Are You Ready for the Next Recession?
This may be a weird topic.
I know we normally talk about online traffic, digital marketing, etc… BUT, I also came from a financial background and survived the 2008 (horrible!) recession!
Historically speaking, we are way overdue with the economy! It’s been so good over the last 10 years but we know it’s coming. There’s no doubt about it. It could be in the next 3 months or 3 years, we don’t know!
But mentally preparing for that as a business owner is super important!
When things start going bad, the worst thing you can do is cut down on your marketing. Some business owners just get crazy and they’ll stop running ads, stop their marketing and cut their costs on almost everything.
In a real recession, people are still going to spend money. And depending on what industry you are in, people are still going to pay for services they think are important. Don’t stop marketing/selling gym memberships because people are still going to keep their minds occupied and keep themselves from being depressed, they need fitness and wellness.
So, when the real recession happens, make sure your market is still aware of your message and you still keep everything on point.
Sure, you can cut down a little bit on your advertising budget but you cant totally NOT market and spend on advertising. Put in more sweat equity when that happens.
As early as now, make sure you get your money and reserves right.
It gets frustrating when clients tell me they could not do this and that this month because their gyms didn’t do well.
So, I ask them, “Why don’t you use your reserve account?”
And some of them would cluelessly look at me and ask what I mean by a ‘reserve account?’
I will talk more not going broke as a business owner, how to function better and delegate a lot of things and take them off your plate when I release my book in the Fall of this year. (Watch out for it!)
Focus and get your mindset right.
It’s going to happen but you just have to keep rolling with it.
We can’t’ stop the recession and we just have to do the best job of working around it.
Have a reserve account so you can weather any storm that comes in the way of your business. If that happens, half of your competition will be gone and you will dominate your market!
See, I’m not trying to be a freaking-you-out and be a’doomsday’ kind of person.
Just start to be prepared for when this happens and be ready for it.
The more ready you are, the less headache it’s going to be!
Have a great week and keep crushing it!
If you’re wanting to grow your academy, I’d recommend starting with a review and plan for your business. Click Here To Apply To Work With