One of the biggest concerns I see with entrepreneurs and small business owners is that sales will decrease to the point they can no longer pay the bills- and they cannot see themselves being able to go back to employee status.
Let’s face it, some of simply were not made to chase someone else’s dreams…
If this is you, there are things you can do to prepare for a recession that will help you come through it as good, if not better than, how you were before the recession. The time to start preparing is now.
For those who are unfamiliar with recessions, they tend to last approximately nine months. Most people think of recessions are really scary things, but they tend to be rather short-lived.
If you have been reading my recent posts you know the the first two priorities are paying down debt and increasing savings. Ideally you will be able to save enough to supplement your income for the duration of the recession.
If you are at a point where saving is not an option, you may want to consider adjusting your offers. There are a number of products and services that are considered “recession-proof”. Now is a good time to start looking into something in your wheelhouse that would be in demand during a recession.
Before you immediately think “there is nothing”, there is always something. An exercise that is very helpful for my clients is to take a blank sheet of paper and write down anything and everything that comes to mind. Do not censor yourself. Write down everything that comes up, no matter how crazy, silly, or farfetched it may seem. Keep it nearby so you can add to it as ideas come to you.
From there, be willing to experiment. See what feels right. You might be surprised by the outcomes.
Totally jumping tracks, if you are an established female entrepreneur (meaning your business has a positive cash flow) and you are looking for financial strategies for the expected recession, please email me. I would love to spend 15-20 minutes getting to know what your concerns are regarding the recession so I can be sure to post content and create offers that will help you not just survive, but thrive during a recession.