“How do I stay in business in a bad economy?”
“News reports are saying that inflation is high; should I just shut it down now?”
“Isn’t an online business a bad idea with everything going on?”
These are the kinds of questions I’m getting ALL THE TIME right now from people who are thinking about starting an online store or who’re already running one.
Maybe you’re having the same questions running through your mind?
After all, if you go online, it doesn’t take very long before you start seeing a bunch of “the sky is falling” reports in the media.
But what if I told you that Black Friday sales in 2022 set a new record? My friend, that means a whole lotta people chose to stay in their jammies and slippers and shop by the light of their screen—instead of lining up outside of stores at all sorts of insane hours.
That’s why I decided to share four things you can do to stay in business despite a bad economy. And by the way—these are things that work in good economic times as well as in times when inflation is climbing, and the outlook doesn’t looks quite so sunny.
#1: Be prepared
This is something we’ve learned a lot about at our house thanks to my husband Jared.
A few years ago, our family moved to Puerto Rico. At first we chose to rent a home and found a beautiful place that was perfect for us. It didn’t take too long, though, before we decided we wanted something a little more permanent.
The property we chose was a bit of a fixer upper. Okay, it was a LOT of a fixer upper, and I’m not sure I’d have agreed to it if I knew then what I know now. Things took waaaaaaaay longer than expected to complete—and the pandemic only slowed things down.
Jared, however, knew there was a significant opportunity in the middle of it all.
I’m not sure if you know it, but Puerto Rico experiences a fairly high number of weather events—including hurricanes. And when they hit, it can be devastating.
So throughout the renovation, Jared looked for chances to put in features that would keep our family safe.
I won’t go into all the details here but suffice it to say that when Hurricane Fiona hit the island in September, his efforts were put to the test. Thanks to those efforts, we had very little damage to our property. Most importantly, our family was able to help others who were living without power.
Preparing for the future helps us feel secure, whether it’s a hurricane, a dip in the economy or just an unexpected bill. You’ll hear the financial preparation method I use in my own businesses when you listen to the podcast—specifically, having a cash reserve on hand. Hopefully, it gives you some ideas for yours.
Choosing to prepare for the possibility of inflation or a down economy is just the first thing you can do to stay in business.
We go over three more things you can do to stay in business in a bad economy in WAY more detail in the podcast, so you’ll really want to give it a listen. I’m also sharing tools you can use to maximize your efforts:
#2: The importance of tuning out media and the drama it brings
Tip: Use the one sec app to help you be more intentional about how you use social media (available in the App Store)
#3: Why evaluating and changing your message in a timely way is a must
Tip: AnswerThePublic.com is a great resource
#4: Who you need to be listening to and obsessing over (here’s your hint: they’re your customers!)
Tip: Type Form (found at TypeForm.com) can help you get started easily
Ready to jump in? Click on the player above—or find it on Apple podcasts or wherever you choose to listen.
Additional Resources
Connect with Alison:
Facebook: @alisonjprince
Instagram: @alisonjprince
Click here to learn about the 0-100K System and how you can launch and grow your own online business.
