How do you handle a
As, a small business, you will probably be the most vulnerable member of the society, who feels this change. How does the "Small Business Society" should handle the "Minimum Wage Change", & more important, why it is actually beneficial for a small business, in a long run.
This is our "Meet me a Crossroads Time".
"Minimum Wage change for a small business can be a HUGE burden". Not so fast.
The period of deflation & huge recession is an opportunity, as well
as a death sentence. It is the most competitive time for any small business. And it is up to you. Going into the small or family business, you knew you will encounter competition. But this is your time to either "make it or break it", a history time to make a name for yourself, &, either survive or die.
During these times ~ only the strongest will survive. If you have a strong client base ~ if you a have an established client base ~ minimum wage change is an opportunity of growth for you.
If you don't have a strong client base you will either
die or "re~brand & be re~born".
Dream Mergers & Acquisitions
This is your Best Time for "Dream Mergers & Acquisitions". During these times many big companies downsize. But? This is your opportunity to hire "The Best Competitive Minds" in a field at a "half price".
Raise Your Bar!
As the Minimum Wages grows, so as your prices. You will be allowed to raise the prices, based on the minimum wage change to offset the cost difference.
You can actually make your own brand either more popular
or more expensive during these times.
Real Family Economics ©
When economy collapses or shrinks during the recession, best things families can do is to evaluate their spendings
& priorities. Since United States, does not offer free or affordable quality education or healthcare, families with children have to make smart choices.
For example, sometimes, it is more affordable & makes
more sense, for one parent to quit the job & stay at
home, in order to save on the daycare cost.
My spouse was making $160K a year, while I was only making $45K, in 2009. We had 3 boys, 2 of whom required either daycare or after school care, while we both took care of the career. It cost us at least $360.00
a week, per child, in daycare expenses. My monthly income, was about $3,200.00, after taxes. Almost 1/3
of my income was going to the babysitter. Plus we were
all struggling to connect, as a family, with 9am to 9pm schedule ...
Quitting my job & becoming a full time parent was
a financially smart thing to do. At least at the time.
By the end of 2018, he was making $330K a year. Unfortunately, my husband died in April of 2019.
But we will keep his legacy.