A Growing Wave of Competitors, Customers or Partners?

January 1st, 2010 by | Print

 

 

First, let me wish you a Happy New Year before we just jump right in! The start of a new year is often a time to review, reorganize and renew your strategies for success.

 

My post today is about unemployment. May not be the happiest of topics for the start of 2010, but as an earning solopreneur, you should still care what happens with the job market. Although you are the captain of your own personal industry, you’re sailing a sea of people set adrift due to downsizing and business closures.

 

So how does this apply to you?

 

That depends. This population can help or hinder your business. I think most of us don’t assume that because we are solopreneurs, this new mass of unemployed only have an indirect impact on our businesses by creating a lag on a recovering economy. It is quite possible a percentage of these people will become a competitor, a customer or a partner.

 

In a recent article written by AP Economics Writer, Jeannine Aversa, titled, “Even as Economy Mends, a Jobless Decade May Loom”, we may have to wait until 2015 to see a job market with an unemployment rate closer to the 5% – 6% that we’ve become accustom to. The article quotes there are 15.4 million jobless in the States. I personally know a number of unemployed people not currently cashing a government issued check, making that number erroneously low.

 

Even if a third of this population find jobs in the next two years, this still leaves a significant force of talented people hunting for opportunities to create their own income.

 

My recommendation, stay aware of this trend and assess what industry sectors and job titles are hardest hit so you can determine how this impacts your current business plan.

 

According to a recent Rasmussen Report, 67% of Americans believe the unemployment rate will be the same or higher in 2010 than in the recently departed year – and we do live in a world of perception. If these same people polled are those out of work, chances are higher that they will curb their spending and / or decide to open a business of their own instead of waiting for a viable job offer to come along.

 

No, you don’t need to watch unemployment stats like a day trader watches the fluctuations of foreign currencies, but it doesn’t hurt to take some time periodically (now and in another three months) to do some research and stay aware of the developing trends.

 

Here are some links to sites that can help you with unemployment stats:

 

US Department of Labor

US Bureau of Labor Statistics Employment Situation

MSN Career Builder Job Info & Trends

 

Just as you would watch any other growing demographic, this is a significant segment of our population that can potential add dollars to your business or take them away. Through research and planning, you can properly alter your business plan to turn this tide in your favor.

 

All my best to you in your endeavors for 2010!

 

Doug Dolan
The Solopreneur’s Guide

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3 Responses to “A Growing Wave of Competitors, Customers or Partners?”

  1. Darryl Coleman Says:

    Hi there,

    I looked over your blog and it looks really good. Do you ever do link exchanges on your blog roll? If you do, I’d like to exchange links with you.

    Let me know if you’re interested.

    Thanks..

  2. Merchant Account Says:

    Great Info! I don’t normally reply! But, this is great stuff. Hard to find good blogs these days that don’t have just fluff! Keep Posting dude!! – Josh ~ AMS

  3. Douglas Dolan Says:

    Thanks, Josh.

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