Forbes Coaches Council
Take A Drive On Main Street To Find Career Stability
While politicians and Wall Street capture media attention and suck up all the airtime with doom and gloom predictions, Main Street businesses continue to be the heartbeat of the American economy, and their future is bright.
Unlike the nation’s policymakers and the Wall Street power brokers who can win or lose millions of dollars in a single day, small businesses provide a generational legacy to millions of American families. Small businesses account for two out of every three jobs added to the economy recently, and they account for nearly half of the country’s gross domestic product, according to research from the U.S. Small Business Administration.
Small business owners did not let the hardships they’ve faced over the last two years prevent them from pursuing their income, lifestyle, wealth and equity goals. Although they initially took a hit following the pandemic outbreak, small-business owners adapted and were resilient. In fact, Main Street played a major role in helping the country recover financially from COVID. Small businesses found ways to keep employees on the payroll and continue to drive profits. Less than a quarter of small businesses furloughed or laid off employees, according to a survey of 4,500 small business owners conducted by Guidant Financial.
Now that they have started to put the pandemic in the rearview mirror, small businesses are facing labor shortages, rising inflation, and supply chain issues head-on with a shrug of their shoulders and a smile. After all, weathering the storm and surviving the ups and downs of the economy is nothing new for our nation’s hard-working entrepreneurs. Despite the challenges of the past two years, only approximately 10% of small business owners want to sell their businesses. And more than half of business owners are focused on increasing profits at their current location.
As a fellow business owner myself, I am a firm believer that small businesses build communities and are the backbone of the local economy. Life happens on Main Street, not Wall Street. Whether it’s dinner at your local Italian restaurant, taking your dog to the nearby groomer, or starting your day with a cup of coffee from the corner deli, small businesses are a staple of our daily lives.
Don’t get me wrong. Small-business owners are not immune to current economic conditions. And business ownership is not for the faint of heart. But the ability to innovate and be flexible helps small businesses remain steady. Whether it’s working with suppliers to lower costs or tapping a new customer demographic, small businesses get the job done. A new report from Goldman Sachs revealed that at least 65% of small business owners are optimistic about the financial trajectory of their business this year.
The number of people pursuing entrepreneurship is also on the upswing. In June 2020, new business formation jumped nearly 30%, versus the prior year, according to the U.S. Census Bureau. And even as talking heads pontificate on the potential for a looming recession, new business formation numbers continue to remain at record levels. At least 425,698 new business applications were filed in July, up 3.7% from May.
The current administration’s focus on small businesses makes it an advantageous time to take the leap. By devoting resources to expanding access to capital and resources to foster Main Street growth, the government is helping pave the way for future entrepreneurs.
Accelerate To A New Future
If you are relying on Wall Street businesses for job security, it may be time to put your current career in “Park” and take a drive up Main Street. Imagine if you could control your own paycheck and take charge of your future, all while playing a role in your local community’s success. Start by asking yourself some tough questions.
• Are looming layoffs leaving you feeling dinged and dented?• Are you working at a job that doesn’t match your skill set or is below your pay grade? • Are all your retirement savings in the stock market?
If you answered yes to any of these questions, put on the brakes and recalculate your route. It’s time to devise a plan to help you decide whether to join Main Street as an entrepreneur or take a new role in corporate America.
Start by taking these five steps to help determine the next step of your career.
1. Define your goals. Put a pen to paper and outline your career and financial goals. Having a picture of your ideal future will help you stay on track.
2. Find a mentor. Having a mentor hold you accountable for your goals is a helpful resource to keep you focused.
3. Consult other Main Street business owners to help you decide if entrepreneurship is the right path. Building your network can help you gain leverage and provide security if you are leaning toward a new corporate role.
4. Be flexible. Opening yourself up to new options can be challenging. Make sure to be flexible as you start your journey. You might end up pursuing an opportunity you did not initially expect.
5. Consult the experts. If your road points to business ownership, visit the SBA to learn more about pursuing a new future.
Whether you decide to invest in a business or pursue a job opportunity, opening yourself up to new possibilities can put you in the fast lane to achieving your goals.