recession

Should you be worried about a pending recession?

The short answer is that it’s important to be a savvy business owner, no matter what the economic times are. At the end of the day you need a few things: a solid offer, a solid runway, and a solid message. If you can combine these three things, then we believe you can weather any economic storm.

So what can an entrepreneur do during these times?

Stay up to date on industry education and certifications

The world of online business is forever changing at a breakneck pace. Investing in coaching or certification programs that help you level up and stay up to date on changes really is key.

But we encourage entrepreneurs to not just invest anywhere. Courses that are vague and leave you with more questions than answered should be avoided. Certifications or courses that leave you with solid “ahas” or an extra boost of credibility upon completion are always good investments. Likewise, coaching that helps to push you beyond your comfort zone and gives you clarity can often be a better investment than a course that you will probably never complete anyway.

Take a good hard look at your expenses.

Again – this is a smart thing to do no matter what the economic climate is doing. Take a look at recurring expenses and subscriptions and really ask yourself – is this moving the needle? Was this a tactic that I just thought I needed? Am I actually using this tool?

Finally, ask if now is  good time to pivot.

Now may be exactly the time to make a pivot in your business. It’s a perfect opportunity to take stock on your purpose and values and ask yourself if you find yourself in alignment with what you are doing. If the answer is “No” now may be the time to lean into some certifications or programs that allow you to make some shifts in your business.

No matter where you find yourself, remember this – economic climates are only seasons. If you are a smart business owner you are learning to navigate the storm rather than ignore or steer away from it.