BY ROWENA PEÑALBA
As we face great challenges brought about by global recession, we want to welcome the new year with cautious optimism. While consumers become wise spenders this time, businesses will continue to find ways to make these consumers feel that their product provides the best value for their hard-earned money.
Although this might not sound very convincing, it is true that if there are losers, there are also winners. We will look at some trends that might be able to give us some ideas for exploring opportunities for income generation:
•Growth of Small Businesses. As big businesses resort to continuous downsizing in order to survive, displaced workers find alternative ways to continue earning a living. Self-employment has become the logical move to fight the devastating effects of unemployment. There is usually an increase in the number of single-person businesses or independent contractors as the rate of unemployment rises.
•More Service Businesses. With financial pressures and a lack of confidence in the economy, consumers will continue to be very conservative in their spending. Instead of replacing broken appliances with new ones, it will be more economical to have it fixed by a repairman or by doing some research, you can just fix it yourself. Because full-time employment increases overhead expenses, more jobs will be done on a per project basis.
•Social Networking. People try to cope with stress by connecting and communicating with friends and family for emotional support. They don’t want to feel alone and isolated especially during these times of economic difficulty. Meanwhile, emails, e-vites, e-cards, and photo sharing which have replaced their paper counterparts keep the global community updated with what’s going on with people’s lives.
•Online Marketing. As businesses look for cheaper marketing alternatives, the internet is still the best option for reaching a wider market for advertising their products. Some have already started using the social networks such as Facebook, MySpace, Twitter, etc. for promoting their products and services. Web development tools have also made it easier for business startups to set up their own website.
•Merging of Technologies. The economic downturn hasn’t dampened consumers’ craving for more advanced technology. More and more web and wireless applications will enable the merging of communication and information technologies especially in the fields of media and entertainment. While the economy moves into deep recession, small businesses will try to survive by cutting costs and increasing productivity through innovation.
•Skills Upgrade. As workers lose their competitiveness in the job market, many will go back to school to upgrade or learn new skills to prepare for career advancement or even a career change. Most of them have witnessed how big businesses have streamlined operations by keeping the most skilled employees on their payroll.
Hopefully, this economic crisis will also serve as a wake-up call to high school and college students to improve their academic performance as they anticipate joining the workforce. Moreover, it is highly recommended that schools incorporate courses on entrepreneurship in order to give the future generation more options for making a living.
•Technology Jobs. The internet will continue to play a critical role in delivering services to most businesses and individuals. Because of this, software developers will still be one of the top jobs that will survive the recession. It will be more practical to consider taking courses in engineering and sciences to ensure a more rewarding career after graduation.
Other industries that will remain recession-proof are in health care, national defense, alternative energy, environment and entertainment. As we go through tough economic times, we should always keep our eyes open and our minds alert for potential opportunities for growth and development. We don’t know exactly how long this recession will take but we should prepare for what lies ahead. Remember that during economic changes, there are winners and losers.
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