How to Recession Proof Your Service Based Business
Episode 669: Show Notes
We’re collectively going through what is likely to be the next recession. Nobody has officially called it yet, but it seems to us like that’s the direction we’re heading, or that we’re already in it. Because many other people feel the same way, they are changing their behaviors. So, today we are going to be talking about what it looks like to recession-proof your business! Maybe you weren’t in business during the last recession, so you don’t know what to expect, or you’re used to consistent success, so the slower market has come as a bit of a shock; whatever situation you’re in currently, we’re going to make you feel more at ease and give you some practical advice for how to approach the coming months and years.
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The Importance of Being Adaptable
It is so important to be adaptive, and to be aware of opportunities that may not fit into your ideal plan. What successful CEOs understand that less successful CEOs don’t is that the journey, the decisions, the actions, the projects, the clients, the pricing, the messaging, and everything else leading up to the outcome can be tweaked and changed and it can ebb and flow with the needs of the market, and the needs of you as a person. Your business doesn’t exist in a bubble, and it’s as important to be aware of external factors as it is to be aware of internal ones.
Understanding How the Market Affects Your Ideal Clients
In times of recession, as a service based business owner, you need to be thinking about up-leveling your offer. You don’t need to find a brand new audience or provide a brand new offer; you just might need to slightly change the way you are offering your product in order to make it a hotter commodity. In order to do this, you first need to understand how your ideal clients’ buying behavior has been affected by the shifts that are taking place in the market. The question we want you to be asking yourself is, “Is my current offer solving a real problem, or is it just a nice-to-have?”
Don’t Make These Common Mistakes!
In times like these many people jump to the conclusion that if people are tightening their purse strings, they need to make their offer cheaper. This might make sense for some people, but don’t make the mistake of thinking that this is your only option; it might be a whole lot more beneficial for you to scale up! Another common mistake people make is that they think that thinking long term is the only way to succeed. Again, that’s not true. Right now, you actually need to play the short game. You need to tweak and pivot and throw spaghetti at the wall until something sticks!
Quote This
“It is critical for you to be adaptive and aware of different opportunities, even if they aren’t in perfect alignment with how you saw everything coming together.” —@BossProjectHQ
When Small Tweaks Lead to Big Results
When people are struggling, they go into a defensive mode. This means that they will remove the unnecessary things from their life, and adopt a more focused approach. So, are you going to be a part of their focus? We know successful 7-figure business owners who, during the pandemic, tweaked their deliverables slightly (while remaining in the same space they had always been in) and just blew up (in the best way) because the market was ready for it. As weird as it may sound, it is easier to make more money off of the same person than it is to go and look for new clients. If you don’t believe us, we’ve got lots of real-world examples to share with you! In a recession, diversification is the best way to protect yourself and your business. A recession doesn’t mean your business has to go backwards, in fact, you could end up making more money than ever!
Highlights
The Importance of Being Adaptable. [0:07:16]
Understanding How the Market Affects Your Ideal Clients. [0:10:00]
Don’t Make These Common Mistakes! [0:16:34]
When Small Tweaks Lead to Big Results. [0:21:25]
Today’s Guest:
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
Key Topics:
Recession, Adaptability, Market Shifts, Buying Behavior, Ideal Clients, Diversification
