Dear Mayank,
I have been in the banking retail sector for 20 years and have been doing my private consultancy business for financial products since September 2019.
COVID has impacted me very badly as I have not been getting enough business since it started.
All my savings are exhausted.
Should I do a job again to make ends meet? There is age and package issue also (my age is 48 and my last package was Rs 12.50 lakhs).
Please suggest what I should do.
Regards,
Pradeep

Ans:

Hi Shivaram.

Let me address your points one at a time.

1. If you have the right skill sets, most of the companies in India would be open to providing you job opportunities.

2. Spending levels in the market are bouncing back to normal and soon your apparel business will pick up. Hold on to that and do not exit in a hurry and make losses.

3. COVID has impacted most of us so please don't take out your frustration in arguments with your loved ones.

It’s good to know that you are focusing on your health. Continue doing that and take care of your family. Shower them with your love.

 

Ans: I'm sorry to hear that you're experiencing a downturn in your business and struggling with your mental well-being. It can be challenging to navigate such situations, but there are steps you can take to address both issues:

Seek professional help: Consider reaching out to a mental health professional, such as a therapist or counselor, who can provide guidance and support for your feelings of depression. They can help you develop coping strategies and explore any underlying factors contributing to your current state of mind.

Evaluate your business: Take some time to analyze the factors that might be impacting your business negatively. Consider the current market conditions, changes in client needs, and any potential competition. It might be beneficial to consult with a business advisor or mentor who can provide an objective perspective and offer insights on how to adapt and improve your business strategies.

Identify areas for improvement: Assess your business operations and identify areas where you can make improvements. This could involve refining your marketing strategies, expanding your client base, diversifying your services, or exploring new market opportunities. Consider seeking feedback from your clients to gain insights into their needs and how you can better serve them.

Seek support from your network: Reach out to your professional network or industry associations for support and advice. Engaging with others in your field can provide valuable insights and potentially lead to new opportunities or collaborations.

Take care of your mental well-being: Alongside seeking professional help, prioritize self-care activities that can help improve your mental health. This may include regular exercise, practicing mindfulness or meditation, maintaining a balanced diet, getting sufficient sleep, and engaging in activities you enjoy. Prioritizing self-care will help you manage stress and maintain a more positive mindset.

Explore new opportunities: If your current business is struggling significantly, you might consider exploring alternative avenues or adapting your services to meet changing market demands. Look for potential partnerships, collaborations, or even new business ideas that align with your skills and interests.

Remember, it's important to be patient with yourself during challenging times. Building a successful business takes time, and setbacks are a part of the entrepreneurial journey. Prioritizing your mental well-being will help you navigate these challenges more effectively. If you continue to feel overwhelmed, don't hesitate to reach out for professional help and support.

Ans: It is time to first make yourself financially stable and ensure your family's well-being too. To do this, it would be sensible to cut your losses and find ways of getting a stable source of income. With your experience in running a pharmacy and your contacts in that industry, you could consider a job in Pharma sales for example. That would help you retain your network and familiarity with the pharma industry. Later on, once you are well-set, you could reconsider business.

Ans: Hello Sir

I can understand your situation.

Suggest you approach your suppliers and seek job with them, as they know you, it will be easy for you to get job. You may have to compromise with your pay.

Be assured things will get better. All the best.