Being an entrepreneur is now your safest bet.
After the 18 months from hell is over many people will be thinking about their next venture. The problem is the landscape has changed and the corporate world is not changing back. People are constantly asking me why is the stock market so high with all of these people out of work etc... The reason is that the corporate world has leaned out almost all of their middle and senior managers saving billions in long term tenured labor, and they are not going back. So what does this mean for a 50 year old senior manager that was let go due to covid. The answer is "start your own thing."
There will be an abundance of small business opportunities after the pandemic is over. Here are some examples:
Fitness and Health- Many people have put on some Covid pounds this year and will want to take them off immediately when they are safe to do so.
Healthy food options- Franchises like Freshii and Jugo Juice will accelerate their growth as people line up to get fit and healthy after the pandemic.
Business consultants- These new entrepreneurial ventures will need guidance and advice.
Travel agents- Travel will see the most international demand in history after this pandemic is over.
In-home care business- Businesses like Nurses next Door will see a boom due to the horrible tragedies caused in long term care facilities this year.
Delivery services- Delivery services will continue to boom, although not like during the pandemic, but the world has taught us that convenience is a business model that sticks.
Audio video/Automations installation- People will need more support to set up their home offices and have proper internet bandwidth. Also home theatres are all the rage.
So what about young people heading to university....
As a man with a 19 year old daughter, this is a very important question. Most university graduates are targeting entry level management positions in a reputable company where they can ascend up the ranks. The problem is those middle and senior management positions in companies are shrinking incredibly fast. I recommend all students take some business classes, at either college or university, to give yourself flexibility at being an entrepreneur. Trades are probably the safest bet and will make you the most money the quickest, without forking out 50K to university. Don't get me wrong, university is more than just education. It can offer life experiences and reflection that are essential to having a great career and life but it is costly.
Consider this... If you were to ask your parents for the 50K to start up your own business, and hired a business advisor to teach you the fundamentals of a profitable business, you could have a profitable business in 3 months. I recommend all young people, especially those going the trade route, to consider business advice as a form of post secondary education. An advisor can set up systems, financials, and hiring for your business and a structure that would take you 4 years to learn in school. All of this for a fraction of the cost of going to university. Sure you will miss doing keg stands with your frat buddies, but when your friends are lamenting over the 25K-50K in student loans they will be paying off for the next 15 years, you will be growing your business and vacationing in Hawaii.😊