A Quick Economic Note for Entrepreneurs
By Alvin Mason
All business people should be abreast of the economic climate both nationally and within their region. Plant closings and business downsizing should be known to the business owner. The business owner should also be knowledgeable about new business openings within their region.
A loss of jobs will affect disposable income in the affected area. Be aware of how that may impact your business.
A new production facility or corporate headquarters will bring more jobs and income to the area. You should also understand how this will affect your business.
Generally speaking when there are hard economic times people tend to keep what they have. They may repair instead of purchase. Businesses such as automobile repair and housing contractors could see an increase in demand for their services.
When the economic news is good, people will make more purchases. Real Estate companies and new car dealers could expect more demand.
The economic environment in your area will create opportunities for the business person to expand or hire more employees, or make adjustments for hard times. The business owner should always be informed concerning the economic climate that affects their business and when possible adjust early.
Be aware that the economic climate might be affected by a change in the political climate