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5 Things You Should do to Create a Recession-Proof Business

A recession-proof business will be your “helmet” after the pandemic

To have a recession-proof Business is something many people desire. However, the reality is that most people fail, as they don’t take the five necessary steps to achieve it.

There are many ideas about how to make it happen, but without the five steps, it won’t be easy.

After a couple of articles talking about money, it’s time to dive deeper into the topic. It’s not only a question of earning good money for a while. With the uncertainty we face in today’s society, the money can be gone in 24 hours if you don’t have a plan on how to build a recession-proof business.

We all know that recessions come and go. It’s a normal cyclical behavior of the world economy. The pandemic that hits us all represents something new in the old traditional economy frame. It “killed” all classic and well-known structures, and even the most experienced people went into a sort of vacuum, where nobody knows what to do next.

Companies all over the world went bankrupt, and billions of people are losing their jobs. The vulnerability is cruel and doesn’t distinguish people in any sense. 

We learn from the pandemic that economic recession can hit at any time and from any angle. 

Usually, you can make a choice when it comes to risks and your willingness to act outside your comfort zone. This time there is no choice. Absolutely every single human being has been pushed outside the comfort zone.

The good thing is that the decision you make today will be your path for the next coming 10 years. And it’s based on your daily decisions right now.

 

Recipe for Your Recession-Proof Business

 

Recipe for Your Recession-Proof BusinessIt’s a fact that the last year, people who go independent have increased considerably. The advantage of being self-employed is that you can make decisions to secure your future. You will not depend on anybody else than yourself. People who had “safe” jobs and lost them recently will indeed understand what I’m talking about.

There is a step-by-step method of how to run your business successfully once it’s created.

But first thing first. So, let’s dive into the 5 things you need to do to build your own recession-proof business. These five steps are not just to survive but thrive.

 #1. List of skills

When “shit hits the fan,” and you lose your job, or your personal situation suffers negatively in any way, your self-esteem automatically falls down. You feel bad, and you think that you’re worth nothing.

Therefore, the first thing to do is to get rid of such “b*****it.” You are a great person and have a tremendous potential to do great things.

Take a moment and write down on a piece of paper all the skills you have. No matter what you have been working with, you have many skills you should be proud of. List them as they pop up in your mind. 

Before leaving this first exercise, you should try to prioritize your skills the way you think they are essential for you and your future.

It’s important to do this work alone. Don’t let other people influence your future. Later on, when you’re convinced that the list is the right one, you can always check with people close to you, to see if there is something you have forgotten.

 #2. Goal list & Requirements

Specify your goal. Where are you right now, and where do you want to go? What do you have in your arsenal of skills and knowledge, and who can help you get where you want to go.

Let’s face it. You can’t create a recession-proof business on your own. You need to get input, support, and coaching in different areas. For sure you probably have a set of skills that will serve others and vice-versa. Build a group of people. Life is very much about giving and take. Fill in your gaps and help others to fill in their weaknesses.

A good example of outsourcing is email marketing when you start to run your business. Leave that part to expert and invest your time in areas where you are the expert. AWeber is my platform for email marketing and has been so since the very beginning.

 

 #3. Cash flow

Cash-flow for your recession-proof businessErase once and for all that you can do business without money. On the other hand, you don’t need to be a millionaire to start a business. The new digital world allows ordinary people to build their business with a very low “entrance fee.”

However, be prepared to have 3-6 months of cash. At least you need to eat to survive, and you probably have monthly debts that you need to cover up.

Those shiny ads you come across on the Internet that you can start a business without money and become a millionaire within a few weeks are pure lies and scams. Do not fall in their traps!

 

#4. Connect to the platform & system you need

The first three steps are fundamental to your success. To build a recession-proof business, you must be clear on your skills, goals, and cash availability.

To start creating the business online that will be your new future is a fantastic journey. When I started seven years ago, I didn’t know anything, and when I say “anything,” I really mean it. I didn’t have a clue of how an online business worked, and less how I as complete newbies should be able to make it.

After a couple of mistakes (yes, I was a victim of those false promises and scams,) I came across the platform and system that since then is my business platform.

At a low price (in the range of a dinner for two) and a small and fair monthly fee, you get access to everything you will need for your business. In fact, I have not time to absorb all that is offered, but it’s there if one day I will need it.

We all have different needs and ideas in life. Still, if you’re serious about your plan of starting a recession-proof business, you must check this.

 

 #5. Invest in learning

Invest in learningOne of my biggest frustration when starting up in this business environment was not being able to be entirely up to date ever. What do I mean by that? Well, in the old traditional world where I grew up, you learned a skill, and you use it during your lifetime. Okay, sometimes you needed to make specific updates, but the skill learned never gets obsolete. 

In the online world, you will never be able to know everything. The speed is too high to know it all. You need to focus on specific areas and invest a lot of your time to be an expert in that area. The rest you should leave to others to do, who are expert within that subject.

Be careful to keep an eye on your budget when starting up your online business. There are so many cool and useful apps and software in the market. Stick to your plan and do not buy everything that you come across that looks cool.

At the same time, it can never be emphasized enough, the importance of investing in learning. But invest in something that will serve you when creating your business.

Conclusions – Recession-Proof Business

With the five steps described in this article, for sure, you will get your recession-proof business up and running sooner than what you think. Some make it in record time, others need some more time. It’s all about how much of your time you can or are willing to invest.

When I started, I did it part-time when still in the corporate world. That is an excellent way to make it. You can try it out during your spare-time, and you still have a paycheck from your job to cover your monthly costs.

Whatever your decision will be, part-time or all-in from day one, you can’t leave this in the air. Time passes quickly, and once recovering from the coronavirus pandemic, the next recession is lurking around the corner.

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Jan O. Nilsson –5 Things You Should do to Create a Recession-Proof Business  ==Go to the top of page

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This post first appeared on How To Start Your Business Online Without Money, please read the originial post: here

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