbooks, t-shirts? If you didn’t have any, maybe you could create them. Start a YouTube channel, FB channel, or podcast to teach people something about your industry and broaden your reach. Perhaps, you’re not responsible for any current employees and desire to change the industry you serve. Now is an excellent time to consider taking that path.
What do you have in your hands? Maybe, it’s a product. Perhaps it’s not. If it is, what can you create that others need? For example, when the pandemic became widespread, protective masks were in shortage. Many crafty people began making masks, and now websites such as Pinterest and Esty have a plethora of face masks sold by individuals. What else can you foresee that’s in demand (besides face masks or covers)?
Although sewing masks is not a bad idea (because it looks like we’ll be wearing them for a while), what skills do you perhaps have that you can package up and sell?
- Knowledge
- Physical product
- The ability to teach a method
In any case, what are you doing to enhance your skills, so your ability to merge into the new economy doesn’t become overwhelming to you? You don’t want to wait until the market is so saturated with people who offer the same product or skill you have. Then, it becomes more difficult for others to learn about who you are. The market may be over-saturated. Set a pace for yourself and prepare for what appears to be next and know if it already exists. Analyze the competition to ensure what you offer is unique.
What type of skills does the new remote economy require?
To remain employable or sustainable in the new environment, individuals must understand the processes of systems and technology to keep projects continuously flowing due to the unknown nature of COVID-19 and the expectations of it returning in the fall.
What types of jobs will become more valuable in the economy?
The Department of Labor projects logistical positions to grow network security, logistics, and project management. All of which has become a growing demand for their skillsets. Regard- less of how abruptly things have happened, technology and virtuality are here to stay since both employers and employees have adjusted to a new lifestyle of working remotely.
So, what should you do in the meantime?
Take advantage of learning how to manage your business and career by simply being responsible for your future. Sometimes, we give others the power over our future, which we should hold ourselves accountable. In this situation, we can no longer do that.
The SHE Virtual Academy has a variety of courses to help you prepare for the new remote working economy and offer you the opportunity to find work now. Companies are still hiring. Except, under new requirements. They’re looking for people who understand how to work independently, and the individuals who stand out are those who are preparing themselves for a remote working economy. Learn how to catapult your career and be prepared for what’s next by taking the Introduction to Project Management Course that’s available online as of May 15th. When you visit the website, be sure to enroll in the complimentary Strategic Thinking course free of charge. You got this!
Sistah Soldier is an inspirational leader who helps veterans, women, and minorities step into the call of God for their lives using their creative skills. She’s the CEO, Host, and Executive Producer of SHE VET iNSPIRES Television Show and the Executive Recruiter for SHE MediaTech.™
