Surviving A Bad Economy With Your Small Business

RIDE OUT THE ECONOMY WHEN OTHERS WON’T.

Apparently, here in the UK, we’re in the  middle of an economic crisis, that may not end any time soon.

It didn’t seem that way when I popped out shopping with Richard today. The retail park was full and bustling to the point that there were no car parking spaces left.

However. Interest rates have gone up. Bills have increased. Jobs have been lost. Food is more expensive.

And you can be sure that lots of people are REALLY feeling the pinch. 

Often what happens in the middle of a financial hit is that people panic. 

I’ve already seen some female business owners panic and close their doors to go and get a job they hate. Funnily enough they’re not prepared to sacrifice their fortnightly nail appointments, 5-weekly hair overhauls, eating out, adding more clothes and shoes to their wardrobe, going on holidays, and so on.

The business is the first to go, whilst buying more worthless materialistic rubbish remains.

Brutal as this may sound, IMHO those ladies weren’t as dedicated to growing a successful business as they’d like us to think. Sorry not sorry.

I’ve been through economic crashes before. 2008 was a big one. Infact that crash impacted myself and my partner and our respective businesses for at least 5 years.

I remember going to the supermarket on more than one occasion wondering how many days we could feed ourselves on £15.00. 

I gave up was everything I could. Hair do’s, new clothes, cappuccinos, new cars, going away, eating out, buying anything that was not a priority. What I didn’t give up was my business.

That’s why I’m still here and making money in my business today.

Business is not for the feint of heart. In an economic crash you may be required to dig even deeper and have even greater self-belief that you can get through, and continue to build your business.

Many, many massively successful businesses have been built during crashes, because no matter how bad the economy – people will ALWAYS find a way to spend on the nice things they want in their lives.

Below are some tips if you’re feeling the financial pinch right now, and/or your business is struggling, but you’re dead set on making sure your business not only survives but starts to thrive whilst others are closing their doors and walking away.

• Double down on learning everything you can about business, so you continue to raise your expertise and set yourself apart from others who won’t.
• Pull in the purse strings on any and all materialistic purchases until that stuff is affordable for you without having to think about the money.
• Clear out all your wasteful social media scrolling, news watching, Netflix binging, gossiping, idling away time. Use that time to work on your business.
• Cancel all subscriptions like Netflix that you don’t need.
• Work when other female business owners kick back and let themselves off the hook.
• Sell anything that you don’t need to fund your business growth.
• Stop thinking you deserve the cappuccino, night out, takeaway, holiday, when that money could be used to help keep you in the game of business, and do it whilst others are falling by the way, but still are queueing up for their new £600 iphone. 
• Switch to teaching what you know instead of selling single unit products if you’re not making enough money, or introduce teaching what you know alongside continuing to sell single unit items – either way is good. Teaching others to do what you do can add a huge additional income stream to your biz.

Most people won’t do any or all of the above.

They’ll choose spending money on the home/life/personal comforts over setting that money aside to keep afloat financially whilst continuing to build a successful biz. 

If you step up to the plate and deal with what’s on the list above, and make this a serious commitment until the economic storm has passed, you’ll still be here and standing when we’re out the other side, and I guarantee you’ll be thankful for this, when others have panicked, dropped out, and walked away.