Anyone Else with Pay/Benefits Cuts? - page 2
I work for a hospital system but don't want to be more specific than that. Tough financial times at my workplace - some paid time off was frozen for a few months of the year, meaning employees... Read More
Oct 30, '14I appreciate everyone's input here. Normally what I hear is how everyone's salary is much higher than mine, how they have better benefits, etc. Even though I'm sorry others are suffering from financial cuts, I guess I'm satisfied to know it's not just me. I've been feeling very disrespected by my current situation but do not want to jump out of the frying pan and into the fire.
Ride it out? I'd like to open my own practice but it definitely does not seem like the timing is right.
Oct 31, '14Is the timing right? The first business I started was during a recession. My partner and I were talking about it, what would differentiate our product, etc., and I brought up was the timing right to open a business? After all, the economy was in the tank, people were being laid off, etc. He said, "If we can make it now, we will be in far better position to grow when the economy grows. And, when will it ever be the right timing?" I thought about that for a while and realized, that he was right, because we had a good idea, that would offer something no one else did, and we would be first to market. We went to work creating our product, and marketing it, and he is still in that business today. Ok, that's not technically true. That exact business was sold four years later for a very nice profit, he continued with the new company, I choose not to, and six years after that he left that company and started a competitor to it.
My point is the timing is right, when you offer something people are willing to pay for because your product offers benefits that the competition does not. Yes, it might be easier to get people to part with their money when everyone is flush, but that is a very rare phenomenon and it is not sustainable (i.e. your business will be open during a recession at some point in time anyway). So, if you want to start a business, by all means, come up with an offering that is going to be better than your competition, and go do it! Don't worry about the current state of the economy, that will change and you will have to deal with that in good and bad times. Worry about having a better product than your competition does and how you are going to let people know about your better product.