3 Things That Highly Successful Entrepreneurs Do Differently during an Economic Recession
Lesley Logan started a $100k pilates business when everyone else scaled down and hid. She opened her doors during 2008’s Great Recession. Not exactly the ideal time to take risks, right? WRONG! Lesley’s pilates lessons were so popular that she was able to quit her retail job. Good thing she did. That retail company went out of business in 2009.
Now here we are in the middle of a pandemic, facing down another recession. Businesses are struggling. Hiring is slowing. Traditional industries are dying.
What are you going to do, Startup Nation? Are you going to use the strategies of highly successful entrepreneurs? Or are you going to pull back and hide like everyone else?
Other business owners are curling up into balls of anxiety. But you’re going to do something else. You’re going to take advantage of the recession and leverage your focus to make $100K.
Here are three strategies you should be using to grow your business even in a recession.
Solve problems made worse by the recession.
Smart entrepreneurs are going to use the recession as a springboard for revenue. You can discover opportunities for increased revenue by revisiting your customers’ pain points. Salespeople know that people have to feel a certain level of pain or fear before they buy a product. Someone who’s moderately healthy and exercises twice a week probably won’t sign up for a diet plan. But someone whose doctor says they’ll die in two years if they don’t lose weight… they’re spending money on the best diet plan they can find.
In 2008, Lelsey saw the panic as an opportunity to meet a need. She knew that her pilates classes made people feel better. A 30-minute session could give someone the energy to push through anxiety and knock off that to-do list.
Maybe these customers wouldn’t have bought pilates before. Reducing stress didn’t seem as necessary. But Lesley reevaluated her customers’ pain points and launched a successful business.
Meet new needs created by the recession.
Companies lay off employees during a recession. It happens everytime.
But what does that mean for business owners like Lesley who run online pilates classes? It means her market just grew by HUNDREDS OF THOUSANDS. People are going to sitting at home, stressed, looking for a relaxing outlet.
Why not try a pilates course?
We can see that the recession CREATED a need that wasn’t there before. All of these new customers were at work before. They couldn’t have taken a class, at least not during the day.
So, pay attention to how recessions and pandemic shift the way people live. They might have needs for products and services they never imagines before.
Stick to a clear life vision even when things look bleak.
Lesley says that the main reason she thrived through 2008 and beyond is because she never gave up on creating her ideal life.
She says, “I knew why I wanted to be a teacher and what I wanted to do with that. I had a vision for what that would look like, and I wrote it down in detail. Where did I live? What did my space look like? How did I spend my day?”
Startup Nation, do you have a vision like Lesley’s? You need one. TODAY. Because life is difficult. The stress of low sales and canceled clients is going to cloud your vision. You might find it hard to keep moving when you feel defeated and unmotivated.
It’s basic psychology. Human beings are more likely to achieve their goals if they can see them clearly. If you haven’t already, take 90 minutes to journal out your ideal life. Get the details like where you live, what kind of coffee you drink in the morning, and how many dogs you own.
Then once you've written it out, go for it!
KEY TAKEAWAY: Smart entrepreneurs find opportunities in crisis. In the face of an economic recession, don’t hide. Be bold and create the life you want to be living.
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About Joseph Warren
Joseph Warren is a Christian Speaker, Podcast Host and Spiritual Coach. Joseph Warren offers Spiritual Coaching to Christian Business Owners who somehow find themselves in a spiritual rut. In just 90 days, he helps them avoid expensive divorces, break free from addiction, restore broken family relationships, and start living their Higher Purpose!