Ben Settle sent out an email to his list the other day about what you should do if the economy gets a little shaky in 2020 (which I really enjoyed).
So I’m stealing his idea and doing something similar…
To be clear…
I have no idea if a recession is coming.
Or if coronavirus is going to do serious damage to the economy (seems like it already has with certain businesses)
Either way it’s always good to be prepared so you can protect yourself, and your income.
So here’s a few ways you can do that…
– If the bulk of your income is coming from one thing, it’s time to diversify.
That could be one client if you’re a freelancer…
Or one offer if you’re a business owner.
Both of these are bad situations.
And you never want to be in the vulnerable position of being reliant on just one thing for your income.
– If what you’re selling is a “luxury”, be prepared to take a hit on sales.
I remember Craig Clemens talking about how the whole men’s dating industry struggled in the 2008 recession.
Why?
Because dating advice is a luxury expense that is tough to justify when money is tight.
If your products are a luxury, just know that sales won’t be pumping at all time highs if a recession hits.
– Be ok with “staying the course”
Back in the 2008 recession people got slaughtered in the stock market because they panicked and pulled their money out.
If they would have just left their money in the market, it’d be worth 2-3x that amount today.
Panicking during a recession is one of the worst things you can do.
So be ok with staying the course.
– Put more focus on your backend marketing
Backend offers are almost always pure profit.
So adding a million or two in revenue to the backend is a big deal for your bottom line.
During a recession you need to “get more out of what you already got”.
– Some products will thrive in a recession.
Certain offers in financial will do really well. Same with the prepper niche.
Also that guy on the radio who helps people get out of their timeshares will probably crush.
Recessions aren’t bad for everyone.
You might be one of the lucky ones that thrives in a recession.
– There will be a LOT of opportunity for smart companies to gobble-up offers and employees from smaller companies that go belly up.
This happens all the time.
A small company built on a single offer hits a rough patch financially and goes bust.
So smart entrepreneurs swoop in and buy their email list.
Or hire away some of their top employees.
If a recession hits, it’s a prime opportunity to strengthen your business.
– If you’re a freelancer, understand that during a recession businesses NEED sales and quick influxes of cash.
What can you do to help them get that?
Can you monetize their email list better?
Can you write them a winning backend offer that will bring in 6 or 7 figures?
The more money you can make a business owner, the more valuable you are (goes for employees too).
So there ya have it…
A few of my suggestions for what to do when the next recession hits.
And make no bones about it, one will hit eventually.
It’s a matter of “when” and not “if”.
Might be this year…
Might not be until 2025.
Who knows…
But you can actually survive (and even thrive) if you follow these suggestions.
So keep that in mind.
That’s all I got for today.
Lazy Saturday in store for myself.
Talk tomorrow,
– Justin
P.S. – if you’re new to my list, feel free to reply to this and say hello.
I actually interact with people on my list and respond to your emails, so I’d like to hear a little bit about you and what you’re doing.
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