How to recession proof your small business-Small Business Corner
If you haven’t yet, the time to recession-proof your business is now. Once the economy starts to downturn, it may be too late to make the changes you need to so your small business can survive, and even thrive, in a worsening economy.
Multiple revenue streams
Having a variety of ways to bring in revenue at a wide range of price points is wise and necessary to maintain your income, regardless of the state of the economy. Some examples could be: affiliate marketing, offering digital and physical products, offering an online monthly/recurring membership group, one-on-one consulting, ad revenue, and sponsored content can really help your bottom line if and when the economy takes a turn for the worst.
Look into financing
Don’t wait until you are in a cash crunch to look for financing options. As a rule of thumb, it is smart to look for financing before you actually need it. Now is a great time to evaluate your options.
Never stop marketing
Never stop marketing your business, regardless of the state of the economy. If potential clients/customers don’t know about your company, they won’t be able to do business with you. Using social media platforms such as Twitter, Facebook, Instagram, YouTube and TikTok can offer excellent ways to draw attention to your small business without spending money.
On a positive note, an economic slowdown can provide the opportunity to pivot and realign your small business and address inefficient areas that may need some redirection. When the economy bounces back, your business will be in a great place to hit the ground running and perform even better than before!
We hope you find these tips helpful!
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