Insolvencies, closing down factories, real estate collapse, thousands of job cuts & an end to a golden era called 'mining boom'.
YES. It's hard to keep hope alive especially with the current state of WA economy. For people who lived in WA for decades might still be okay , assuming in all these years they must have invested and got a decent savings to bank on. Although even they do have their fair share of struggles to go through.
But what about immigrants? Immigrants who've just landed in Australila with loads of dreams, ambitions and HOPE to make it big in a foreign land.
Most of them will look at going to the other states and some might even have packed their bags and jumped onto the return flight to their country.
But for those very little who are still here, I have only one thing to say, "Don't lose hope, good things come to those who wait…"
Here's what we can do to keep going in the struggling economy.
1. Start your own business
Agreed it's a bad time to invest but there are loads of businesses where you can start with zero or very minimal investment. Use your hideen talents, skill & passion or a hobby to invest in and start your own business. As long as you have the passion, any business can be successful.
Two things that will take you long way in your small business are
a. Perseverance b. hardwork.
2. Take your business online and capture the international market
Yes WA's economy is tanking but focus on the larger picture. With ecommerce and online shopping, focussing on international market will be a plus to keep your small business moving.
Find out about the different tools to take your small business online. Some important tools and online help can be found here:
3. Invest your time in writing
If starting your own business is not for you, maybe explore other channels like simple online blogging, youtube videos or writing for a niche audience.
Blogging is the current trend and there are loads of fashion bloggers, marketing gurus, tech savvies, and just general health & well-being gurus who have become successful. Monetising the blog will earn you decent money and there are some online resources and blogs which help you learn how you can monetize your blog.
4. Look for part-time jobs (multiple small jobs are still good to keep going rather than focussing on onefull time job)
Coming from the asian background one full time white-collar job is what most of immigrants expect and crave for.
Full time jobs are incerasingly becoming a thing of the past with more and more youngsters looking out for part-time jobs so they can wisely utilise their time.
Consulting or contracting will fetch you decent money in part time jobs and you will have the freedom & flexibility of time to work on 2-3 different jobs.
5. Cut your expenses make a simple living.
We all know this simple tip but it seems like its so hard to achieve
Don't worry we've all been there and done that
From my experience cutting down on few habitual expenses from day-to-day life will save huge $$ to keep us going through the tough times. Like for example one cup of coffe a day in the cafe would come around 4$ we all indulge in everyday coffee or tea for sure. But if you break this habit of having coffee outside everyday instead go for some green teas at your desk or home and similarly cooking at home rather than buying lunch from outside these simple saving hacks will take you through the tough times.
If you have more tips to share or want to promote your small business, post the link in the comments below.
Happy to help anyone who are looking for help with their small business.