Concerned about keeping your job?
Here are some tips for staying employed.
We will also cover what to do to keep customers if you own a business.
Most of our students use our services on the side while still maintaining a full-time job.
The Bad News
U.S. GDP contracted by 0.9% in the second quarter of 2022, its second consecutive quarterly decline and a strong signal that the economy is in recession.
Burying your head in the sand is not the answer.
Research shows that most people wait until they are in PAIN before they see the dentist!
Unfortunately using this approach will cause your business to fail in a recession.
This message is for anyone working in a non-S.O.N. business or who has a traditional brick-and-mortar business.
(If you already run a S.O.N. more in a second).
If you work for someone else:
1) Be prepared to get let go.
The hard truth is many business owners (maybe your boss) are not proactive. They will wait until things get worse because they have a tendency not to PLAN. Then their solution to the problem is simply to start cutting people who are not essential.
If that’s YOU then your days may be numbered.
2) Become vital to your company.
Are you indispensable? If you are not sure that’s not good! You should know if your company needs you to function. To cement your position start working late or offer to come in on weekends. This way when the owners or managers start looking at who to cut you will likely survive.
If you own a brick-and-mortar business:
1) Communicate!
Let your employees know that things will start getting harder.
This is because consumers will cut back on their spending which is the first domino to fall. The entire supply chain will slow down. And, ironically, this will force prices to increase which will contribute more to the negative pressure (and consumers slowing purchases).
Communicate with your Customers. Let them know how much you appreciate their business. Create promotions that will lock in business for an extended period.
Example: they will get a discount if they order X amount in advance. Think of any recurring income strategies you can initiate.
2) Cut out the frills.
Any activity that does NOT contribute to your bottom-line profit needs to be stopped. Period.
(Yes, including holiday celebrations and birthday parties, etc.).
Let your employees know that things are serious! EVERYBODY needs to pull their weight (this usually means working late or on weekends) for the company to survive.
3) Market!
For goodness sake don’t cut back on marketing. That’s what everyone else will be doing. Talk to your customers about preserving what they have (why their relationship with you is essential).
If you have an online business you may want to be here.
Why you are protected with a S.O.N.
If you run a S.O.N. the recession will largely leave you unscathed. That’s because your price point is low enough ($10 to $50 a month) to be a non-issue during a recession. This is especially true if you are offering your subscribers real value.
Here are a few ways to get subscribers to STICK during the recession.
1) Loyalty program.
You were taught the importance of having affiliates for your S.O.N. in the course. Now you can offer additional incentives (increase commissions, add bonuses, etc.). Consider having a contest for the affiliates who bring in the most subscribers during the next 30 days, etc.
2) Get Personal.
If you didn’t start a S.O.N. because you wanted to make side income without being on camera now is a good time to go LIVE to your subscribers. Use Zoom or YouTube to reach out. Share more vital information for your subscribers’ success and let them know that you are always available.
3) Offer an Upgrade!
Yes. Offer a new service or feature for more money that your subscribers will feel they must have.
If you do still work for a company and have already started your S.O.N. on the side you will be fine.
If you have not stabilized a side income, S.O.N., or otherwise, now is the time to do it before major panic!
Next steps:
